101 Lois Ln Morehead, KY 40351
Stabilized student housing community near Morehead State University.
Source:
Svn
Listing Agent: Rachel Ridd
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Student Housing Community Near MSU
The Townhomes and Flats at MSU represent a fully stabilized, purpose-built student housing community catering to Morehead State University in Morehead, Kentucky. The property features 110 units distributed across 13 buildings, incorporating five distinct floor plans that include both townhomes and flats. Located minutes from Morehead State University, the community offers convenient access to classes within a quiet residential environment. The current ownership has invested over $2.55 million in upgrades, including new flooring, shingled roofing, HVAC systems, appliances, parking lots, plumbing, lighting, and interior finishes. Current management has offered to continue managing the property. The property achieves an average rent of $1,005 per unit, positioning it at the top of the local student housing market. Proven demand from MSU’s enrollment base supports strong leasing performance. An experienced team is in place. The current Net Operating Income (NOI) is $962,004.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Morehead
- County
- Rowan
- State
- Kentucky
- Longitude
- -83.408046
- Latitude
- 38.197349
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Stabilized 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: - High-performing asset with a current NOI of $962,004 and a 7.67% cap rate, offered at $12,535,000, with a projected 10%+ cash-on-cash return for year 1.; - Fully stabilized, 110-unit purpose-built student housing community serving Morehead State University.; - Significant recent upgrades totaling $2.55M+, including new roofing, HVAC systems, appliances, parking lots, plumbing, lighting, flooring, and interior finishes.
