Cash-Flowing Renovated 48-Unit Multifamily | 1005 Airport Rd
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Cash-Flowing Renovated 48-Unit Multifamily 1005 Airport Rd
46 Apartment Units Online Auction Sale Fulton, KY 42041
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Investment Highlights
- Recently renovated two-building, 48-unit multifamily asset with strong in-place cash flow and significant operational upside.
- Over 90% of the property was renovated in 2024, including a new roof, parking lot resurfacing, hardwood floors, carpet replacement, paint, & cabinets.
- Rents are currently at or below market rates compared to nearby assets, an additional rent bumps in the coming year will produce greater revenue.
- Asset comprises 45 occupiable units with three units being utilized as administrative/storage areas, which could be converted to occupiable units.
- One of the three additional units is utilized as a laundry facility, which produces roughly $2,500 per year in additional income.
Executive Summary
Lee & Associates is pleased to exclusively present a prime investment offering to acquire the Royal Ridge Apartments, a renovated, two-building, 48-unit multifamily asset with solid in-place cash flow and further operational upside. Located at 1005 Airport Road in Fulton, Kentucky, the property was constructed in 1977 on a spacious 4-acre lot. Spread across two buildings, Royal Ridge Apartments has 45 occupiable units, with an additional three units being utilized as management and administrative areas, which could easily be converted back into occupiable, revenue-producing units. One unit operates as a management office, one as additional storage, and one unit is used for laundry, which produces approximately $2,500 per year in income. The occupiable units comprise 13 studio units, 15 one-bedroom units, and 17 two-bedroom units. Unit square footages range from 480 square feet to 720 square feet.
Ownership has put significant capital into a myriad of renovations to 90% of the property, and there are still a few expected updates to increase the property value further. Recent renovations include a new roof, parking lot resurfacing, hardwood floors, carpet replacement, new paint, and new cabinets. A new owner could see the property thriving well into the future with minimal capital expenditures. Additionally, rents are at or below current market rates compared to nearby multifamily buildings, keeping occupancy high. Additional rent bumps in the coming year will produce even greater revenue without the risk of topping out the market.
The Royal Ridge Apartments are ideally positioned off Route 51 and Interstate 69/Purchase Parkway, making the asset highly accessible to the approximately 9,000 vehicles passing by daily. The surrounding 10-mile radius is home to a population north of 14,000, with just 32% of residents renting as their primary form of housing. As housing needs continue to change, it is expected that more residents in the area will be seeking multifamily housing.
The Royal Ridge Apartments at 1005 Airport Road in Fulton, Kentucky, is a fantastic investment opportunity with stability, future upside, and a highly accessible location just off an interstate.
Ownership has put significant capital into a myriad of renovations to 90% of the property, and there are still a few expected updates to increase the property value further. Recent renovations include a new roof, parking lot resurfacing, hardwood floors, carpet replacement, new paint, and new cabinets. A new owner could see the property thriving well into the future with minimal capital expenditures. Additionally, rents are at or below current market rates compared to nearby multifamily buildings, keeping occupancy high. Additional rent bumps in the coming year will produce even greater revenue without the risk of topping out the market.
The Royal Ridge Apartments are ideally positioned off Route 51 and Interstate 69/Purchase Parkway, making the asset highly accessible to the approximately 9,000 vehicles passing by daily. The surrounding 10-mile radius is home to a population north of 14,000, with just 32% of residents renting as their primary form of housing. As housing needs continue to change, it is expected that more residents in the area will be seeking multifamily housing.
The Royal Ridge Apartments at 1005 Airport Road in Fulton, Kentucky, is a fantastic investment opportunity with stability, future upside, and a highly accessible location just off an interstate.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
Property Facts
| Sale Type | Investment | Lot Size | 4.00 AC |
| Sale Conditions | Auction Sale | Building Size | 41,424 SF |
| No. Units | 46 | Average Occupancy | 90% |
| Property Type | Residential | Number of Floors | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1977/2024 |
| Apartment Style | Low Rise | Opportunity Zone |
Yes
|
| Building Class | C |
| Sale Type | Investment |
| Sale Conditions | Auction Sale |
| No. Units | 46 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 4.00 AC |
| Building Size | 41,424 SF |
| Average Occupancy | 90% |
| Number of Floors | 2 |
| Year Built/Renovated | 1977/2024 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 16 | - | 408 |
| 1+1 | 15 | - | 546 |
| 2+1 | 15 | - | 709 |
PROPERTY TAXES
| Parcel Number | 57-33 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £674,593 |
PROPERTY TAXES
Parcel Number
57-33
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£674,593
Sale Advisor
Sale Advisor
Christopher Hanschka, Vice President
(425) 318-0842
Contact
Chris Hanschka joined Lee & Associates Commercial Real Estate Services after 2.5 years at Marcus & Millichap. Prior to entering commercial real estate brokerage, Chris spent 20 years in corporate finance and corporate strategy with companies such as Morgan Stanley, Fuji Medical Devices and Microsoft. That expertise and his love of financial strategy and investment allows Chris to help his clients build robust and profitable Real Estate portfolios.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial property. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Amen Almukhtar
Contact
Auctioneer License:
Ten-X Samantha Corbat RE Brkr 281541; Arlene Richardson Auctioneer 274628
-
Christopher Hanschka -
Lee & Associates Commercial Real Estate Services
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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Cash-Flowing Renovated 48-Unit Multifamily | 1005 Airport Rd
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