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Rare 78-Unit Multifamily PLUS Adjacent Land 150 N Northland Dr 78 Unit Apartment Building For Sale Lexington, KY 40505
Investment Highlights
- Under-rented Asset with Significant Upside: 78-unit community currently $.36/sf under-rented
- Strategic Urban Core Proximity: Just minutes from the NoLi District & Greyline Station, Lexington's premier destination for local dining & retail
- Employment Anchor Access: Proximity to Rupp Arena, Central Bank Center, and UK Healthcare ensures a robust and diverse tenant base
- Permanently Tax-Advantaged via Opportunity Zone & QCT Dual Designation: Strategic location w/ tax-advantaged benefits & long-term capital preservation
- High-Traffic Visibility: Situated on a primary artery with 14,668 cars per day, providing continuous organic marketing
- Favorable Market Dynamics: Insulated by Lexington's Urban Service Boundary, which restricts new competition and drives organic rent growth
Executive Summary
Multifamily Opportunity Zone 78 Unit Complex + 2.02 Adjacent Acres
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Property Facts
| Sale Type | Investment | Building Size | 63,065 SF |
| No. Units | 78 | Average Occupancy | 87% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1975 |
| Apartment Style | Garden | Parking Ratio | 1.9/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 4.14 AC | ||
| Zoning | R-3 | ||
| Sale Type | Investment |
| No. Units | 78 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 4.14 AC |
| Building Size | 63,065 SF |
| Average Occupancy | 87% |
| No. Stories | 2 |
| Year Built | 1975 |
| Parking Ratio | 1.9/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Carpet
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 30 | - | 660 |
| 2+1 | 48 | - | 830 - 904 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $2,913,700 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,913,700
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Rare 78-Unit Multifamily PLUS Adjacent Land | 150 N Northland Dr
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