Flats at 14th

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Address: 806 E 14th St, Owensboro, KY 42303, USA

Atlanta & Southeast + Apartment Buildings

Created date: December 20, 2024

Date last updated: December 20, 2024

OM & Deal Room

https://www.marcusmillichap.com/properties/168947/flats-at-14th

$630k+ in renovations completed
In-place professional 3rd party management
13.8% loss to lease ($44,880)

Property Description

OM & Deal Room

https://www.marcusmillichap.com/properties/168947/flats-at-14th Marcus & Millichap is pleased to present the exclusive offering of the Flats at 14th in Owensboro, KY. The property is located in a vibrant city known for its strong economic foundation and affordability, making it a promising investment opportunity. Situated just south of Parrish Avenue, the Flats at 14th benefits from close proximity to Owensboro’s key industries, including manufacturing, healthcare, and automotive sectors. Comprising 32 units across two buildings built in 1971-1972, the Flats at 14th offers a mix of (23) 1-Bedroom 1- Bath units & (8) 2-Bedroom 1-bath, ensuring tenant appeal and occupancy stability. Recent capital improvements of over $630,000 include significant upgrades to HVAC systems, plumbing, flooring, and appliances, positioning the property for minimized maintenance costs and increased value. Owensboro’s submarket boasts a low vacancy rate of 4.4% against the national average of 7.8%, supported by steady economic and population growth. With average household incomes in the surrounding area ranging from $60,000 to $74,000, the property is poised for rent increases and strong cash flows. Offered at $2,285,000, the Flats at 14th provides an attractive entry point for investors seeking consistent returns and value-add potential.

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Key Property Information

Listing Status:	Available
Property Types:	Apartment Buildings
Price:	$2,285,000
No. of Units:	32
Cap Rate:	7.02%
GRM /GIM:	7.88
Average Occupancy:	92
Year Built:	1971
Building Size:	21,040 Sq ft
Lot Size:	0.99 Sq ft
No. of Stories:	2
Opportunity Zone:	No
Price per unit:	$71,406
Property Website	Click Here