Investment Overview

Marcus & Millichap is pleased to present the exclusive offering of the 702-720 E High St in Lexington, KY. Located near the University of Kentucky (UK) campus, the offering includes 3 adjacent rental houses totaling 22 apartment units. The units have been updated with new cabinets, countertops, flooring, appliances, paint, and new fixtures with little deferred maintenance. With a median income north of $100k and a $350k average home value, this property is poised for significant rental growth. On average there is a $107 potential rental upside, representing significant opportunity for increased cash flow through strategic rent adjustments. For a multifamily investor, Lexington, KY, stands out due to its economic diversity, anchored by Toyota, Amazon, and UK HealthCare; the University of Kentucky’s role as a perpetual demand driver; and a growing, affordable rental market with strong occupancy and rent growth. With major investments like Toyota’s $1.3 billion and UK’s $380 million projects, alongside a 93.3% multifamily occupancy rate and 5.26% annualized rent growth, Lexington offers a compelling blend of stability and opportunity. It’s a market where investors can capitalize on both workforce housing and student rentals, backed by a thriving economy and a desirable lifestyle.