114 Collins St
- 30 Multifamily Units + 4 Commercial Storefronts
- Kentucky Apartments Under $36,000 Per Door
- Offered at a 10% Cap Rate
- Residential units subsidized through Kentucky Housing Corporation
- LIHTC redevelopment completed in 2001 with extensive building renovations
- New roof installed within the last year
- Numerous newer HVAC units
- Nearly all apartment units remodeled in recent years
- Updated units feature LVT flooring and modern finishes
- 4,325 SF of first-floor commercial space
- Diversified income from residential + commercial tenants
- 0.57-acre site
- Prime downtown location directly across from the Estill County Courthouse and Irvine City Hall
- Attractive combination of strong cash flow, affordable basis, and recent capital improvements
Property Description
Exceptional opportunity to acquire a 30-unit mixed-use investment property with four commercial storefronts in downtown Irvine, Kentucky. Offered at under $36,000 per apartment unit and a 10% cap rate, the property provides investors strong going-in cash flow at an attractive basis. Originally constructed circa the 1920s, the property underwent a major LIHTC redevelopment in 2001, when the building was extensively renovated and repositioned as affordable multifamily housing with first-floor commercial space. The residential component is subsidized through Kentucky Housing Corporation and consists of studio and one-bedroom apartments. Ownership has continued to invest in the property, including a new roof within the past year, numerous newer HVAC units, and extensive interior renovations. Nearly all apartment units have been remodeled within the last several years, including LVT flooring and other updated finishes, reducing near-term capital needs for a new owner. Located directly across from the Estill County Courthouse and Irvine City Hall, the property combines a prominent downtown location, subsidized housing income, recent capital improvements, strong occupancy, and an attractive acquisition basis. Contact the listing broker today to request the Offering Memorandum, rent roll, financials, and additional due diligence materials.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,220,000 |
| No. of Units: | 34 |
| Year Built: | 1920 |
| Lot Size: | 0.57 Acres |
| Opportunity Zone: | No |
| Price per unit: | $35,882 |
| Property Website | Click Here |
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Brokers
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Rick Recckio
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Eamonn McConnell
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Lenders
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Essex Property Trust, Inc.
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout