2845 Palumbo Drive, Lexington, KY 40509 (MLS# 1417417)

2845 Palumbo Drive, Lexington, KY 40509

$4,200,000

Property Type: Residential Income Lot Size (sq. ft.): 327,136 Status: Closed

Current Price: $4,200,000 List Date: 9/05/2014 Last Modified: 8/26/2025

Overview

Description

DO NOT contact property manager or tour property with-out listing agent. Location Gold is the best way to describe this value-add apartment community with extremely high visibility along Man O' War Blvd. This 96 unit community offers a history of stable occupancy with an opportunity to create additional value with minimum upgrades. Our community is located only minutes to Hamburg Pavilion. LA Fitness has a 60,000 square foot mega facility only a block away. Easy access to Interstate 75. This value-add opportunity offers potential growth in rental rates, occupancy and the available land to build additional units.

Listing Details MLS# 1417417

Listing Information

Property Sub Type: Apartment

Status Change Information

Price Change Timestamp: 2015-02-04T14:40:41Z
Status Change Timestamp: 2015-02-04
Purchase Contract Date: 2014-11-14
Close Date: 2015-02-03
Close Price: 4200000
Buyer Financing: Conventional

Address

County: Fayette
Street Number: 2845
Street Name: Palumbo
Street Suffix: Drive
State: KY
Zip Code: 40509
Directions: Man-O-War Blvd to Palumbo. Property is on your left.
Parcel Number: 25521500

Contract

Original List Price: 4128000
Start Showing Date: 2014-09-02
Listing Contract Date: 2014-09-02
Listing Agreement: Exclusive Right To Sell
Office Exclusive YN: No
List Price/Acre: 572569.91
Sold Price/Acre: 559254.33
SP/LP: 0.98

Tax Legal

MLS Area Major: 002 - Fayette County NE
Subdivision Name: Commercial

Parking Information

Parking Total: 56

More Information

Building

Year Built: 1980

Lot

Lot Size Acres: 7.51
Lot Size Square Feet: 327135.9

Utilities

Cooling YN: Yes
Heating YN: Yes
Electricity Connected: Yes

Remarks

Public Remarks: DO NOT contact property manager or tour property with-out listing agent. Location Gold is the best way to describe this value-add apartment community with extremely high visibility along Man O' War Blvd. This 96 unit community offers a history of stable occupancy with an opportunity to create additional value with minimum upgrades. Our community is located only minutes to Hamburg Pavilion. LA Fitness has a 60,000 square foot mega facility only a block away. Easy access to Interstate 75. This value-add opportunity offers potential growth in rental rates, occupancy and the available land to build additional units.

Income and Expenses

Credit and Vacancy Losses: 81023
Gross Income: 721717
Gross Operating Income: 640694
Gross Scheduled Income: 648187
Less Operating Expenses: 371893
Net Operating Income: 268801
Other Income: 73530
Vacancy Allowance Rate: 12

Unit Details

Number Of Units Vacant: 12

Tax & Legal

Tax Rate: 1.1637
Zoning Description: R-4

Association/Community

Number Of Units Total: 96

Interior

Bathrooms Half: 0

Association Amenities

Coin Laundry: Yes
Pool: Yes

Cooling

Electric: Yes

Heating

Electric: Yes
Heat Pump: Yes

Possession

Other: Yes

Roof

Shingle: Yes

Special Listing Conditions

Standard: Yes

Structure Type

Multi Family: Yes

Property Features

Utilities: Electricity Connected; Electricity Connected Association Amenities: Coin Laundry; Pool Cooling: Electric Heating: Electric; Heat Pump Possession: Other Roof: Shingle Special Listing Conditions: Standard Structure Type: Multi Family

Listing Office: Silvestri Real Estate, LLC

Last Updated: August - 26 - 2025

Information deemed reliable but not guaranteed.