400 N Kelsey St
Sturgis, KY 42459
River Oaks Apartments · Multifamily Property For Sale · 56 Units

River Oaks Apartments is a 56-unit apartment complex, located at 400 N Kelsey Street in Sturgis, KY. Westminster Apartments offers investors the opportunity to acquire a multifamily asset with potential value add through lease-up of the available units and market rate increases. Built in 1974, the Property contains seven 2-story buildings. The site is improved with the 7 apartment buildings, an office/laundry building and a playground. River Oaks Apartments is currently ±85% occupied and contains 56 apartments (1-BR and 2-BR units). There are 4 buildings containing 2 brm/1 bath apartments (32 units) and there are 3 buildings with 8 units per building containing 1 brm/1 ba apartments (24 units). Unit features include heating/air conditioning and complete kitchen appliances including dishwasher, refrigerator, oven, range, etc. The buildings have an interior 8' breezeway with stairs and there are two units per side per floor. The Property is positioned on a ±3.73 AC parcel and offers 94 surface parking spaces for residents/guests. Additionally, the Property has some section 8 tenants currently in-place and there are 10 vacant units that are rent ready and available for immediate value-add/lease-up. The building has a new metal roof and a new 24 x 40 steel maintenance building with double garage doors and concrete floor. Sturgis is a small city located in Union County, Kentucky. The county is located on the Ohio River and Union County, along with neighboring Posey County, Indiana, and Gallatin County, Illinois, form the tri-point of the Illinois-Indiana-Kentucky Tri-State Area. The Property is located in a residential area with 2018 demographics of approximately ±3,570 individuals residing within a five-mile radius of the property and an average household income of ±$54,200. Within 1-mile of the Property, the demand for rental housing is high with ±57.22% of housing being renter-occupied units. Additionally, in 2018, the total specified consumer spending within a 5-mile radius of the Property accounts for ±$32,204,000 and there are ±110 businesses and ±794 employees. Sturgis is served by the Union County Public Schools and the Property is located only ±3 minutes from Sturgis Elementary and ±12 minutes from Union County Middle School & Union County High School outside Morganfield. The Property is situated ±1 mile from the famed Kentucky Bike Rally, ±1.5 miles from Union County Fair & Expo Center, ±2 miles from Sturgis Municipal Airport, and ±1.8 miles from Sturgis Kentucky Motoplex. River Oaks Apartments presents investors with the opportunity to purchase a 56-unit apartment community in Sturgis, KY with both short and long term upside opportunities. Property Listed by: Ten-X, Lee Leslie, RE Brkr 216222