Multi-Family

duplex for sale

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Listed: 02/14/23

400 Gibson Lane, Richmond, KY 40475, USA

Studio Bed:

1 Bath:

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Price

$ 1,45M

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About This Duplex

This well maintained twenty two unit apartment complex is located in very close proximity to Eastern Kentucky University, Lowes, Walmart, grocery stores, and Richmond's finest restaurants, There are twenty, one bedroom units, and two, two bedroom units. Most of the apartments are leased at below market rental rates. On July01, 2022,management began increasing rents to$600.00 /month for one bedroom units, and$700, 00 /month for the two bedroom units. Also, at that time, they began increasing the rent for lease renewals by 5% per month. Given the current rental market, there probably is room for a new owner to increase renewals more aggressively. The current occupancy rate is 100%. The listing broker is related to the sellers.

Property Includes

Roof Composition Shingle
Fuel Heating Electric

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Duplexes for sale in Richmond

Richmond Housing & Living

Household Income

Median household income: $34,754

Number of households: 12,954

The average household income in Richmond, KY grew from $32,436 to $34,754 in the past year. This data is an estimate based upon 12,954 households in Richmond, KY.
The chart below presents how household income is distributed in Richmond, KY in comparison to the revenue allocation amid households nationally.

Property Taxes

Average range: $800-$1,500

One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Richmond, KY compared to median property taxes around the country. The prevalent amount of property taxes in Richmond, KY equals $800-$1,500 , which is less than the national average.