LIHTC Senior Apartment
For Sale
Contact for pricing
871 Cardwell Ln, Frankfort, KY 40601
A 62+ LIHTC restricted apartment community with low turnover and ongoing unit updates, including carpet replacements.
Property SizeContact for details
Days on Market124
Property Features for 871 Cardwell Ln
General Information
Standard status
Active
Property subtype
Multifamily
Listing Agency:
The Kirkland Company
Listed By:
Brian Devlin · License #222755
Source:
Crexi
Added: Apr 11
Changed: Aug 8
Last Checked: Jul 23 at 1:56AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Kirkland Company
Investment Insights
Based on property information with market context.
Cottages of Frankfort is a LIHTC apartment community restricted to residents 62 and above. Tenant eligibility is subject to income limitations, with up to 20% of tenants at 50% or less of the area median income and up to 80% of tenants at 60% or less of the area median income. Rents are limited and cannot exceed 90% of the rent limit. The property has a consistent tenant base, with nearly 79% of tenants staying at the community since 2020 or before, and recent unit-turn improvements include replacing carpet with vinyl plank flooring as units become available.
The property is located at 871 Cardwell Ln in Frankfort, Kentucky. The remarks note that residents have less than a 30-minute commute to Lexington, along with the broader employment and demand drivers associated with that market. The area also reflects active development and major employers mentioned in the provided materials, including Buffalo Trace Distillery, Beam Suntory, and Frankfort Regional Medical Center.
New ownership may be able to continue the current renovation approach during unit turns and benefit from organic NOI growth through loss-to-lease burnoff, as described in the seller remarks.
The property is located at 871 Cardwell Ln in Frankfort, Kentucky. The remarks note that residents have less than a 30-minute commute to Lexington, along with the broader employment and demand drivers associated with that market. The area also reflects active development and major employers mentioned in the provided materials, including Buffalo Trace Distillery, Beam Suntory, and Frankfort Regional Medical Center.
New ownership may be able to continue the current renovation approach during unit turns and benefit from organic NOI growth through loss-to-lease burnoff, as described in the seller remarks.
Key Highlights
- LIHTC property restricted to residents 62 and above
- Tenant income/rent limits: 20% of tenants at 50% or less AMI; rents capped at 90% of the rent limit
- Low turnover: nearly 79% of tenants have been at the property since 2020 or before
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 40601, KY
52,133
Population
24,224
Households
2.2
Avg Household Size
41
Median Age
32%
College-Educated
93%
High-School Grad
217.5 sq mi
ZIP Area
240
Density / Sq Mi
$67,125
Median Household Income
$40,685
Median Earnings
$944
Median Rent
$199,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - A 62+ LIHTC restricted apartment community with low turnover and ongoing unit updates, including carpet replacements.
Where is this apartment building located?
The property is located at 871 Cardwell Ln Frankfort, KY.
What are key features of this property?
This property features: LIHTC property restricted to residents 62 and above; Tenant income/rent limits: 20% of tenants at 50% or less AMI; rents capped at 90% of the rent limit; Low turnover: nearly 79% of tenants have been at the property since 2020 or before
