For Sale
  • For Sale
  • For Lease
  • Recently Sold
  • Property Lookup
  • Brokers
Back to Search

101 Lois Ln Morehead, KY 40351

For Sale
$12,535,000

Purpose-built student housing community near Morehead State University.

Source: Rachel Ridd Agent Rachel Ridd

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Stabilized Student Housing Near MSU

The Townhomes and Flats at MSU is a fully stabilized, purpose-built student housing community serving Morehead State University in Morehead, Kentucky. The property consists of 13 buildings with 110 units, including a model home/office, across five distinct floor plans, offering a mix of spacious townhome and flat-style residences. Located just minutes from campus, it is ideally positioned to capture strong student demand while offering a quiet residential environment. Since acquiring the property in 2023, current ownership has invested over $2.55 million in capital improvements, including unit renovations and community enhancements. Upgrades include new flooring, all new shingled roofing, HVAC systems, appliances, parking lots, plumbing, lighting, and interior finishes. The property achieves an average rent of $1,005 per unit. Over 50% of residents renewed at a higher price. It is consistently 100% occupied. The current NOI is $962,004. The property is offered at $12,535,000, reflecting a 7.67% cap rate, with a projected 10%+ cash-on-cash return for year 1. A capable local team provides professional management of the property. Limited competition from purpose-built student housing in Morehead creates ongoing demand stability and rent growth potential.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Realty agency Law Firm Spa & Massage Hair Salon Nail Salon Building Supply Gym & Fitness Auto Repair Shop Daycare Center Wholesale Shop

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Morehead
County
Rowan
State
Kentucky
Longitude
-83.408046
Latitude
38.197349

FAQs

What type of property is this?
Apartment building - Purpose-built student housing community near Morehead State University.
Where is this apartment building located?
The property is located at 101 Lois Ln Morehead, KY.
What is the asking price?
The asking price for this property is $12,535,000.
What are key features of this property?
This property features: - Attractive Financial Profile: Strong NOI of $962,004, priced at $12,535,000 with a 7.67% cap rate.; - Fully Renovated: $2.55M+ invested in upgrades, including new flooring, roofing, HVAC, appliances, parking lots, plumbing, lighting, and interior finishes.; - Market-Leading Rents & Occupancy: Achieves top-of-market average rent of $1,005 per unit with consistent 100% occupancy.
More about this property
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Please enter message