400 Kelsey Street, Sturgis, KY 42459 - multi-family property

Detailed information about multi-family property which situated in Sturgis (42459) city, Kentucky state on 400 Kelsey Street.
This property fronts North Kelsey Street and is located on the east-side of N. Kelsey just south of East Fifth Street.

Additional Information: Bluegrass is a 56 unit stick build Class C property constructed in 1972. The property is situated on a well manicured 3.73 acre site just south of Highway 60 in Sturgis, KY. The property has received many renovations over the years with the most recent being new siding and roofs in 2009. Historically the property has enjoyed stable occupancy and is easily managed. The property is currently under a rent restriction that all 56 units shall have rental rate limits for approximately 11 more years. These rent restriction have not limited rent growth for the property as the market pricing is below the maximum allowable rent. These restrictions are covered in more detail under the Additional Information Section of the marketing package.• 16.95% cash-on-cash• 9% cap on trailing 12 months• Historically low vacancy• Easily managed• New siding and roofs in 2009