145 Lois LnMorehead, KY 40351
The Townhomes and Flats at Morehead State University (110 Units)
Asset ClassMultifamily, Student Housing
# Units110
Overview
This is a fully stabilized, purpose-built student housing community serving Morehead State University (9k enrollment and growing). 13 buildings with 110 units across a mix of townhome and flat-style floor plans, located just minutes from campus. Go inside this opportunity with an exclusive video tour!
- Average Rent: $1,005 per unit (up 6%+ from last year!)
- Occupancy: 100%
- NOI (Sept ’24 – Aug ’25): $962,004
- Pricing: $12,535,000 -- 7.67% cap rate,
- 10%+ projected Year 1 cash-on-cash return
Current ownership has invested more than $2.55M in upgrades (flooring, roofing, HVAC, appliances, plumbing, lighting, parking lots, and interior finishes)
The property is professionally managed ($200M+ AUM), with management willing to remain in place, making this a true turnkey opportunity for new ownership.
Investment Highlights
- Management: Current management has offered to continue managing the property. Eden Companies currently has $200M+ AUM)
- Stabilized Student Housing Asset: 110 units, comprised of 13 buildings with five distinct floor plans (townhomes and flats).
- Proximity to Campus: Just minutes from Morehead State University, offering proximity to class and a quiet residential setting.
- Full Renovation Program Completed: Current ownership invested
- $2.55M+ in upgrades, including new flooring, all new shingled roofing,
- HVAC systems, appliances, parking lots, plumbing, lighting, and interior finishes.
- Market-Leading Rents: Achieves an average rent of $1,005 per unit, positioning the property at the top of the local student housing market.
- Consistently 100% Occupied: Proven demand from MSU’s enrollment base supports strong leasing performance year after year.
- Professional Local Management: An Experienced team in place ensures operational continuity and tenant satisfaction.
- Attractive Financial Profile: Current NOI of $962,004, offered at $12,535,000 (7.67% cap rate), with a projected 10%+ cash-on-cash return for year 1.
- Undersupplied Market: Limited competition from purpose-built student housing or housing for grad students/young professionals in Morehead creates ongoing demand stability and rent growth potential.
Photo Gallery
145 Lois LnMorehead, KY 40351
Sales Team
Listing provided by Revere CRE