Overview

Description

Matthews Real Estate Investment Services is pleased to present 702-720 E High St, a 22-unit portfolio building located in desirable Chevy Chase / University submarket in Lexington, Kentucky. This well-maintained property offers 22 fully renovated units with 21 Efficiency units and 1, 3 Bedroom unit, converted from (3) historic homes.

Location Highlights
Chevy Chase is a historic and highly desirable neighborhood in Lexington known for its charming homes, tree-lined streets, and proximity to local shops and restaurants.

It's convenient location, close to downtown and the University of Kentucky campus, makes it desirable for both residents and tenants. The neighborhood attracts students, faculty, and university staff seeking housing options, as well as, professionals working in downtown Lexington.

It's convenient location, close to downtown and the University of Kentucky campus, makes it desirable for both residents and tenants. The neighborhood attracts students, faculty, and university staff seeking housing options, as well as, professionals working in downtown Lexington.

Highlights

• Fully Renovated Units | Updated cabinets, countertops, flooring, appliances, paint, fixtures provide an asset with little to no deferred maintenance. Take advantage of the strong location with renovated units and drive market rents of $895 through a strategic marketing initiative to further boost NOI.
• Rents Below Market Average | The Portfolio is currently offering rents significantly below the market on average $208 below the competitive set. Recent renovations and Lexington’s rapidly growing submarket offer the opportunity to increase rents substantially.
• Ideal Location | Chevy Chase is a highly desirable market for homeowners and renters alike. The median annual income is north of $100k, and median home values are $350k. Over 40% of the residents have a college degree, and 63% of the residents work in a professional occupation. 50% of residents live alone, making efficiency units an attractive and affordable option for residents seeking to live in this desirable area.
• Access to Top Notch Employment | Major employers in Lexington include the University of Kentucky, Fayette County Public Schools, Kentucky One Health, and Xerox which have over 23,800 employees combined.

Documents

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