1367 Clay St Bowling Green, KY 42101

Property Details for 1367 Clay St

Year built

1995

Lot size

1.27 lot acres

Property size

18,038 SF

Property type

Commercial real estate

Description

This exceptional 38-unit apartment complex, located at 1367 Clay Street in Bowling Green, Kentucky, presents a compelling investment opportunity. The property boasts 18,038 square feet across five buildings situated on a 1.27-acre lot, just steps from Western Kentucky University. Built in 1995 and extensively renovated in 2023, the complex features 38 one-bedroom, one-bathroom units, each with updated kitchens including granite countertops and stainless-steel appliances. The property also includes a separate office space with potential for conversion to an additional unit and a laundry room. All units are individually metered for water and equipped with energy-efficient PTAC heating and cooling systems. The complex enjoys a 100% occupancy rate, generating a strong net operating income (NOI) of $274,021 and a 10.54% cap rate. Over $900,000 was invested in recent renovations, including new kitchen cabinets, appliances, and fixtures, as well as three-year-old roofs. The strategic location, a two-minute walk from Western Kentucky University (serving over 17,000 students), and proximity to a population of over 89,000 within a five-mile radius, ensures consistent demand and strong rental income. The asking price is $2,600,000, representing $68,421 per unit. This property offers a rare chance to acquire a fully renovated, high-performing multifamily asset in a thriving Kentucky market. The city of Bowling Green, the third largest in Kentucky, provides a robust and growing population base.