301 Burley Avenue, Lexington, KY 40503

$3,700,000
Property Type: Residential Income Bedrooms: 4 Baths: 3 Square Footage: 1,364 Lot Size (sq. ft.): 56,628 Status: Closed
Current Price: $3,700,000 List Date: 5/21/2014 Last Modified: 8/26/2025

Overview

Description

22 one year new town homes located just a short walk from the edge of the University Of Kentucky Campus.All of the town homes are expected to be leased starting August 1, 2014.100% occupancy rate in 2013. All are 4 bedroom town homes generating approximately $1,700 per month cash flow ($425 per bedroom). They offer extremely nice affordable housing very close to campus with no need to drive to campus.9% gross return on investment. Appraisal on file.6 street lights located on the property for additional security.Laminate flooring in the kitchen-living room, tile flooring in all baths, all kitchen appliances plus washer-dryer are included.Mold resistant drywall utilized during construction.No for sale sign on property.

Listing Details MLS# 1409655

Status Change Information

Price Change Timestamp
2015-06-25T20:36:29Z
Status Change Timestamp
2015-06-25
Purchase Contract Date
2015-06-24
Close Date
2015-06-25
Close Price
3700000
Buyer Financing
Conventional
Concessions Comments
none

Address

County
Fayette
Street Number
301
Street Name
Burley
Street Suffix
Avenue
Street Suffix Modifier
343
State
KY
Zip Code
40503
Directions
From South Broadway turn onto Burley Avenue.Property located on the left hand side.
Parcel Number
38249950

Contract

Original List Price
3900000
Start Showing Date
2014-05-20
Listing Contract Date
2014-05-20
Listing Agreement
Exclusive Right To Sell
Office Exclusive YN
No
List Price/Acre
2915384.62
List Price/SqFt
2778.59
Sold Price/Acre
2846153.85
Sold Price/SqFt
2712.61
SP/LP
0.98

Tax Legal

MLS Area Major
004 - Fayette County SW
Subdivision Name
Lynn Grove
High School District
Fayette County - 1

Interior

Bedrooms Total
4
Bathrooms Total
3
Bathrooms Full
3
Living Area
1364
Bathrooms Half
0

Parking Information

Parking Total
56

More Information

Building

Year Built
2013
Accessibility Features YN
Yes

Lot

Lot Size Acres
1.3
Lot Size Square Feet
56628.05
Lot Size Dimensions
162 x ?
Road Frontage Feet
380

Utilities

Cooling YN
No
Heating YN
Yes

Remarks

Public Remarks
22 one year new town homes located just a short walk from the edge of the University Of Kentucky Campus.All of the town homes are expected to be leased starting August 1, 2014.100% occupancy rate in 2013. All are 4 bedroom town homes generating approximately $1,700 per month cash flow ($425 per bedroom). They offer extremely nice affordable housing very close to campus with no need to drive to campus.9% gross return on investment. Appraisal on file.6 street lights located on the property for additional security.Laminate flooring in the kitchen-living room, tile flooring in all baths, all kitchen appliances plus washer-dryer are included.Mold resistant drywall utilized during construction.No for sale sign on property.

Income and Expenses

Gross Income
433700
Gross Operating Income
433700
Gross Scheduled Income
430100
Insurance Expense
10563
Lawn Services Expense
5890
Less Operating Expenses
10903
Net Operating Income
422797
Other Income
3600
Real Estate Taxes
31481
Trash Expense
1254
Other Services Expense
0

Tax & Legal

Elementary School
Picadome
Middle Or Junior School
Jessie Clark
High School
Lafayette
Tax Rate
1.1318
Zoning Description
R-4

Association/Community

Number Of Buildings
4
Number Of Units Total
22

Cooling

None
Yes

Heating

Electric
Yes

Parking Features

On Site
Yes
Paved
Yes

Possession

Other
Yes

Roof

Shingle
Yes

Special Listing Conditions

Standard
Yes

Documents

Amendments
Yes

Property Features

Cooling: None Heating: Electric Parking Features: On Site; Paved Possession: Other Roof: Shingle Special Listing Conditions: Standard Documents: Amendments
Listing Office: RE/MAX Creative Realty
Last Updated: August - 26 - 2025
Information deemed reliable but not guaranteed.
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