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1901 Apartment Homes 1909 Cambridge Dr 108 Unit Apartment Building $7,200,000 ($66,667/Unit) Lexington, KY 40504
EXECUTIVE SUMMARY
Silvestri Real Estate is pleased to present the exclusive listing of 1901 and Twenty-Two Twenty Apartments, two assets located in Lexington, Kentucky. These recently renovated assets can be purchased as a package, or individually. Current ownership has infused approximately $4MM into the properties since purchasing. With close proximity to the Bluegrass Aiport, downtown Lexington, the University of Kentucky, and major connecting roads (Versailles Road, New Circle Road, and Man O' War Blvd.), 1901 and Twenty-Two Twenty Apartments are ideally located to attract a tenant base from all major employers. The properties are located less than one-mile apart, improving effecincies of managing both assets.
1901 Apartments | $7,200,000
1901 Cambridge Drive, Lexington, KY 40504
108 Units | Year of Construction 1964
Washer/Dryer Connection in Unit - unique for this submarket a differentiator for the prospective residents.
Major CapEx Improvements Since 2019 | Shingles/Roof replaced in 2022, Over 80% of windows replaced, approximately $2.5MM spent in total CapEx.
Twenty-Two Twenty Apartments | $7,200,000
2220 Devonport Drive, Lexington, KY 40504
96 Units | Year of Construction 1970
Attractive unit mix of all two-bedroom (73.96%), three-bedroom (25%), and four-bedroom (1.04%) units.
Major CapEx Improvements Since 2019 | Shingles replaced in 2020, 100% of windows replaced in 2016, approximately $1.5MM spent in total CapEx.
1901 Apartments | $7,200,000
1901 Cambridge Drive, Lexington, KY 40504
108 Units | Year of Construction 1964
Washer/Dryer Connection in Unit - unique for this submarket a differentiator for the prospective residents.
Major CapEx Improvements Since 2019 | Shingles/Roof replaced in 2022, Over 80% of windows replaced, approximately $2.5MM spent in total CapEx.
Twenty-Two Twenty Apartments | $7,200,000
2220 Devonport Drive, Lexington, KY 40504
96 Units | Year of Construction 1970
Attractive unit mix of all two-bedroom (73.96%), three-bedroom (25%), and four-bedroom (1.04%) units.
Major CapEx Improvements Since 2019 | Shingles replaced in 2020, 100% of windows replaced in 2016, approximately $1.5MM spent in total CapEx.
DATA ROOM Click Here to Access
PROPERTY FACTS Under Contract
| Price | $7,200,000 | Lot Size | 3.59 AC |
| Price Per Unit | $66,667 | Building Size | 81,310 SF |
| Sale Type | Investment | Average Occupancy | 99% |
| No. Units | 108 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Apartment Style | Garden | Cross Streets | Oxford Cir |
| Building Class | C | ||
| Zoning | R-3 - Commercial | ||
| Price | $7,200,000 |
| Price Per Unit | $66,667 |
| Sale Type | Investment |
| No. Units | 108 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.59 AC |
| Building Size | 81,310 SF |
| Average Occupancy | 99% |
| No. Stories | 3 |
| Year Built | 1963 |
| Parking Ratio | 1.48/1,000 SF |
| Cross Streets | Oxford Cir |
| Zoning | R-3 - Commercial |
AMENITIES
UNIT AMENITIES
- Washer/Dryer Hookup
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 58 | $795.00 | 650 - 750 |
| 2+1 | 50 | $910.00 | 750 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $4,685,300 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$4,685,300
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1901 Apartment Homes | 1909 Cambridge Dr
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