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
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.