108 Richmond Green Dr Richmond, KY 40475

This exceptional investment opportunity presents a 60-unit, Class B apartment building in Richmond, KY. Located at 108 Richmond Green Dr, 40475, this fee-simple property boasts 49,032 square feet of net rentable space across ten single-story buildings, constructed in 1998. Currently generating a NOI of $282,827 and a 6.34% cap rate, the asking price is $4,462,500, or $74,375 per unit. The property benefits from affordable housing requirements in place until 2028, ensuring a steady income stream for at least a decade. Average rents are $640 for one-bedroom and $723 for two-bedroom units, with potential for a $300 per unit increase based on local market analysis. Situated conveniently west of the Blue Grass Army Depot in Kentucky's 7th largest and rapidly growing city, this property offers significant potential for value-add strategies through unit interior upgrades to maximize return on investment. The property's prime location and strong demand for senior housing in Richmond, KY make this a compelling investment opportunity. All information should be independently verified.