1005 Airport Rd

Home » All Multifamily Properties » Atlanta & Southeast » 1005 Airport Rd

Address: 1005 Airport Rd, Fulton, KY 42041, USA

Atlanta & Southeast + Apartment Buildings

Created date: June 10, 2024

Date last updated: September 6, 2024

Property Description

Royal Ridge is a near turn-key investment property for a new owner to immediately take possession and enjoy a significant income stream. With recently changed management, after considerable renovations, Royal Ridge is now stable with many new leases signed in recent months. Currently, Royal Ridge has 45 occupiable units, with an additional 3 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 storage, and one unit is used for Laundry which produces roughly $2,500 a year in income. There have been significant renovations to 90% of the property and still a few updates to be done to increase value even more, leaving upside potential for a future owner if they choose. Recent renovations include: New Roofs Parking lot resurfacing Hardwood floors Carpet replacement New Paint New Cabinets Rents are at or below current nearby multi-family buildings keeping occupancy high. Additional rent bumps in the coming year will produce even greater revenue without the risk of topping out the market. Applying RUBs to the water bill at $40 per unit will reduce expenses and has been applied to the Year 1 Pro Forma.

Unavailable

Request Information

Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,800,000
No. of Units:	45
Year Built:	1977
Lot Size:	4.00 Sq ft
Opportunity Zone:	No
Price per unit:	$40,000
Property Website	Click Here