1001 W 9th St - Apartments FOR SALE


Russellville, KY 42276
$3,800,000 USD
615-973-5373
1001 W 9th St, Russellville, KY for Sale
$3,800,000 USD
Apartments - FOR SALE
1/74
null | 7.35% Cap Rate

1001 W 9th St
Russellville, KY 42276


HIGHLIGHTS

  • All units have been updated with vinyl flooring, resurfaced counters and tubs, and fresh paint, reducing immediate capital expenditure needs.
  • On-site leasing office and laundry facilities add convenience for residents and support efficient management.
  • The property sits on 4.49 acres, offering potential for future enhancements or additional amenities.
  • Electricity is individually metered, allowing tenants to pay their own electric bills and reducing owner expenses.
  • Water and gas are master metered for simplified utility management.
  • Strong value-add potential with room to increase rents and improve overall cash flow.

OVERVIEW

Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/196598/northfield-manor Marcus & Millichap has been selected to exclusively market for sale Northfield Manor, located in Russellville, KY. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Russellville, KY. Northfield Manor offers a strong value-add opportunity in Russellville, Kentucky. The property consists of one- and two-bedroom units on 4.49 acres, with recent interior upgrades including vinyl flooring, resurfaced counters, and fresh paint. Current rents are below market, providing immediate upside through adjustments. Utilities are structured with individually metered electricity and master-metered water and gas, creating an opportunity to implement a bill-back program to reduce expenses and increase NOI. With on-site amenities, solid construction, and proven operating history, Northfield Manor is well-positioned for long-term income growth. Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing. At no point should tenants or staff be contacted regarding the sale of Northfield Manor.

FOR SALE DETAILS

PRICE

$3,800,000 USD

PRICE/SF

$85 USD /SF

# OF UNITS

48

PRICE/UNIT

$79,167

CAP RATE

7.35%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Northfield Manor Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

63

LAND DETAILS

LAND ACRES

4.24 AC

LAND SF

184,694 SF

ZONING

Commercial

APN/PARCEL ID

069-00-00-039-02

ASK ABOUT THIS PROPERTY

Patrick CosgroveMarcus & MillichapMore Info
615-973-5373

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Patrick CosgroveMarcus & MillichapMore Info
615-973-5373

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.