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Covington Place 2400 Woodhill Dr 32 Unit Apartment Building For Sale Lexington, KY 40509
INVESTMENT HIGHLIGHTS
- Cash Flow Day 1: With a trailing NOI of $299,474 Covington Place is projecting over 7.5% cash on cash return day one (see package for assumptions).
- Hard to Find Asset: In the past 2 years, there has been only one property sold of similar size and price in Lexington.
EXECUTIVE SUMMARY
The Opportunity
VWREA is pleased to offer Covington Place Apartments, an offering of 32 units in Lexington, KY. The unit mix consists of (1) 2-bedroom and (31) 3-bedroom apartment units.
Deal Highlights
Rent Upside: Covington Place rents are $274/mo below the market average rents in the area. There is an opportunity to burn off loss to lease and bring rents to market levels of $1,300/mo which is still $164/mo below the market average.
Turn Key Opportunity: Units have been upgraded with new flooring, paint, appliances, washer/dryers, light fixtures, kitchen cabinets, countertops, and bathrooms providing a turn key opportunity for an incoming investor.
The Market
Covington Place Apartments is near shopping, dining, and entertainment options and just under 3 miles from University of Kentucky. Additionally, tenants benefit from easy access to i75 just 3 miles from the apartment complex.
Lexington Developments
The recently built Lexington Sporting Club is within 9 miles of Covington Place
200-acre Legacy Business Park a milestone for Lexington economic development, this new development broke ground in 2025, and once complete the project is expected to bring almost 1,700 jobs to the community with a combined annual payroll estimated at nearly $100 million.
Wawa’s set to open next year within 4 miles of Covington Place Apartments.
VWREA is pleased to offer Covington Place Apartments, an offering of 32 units in Lexington, KY. The unit mix consists of (1) 2-bedroom and (31) 3-bedroom apartment units.
Deal Highlights
Rent Upside: Covington Place rents are $274/mo below the market average rents in the area. There is an opportunity to burn off loss to lease and bring rents to market levels of $1,300/mo which is still $164/mo below the market average.
Turn Key Opportunity: Units have been upgraded with new flooring, paint, appliances, washer/dryers, light fixtures, kitchen cabinets, countertops, and bathrooms providing a turn key opportunity for an incoming investor.
The Market
Covington Place Apartments is near shopping, dining, and entertainment options and just under 3 miles from University of Kentucky. Additionally, tenants benefit from easy access to i75 just 3 miles from the apartment complex.
Lexington Developments
The recently built Lexington Sporting Club is within 9 miles of Covington Place
200-acre Legacy Business Park a milestone for Lexington economic development, this new development broke ground in 2025, and once complete the project is expected to bring almost 1,700 jobs to the community with a combined annual payroll estimated at nearly $100 million.
Wawa’s set to open next year within 4 miles of Covington Place Apartments.
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 1.75 AC |
| No. Units | 32 | Building Size | 17,967 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1971 |
| Apartment Style | Garden | Parking Ratio | 2.78/1,000 SF |
| Building Class | C | ||
| Zoning | R-4 - Apartment Complex | ||
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.75 AC |
| Building Size | 17,967 SF |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 2.78/1,000 SF |
| Zoning | R-4 - Apartment Complex |
AMENITIES
UNIT AMENITIES
- Washer/Dryer
- Kitchen
- Refrigerator
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | $950.00 | 900 |
| 3+1 | 31 | $1,190 | 1,000 |
1 1
PROPERTY TAXES
| Parcel Number | 10281550 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $3,328,000 |
PROPERTY TAXES
Parcel Number
10281550
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$3,328,000
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Covington Place | 2400 Woodhill Dr
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