Morehead Estates – UNDER CONTRACT Morehead, KY

$5,475,000
Property type:Multifamily

The space

  • YOC: 1996 (phase 1) | 2006 (phase 2)
  • Units: 110
  • In Place NOI: $391,172
  • Proforma NOI: $529,657
  • Occupancy: 77%

Description

Silvestri Real Estate is pleased to present the exclusive listing of Morehead Estates, a 110-unit multifamily asset in Morehead, Kentucky.  Morehead Estates has the ideal unit mix with 106 two-bedroom units.  The property was built in two phases.  Phase one was completed in 1996 while phase two was completed in 2006.  The proforma NOI of $525,000 offers a fantastic investment opportunity.

Morehead Estates is the ideal value-add property with current rents over $125 under market.  There is also the potential to implement a RUBS program on select buildings.

Morehead Estates is available all-cash.

 

TOURS TO BEGIN AFTER NEW YEAR – The owners will give strong preference to offers written by groups that make a site visit before submitting.

Property tours are by appointment only. Please contact Brandon or Robert to schedule a site visit.

Do not contact the onsite staff directly.

 

CLICK HERE FOR MARKETING MATERIALS

Contact the Agent

Ken Silvestri

Owner/Principal Broker
Ken Silvestri  has deep roots in Lexington.  As a youngster in the 1960’s he worked at his grandfather’s fruit stand located in downtown. He is the owner and principal broker at Silvestri Real Estate. Ken began his career in residential real estate in 1990. By 1994, he was recognized as one of the top producing agents in the United States at Re/max International.   In 2000, he transitioned to apartment community brokerage. And that is now his Teams specialty.  Their tagline is ‘Single Focus-Multifamily’.    The team has brokered over 8000 apartment units in Lexington with total lifetime sales near one billion dollars. He and his wife Tammy (of 37 years) own apartments in Lexington and have their offices at Goodwin Square. Ken is a board member of Fayette Alliance. Ken is an avid hiker and photographer capturing landscapes from Patagonia to New Zealand. Check out my recent appearance on “Elevate with Tyler Chesser” podcast! E239…