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$ 1,095,000
Active
1801 Gerald Drive #1801 and 1805 Lexington, KY 40511
24 Beds
12 Baths
10,368 SqFt
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 10,368 sqft
Price per Sqft $105
Subdivision Winburn Estates
MLS Listing ID 26008778
Bedrooms 24
Full Baths 12
Year Built 1976
Lot Size 0.530 Acres
Acres 0.53
Property Sub-Type Apartment
Property Description
**PLEASE DO NOT go on property without prior arrangements. DO NOT disturb tenants.** Well-maintained 12-unit multifamily property comprising two side-by-side 6-plex buildings, offering immediate, stable income with long-term tenants and historically low turnover. This asset is ideal for investors seeking reliable returns from day one, with additional upside through future rent increases. Each unit features just south of 900 sq ft with spacious 2-bedroom, 1-bath layouts. Units are individually metered and all-electric, with tenants responsible for all utilities, helping keep operating expenses low and predictable. Although not currently utilized by the seller, as they have been capped off and covered, the units do feature stackable washer and dryer hookups for convenient in-unit laundry—further enhancing future rent potential and overall marketability. Common area and in-unit sprinkler system, adding an extra layer of safety and long-term value. Situated on large, hard-to-find lots, the property offers more than ample, on site paved parking, a significant advantage for multifamily in this area. Rents are currently below market, providing a clear opportunity for increased income over time. Units are well maintained by long-term ownership, including new windows in the last 2-3 years, with no major capital improvements currently anticipated per Seller. Updated hvac, updated electrical service, new lower kitchen cabinets, countertops and sink within the last 4 years in addition to new vanities. Conveniently located with easy access to I-75, New Circle Road, and downtown Lexington, this is a strong addition to any investment portfolio.
Location
State KY
County Fayette
Zoning Other
Interior
Heating Electric, Heat Pump
Cooling Central Air, Electric
Laundry Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features On Site, Paved
Utilities Available Cable Available, Electricity Connected, Phone Available, Sewer Connected, Water Connected
View Y/N N
Roof Type Shingle
Handicap Access No
Private Pool No
Schools
High Schools Bryan Station
Others
Special Listing Condition Standard
Listed by Legacy Real Estate Firm
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