Chevy Chase 12 Unit Multifamily Opportunity

Highlights:

• Prime Location: Located in the heart of Lexington’s Ashland Park, just steps from Henry Clay High School and minutes to downtown, the University of Kentucky, and walkable Chevy Chase restaurants/shopping.
• Unit Mix: The property includes 10 two-bedroom, one-bath units and 2 one-bedroom, one-bath units, providing an attractive layout for both individuals and small households.
• Strong Market Fundamentals: Lexington’s multifamily market remains resilient, with a ~6.4% vacancy rate and ~4% annual rent growth, offering a stable income environment.
• Proven Rental Upside: Current average rents of $773 trail market averages of $842, offering an estimated 8.93% rent growth opportunity through standard turnover and light upgrades.
• Active Leasing Demand: Despite 3 current vacancies, 5 rental applications have been received in July 2025 -- demonstrating solid tenant demand.
• Strategic CapEx Completed: Ownership has cosmetically renovated 7 of 12 units, including updated countertops, new appliances, modern flooring, and refreshed bathroom vanities, enhancing overall rentability. The units and common areas are clean and show well.
• Fresh Exterior Work: Owner has scheduled resealing and striping the driveway and parking lot.
• Additional Income Potential: The lower level includes tenant storage space that is currently included at no charge, offering future upside.
• Long-term investment: A 5-year hold forecast projects a 13.50% IRR and 1.84x equity multiple, with clear upside tied to unit turnover and improved operations.
• Public Investment Tailwinds: Adjacent to the Henry Clay High School campus, currently undergoing a full rebuild with modern facilities and improved green space. The neighborhood is experiencing a transformation, with improved property conditions and an influx of higher-quality tenants.
• Walkability & Lifestyle: Steps from parks, grocers, local retail, and public transit, this location attracts long-term tenants, including educators, students, medical professionals, and retirees.
• Rare Opportunity: In 2024, only ~4% of all Fayette County multifamily properties (with 4+ units) transacted. When a clean, stabilized deal like this hits the market, you have to move quickly to grow your portfolio.

Description:

In the heart of Lexington’s historic Ashland Park area, this rare 12-unit multifamily offering at 2101 Fontaine Road presents a compelling mix of location, stability, and upside. With ten 2 bed / 1 bath units and two 1 bed / 1 bath units, the property blends classic 1960s construction with recent cosmetic upgrades in over half the units. Situated just steps from the fully redeveloping Henry Clay High School and minutes from major employers like the University of Kentucky and CHI Saint Joseph Health (Central Baptist), the property benefits from strong rental demand and an ideal tenant profile.

Surrounded by some of Lexington’s most established neighborhoods and positioned just off the growing Richmond Road retail corridor, the location offers exceptional long-term fundamentals. With market rents nearly 9% above current averages, and only ~4% of Fayette County multifamily properties trading in 2024, this is a rare chance to acquire a stabilized asset in a transforming corridor.

For financials or to schedule a tour, contact Justin Ryder, CCIM, at 859.447.3285 or Justin.ryder@svn.com, or Rachel Ridd at 859.327.7261 or Rachel.ridd@svn.com.

Lexington, Kentucky has been rated as one of America's premier cities by some of the most noted and revered industry standard-bearers, such as Forbes magazine, the U.S. Census Bureau, Cognetics consulting group, Dun & Bradstreet, Ladies Home Journal, and Places Rated Almanac - just to name a few. Most people think of rolling countryside with stone fences, great basketball action, horse farms, Thoroughbred racing at Keeneland, a diverse economy, and outstanding schools, colleges and universities. Our community ranks high in quality of life factors, such as health care, public safety, educational attainment, and quality family living. The area also measures high among the best places for business location, creativity, entrepreneurial growth, and career relocation. Residents of competing cities view Lexington as a beautiful place, with great schools, an innovative health care system, a strong economy, and mountains of potential.

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