Multifamily
East High Apartments
702 E High St, Lexington, KY 40502
Listing Price: $1,600,000
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 three 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 $100,000 and a $350,000 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 percent 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.
Listing Price: $1,600,000
Investment Highlights
- 12.5 Percent Loss to Lease ($26,760)
- Little to No Deferred Maintenance
- Average Rental Increase of $107/Unit
- Anchored by University of Kentucky - Enrollment Increase by 7 Percent Year Over Year
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 three 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 $100,000 and a $350,000 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 percent 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.
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