1909 Cambridge Dr - Apartments FOR SALE


Lexington, KY 40504- West Lexington
$7,200,000 USD
859-263-2300
1909 Cambridge Dr, Lexington, KY for Sale
$7,200,000 USD
Apartments - FOR SALE
1/11
null | Request Cap Rate

1909 Cambridge Dr
Lexington, KY 40504
West Lexington


OVERVIEW

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.

FOR SALE DETAILS

PRICE

$7,200,000 USD

PRICE/SF

$93 USD /SF

# OF UNITS

108

PRICE/UNIT

$66,667

CAP RATE

Request Cap Rate

% LEASED

99%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

1901 Apartment Homes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1963

PARKING SPACES

120

LAND DETAILS

LAND ACRES

3.59 AC

LAND SF

156,380 SF

ZONING

R-3

APN/PARCEL ID

10275000,10275100,10275200,10275300,10275400,10277000,10277200,10277300,10277400,10277500

ASK ABOUT THIS PROPERTY

Robert JonesSilvestri Real EstateMore Info
859-263-2300

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Robert JonesSilvestri Real EstateMore Info
859-263-2300

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