Lee & Associates is pleased to exclusively present a prime investment offering to acquire the Royal Ridge Apartments, a renovated, two-building, 48-unit multifamily asset with solid in-place cash flow and further operational upside. Located at 1005 Airport Road in Fulton, Kentucky, the property was constructed in 1977 on a spacious 4-acre lot. Spread across two buildings, Royal Ridge Apartments has 45 occupiable units, with an additional three units being utilized as management and administrative areas, which could easily be converted back into occupiable, revenue-producing units. One unit operates as a management office, one as additional storage, and one unit is used for laundry, which produces approximately $2,500 per year in income. The occupiable units comprise 13 studio units, 15 one-bedroom units, and 17 two-bedroom units. Unit square footages range from 480 square feet to 720 square feet.

Ownership has put significant capital into a myriad of renovations to 90% of the property, and there are still a few expected updates to increase the property value further. Recent renovations include a new roof, parking lot resurfacing, hardwood floors, carpet replacement, new paint, and new cabinets. A new owner could see the property thriving well into the future with minimal capital expenditures. Additionally, rents are at or below current market rates compared to nearby multifamily buildings, keeping occupancy high. Additional rent bumps in the coming year will produce even greater revenue without the risk of topping out the market.

The Royal Ridge Apartments are ideally positioned off Route 51 and Interstate 69/Purchase Parkway, making the asset highly accessible to the approximately 9,000 vehicles passing by daily. The surrounding 10-mile radius is home to a population north of 14,000, with just 32% of residents renting as their primary form of housing. As housing needs continue to change, it is expected that more residents in the area will be seeking multifamily housing.

The Royal Ridge Apartments at 1005 Airport Road in Fulton, Kentucky, is a fantastic investment opportunity with stability, future upside, and a highly accessible location just off an interstate.