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1673 Alexandria Drive - Gardenside Plaza Apartments, Lexington, KY

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1673 Alexandria Drive - Gardenside Plaza Apartments

Lexington, KY 40504 - Outer West Lexington MF Submarket

Property Type:Multi-Family Number of Units:35 Status:Existing Year Built:1962
Stories:2 Building Size:24,159 SF Land Area:.5 AC (21,780 SF)
For Sale Price:$1,400,000 Price/Unit:$40,000.00 Cap Rate:7.86 % GRM:-

Parking:1.82 Parking Spaces / 1,000 SF

Sale Notes:
The property is located across from Kroger for all of your grocery shopping needs, a post office,bank and numerous restaurants and retail shops. There are 28 spacious 1br/1ba units and 7 large 2br/1ba units within in the complex. The roof was replaced in 2007 and the chiller system was completely replaced in 2008. New decks around the buildings were installed in 2008 and recently stained with Behr solid color waterproofing wood stain in June of 2016. The owner recently purchased 2 brand new commercial, coin operated washers and dryers. The laundry room was also recently renovated to accommodate the new washer and dryers. The owners also added new insulation to all of the attics in 2015,which has helped reduce the costs of the utilities. Many of the units have been renovated to include new appliances, paint, vinyl flooring, new carpet, low flow shower heads and water saver toilets. Many other upgrades have been made to the property throughout the years. Upside potential by increasing some of the rents for tenants that have lived at the property for many years along with the potential to develop the additional 1/3 acre at the front of the property.

Cypress Property Group
Brian Lubeck
(859) 368-0203 x2

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