Prime Value-Add Opportunity: 23-Unit Apartment Complex, Mt. Sterling
41 N Maysville St
Mount Sterling, KY 40353
Highlights
- 23-unit commercial multifamily apartment building totaling 21,800 SF
- Historic 1890 building with stone facade in downtown Mt. Sterling, KY
- Major renovations underway: new roof, new windows, new electrical and plumbing in all units, framing and structural repairs, new fire sprinklers in all units
- Potential parking options behind the building
- Gross annual rent potential of $268,288 with projected NOI of $183,774 as complete
- B-3 zoning with stable property values in the surrounding area
- Buyers are encouraged to explore potential tax credit options
Description
41 N Maysville Street is a 23-unit, 21,800 SF historic apartment building in downtown Mt. Sterling, Ky.
Built in 1890, the property is in the process of being renovated, with current ownership looking to sell to someone who will complete the project, put the building back in service, and experience the upside. Extensive capital improvements are already underway, including a new roof, new windows, updated electrical and plumbing throughout all units, framing and structural repairs, and new fire sprinklers in all units.
The property offers a buyer the opportunity to complete the renovation and bring a well-known downtown building back to productive use. Situated on 0.17 acres, the building benefits from strong support from the City of Mt. Sterling to see the project completed. This is a solid opportunity for investors or operators looking to add a historic multifamily asset with upside to their portfolio. Buyers are encouraged to explore potential federal and state historic tax credit programs and other tax credit options that may apply to the rehabilitation of this property.
Located on North Maysville Street in Mount Sterling's primary commercial corridor, this multifamily property benefits from downtown visibility and nearby amenities.
