Contacts

Rachel Ridd

SVN | Stone Commercial Real Estate

Property Details

Property Type Multi-Family
Property Size 63,065 SF
Units 78
Lot Size 3.71 Acre
Property Tenancy Multi-Tenant
Year Built 1974
Date Updated Jun 11, 2026

The Biscayne Apartments and adjoining lots at 1411 and 1425 North Limestone are ideally located, just minutes from downtown Lexington and near the intersection of North Broadway and New Circle Road, providing excellent access to the city’s primary transportation corridors. The property benefits from close proximity to major employment centers, medical facilities, retail and dining options, and the University of Kentucky, while remaining walkable to public transportation. This central infill location offers strong renter demand and convenient connectivity throughout the Lexington metro, making it a highly desirable setting for long-term multifamily investment.The Largest Available Qualified Multifamily Opportunity Zone Investment in Lexington, KY SVN Stone Commercial Real Estate is pleased to present the exclusive offering of The Biscayne Apartments (78-unit multifamily community serving the rapidly transforming Northeast corridor of Lexington, Kentucky, 3.71 acres) AND 1411/1425 N Limestone (a combined 2.02 acres of entitled land ripe for affordable housing development). This 5.73-acre opportunity represents a rare convergence of genuine community need, exceptional market fundamentals, and one of the most powerful tax incentive structures available to American investors today. The current improvements consist of five masonry buildings offering a mix of spacious one- and two-bedroom residences on a 3.71-acre site. Ideally positioned just minutes from the trendy NoLi (North Limestone) District and the historic Greyline Station marketplace, Biscayne is perfectly situated to capture the organic growth of Lexington’s urban core. Current ownership has maintained a stable operational profile; however, significant "Operational Alpha" remains. The asset is located in both a Qualified Census Tract and an Opportunity Zone, providing new ownership with powerful tax-advantaged strategies. Lexington continues to face a critical housing shortage, with a documented deficit of 22,000 housing units needed today to meet existing demand. This supply-demand imbalance, combined with proximity to downtown employment anchors like Rupp Arena, Central Bank Center, and the UK Healthcare system, ensures long-term occupancy stability.

Want more info on this listing?

Reach out to the broker for more info on lease terms and amenities

Highlights

Durable Construction: Masonry exteriors with pitched composition shingle roofing and ample grade-level parking (161 spaces).
Employment Anchor Access: Proximity to Rupp Arena, Central Bank Center, and UK Healthcare ensures a robust and diverse tenant base.
Favorable Market Dynamics: Insulated by Lexington's Urban Service Boundary, which restricts new competition and drives organic rent growth.
Highly Walkable Neighborhood: A Walk Score of 70/100, indicating a "Very Walkable" environment near essential services and employers.
High-Traffic Visibility: Situated on a primary artery with 14,668 cars per day, providing continuous organic marketing.
Permanently Tax-Advantaged via Opportunity Zone & QCT Dual Designation: Strategic location providing tax-advantaged investment benefits and long-term capital preservation.
Significant investments have been made in the property to enhance both its curb appeal and long-term value, including landscaping, roof work, and exterior repairs such as paving.
Strategic Urban Core Proximity: Located just minutes from the NoLi District and Greyline Station, Lexington's premier destination for local dining and retail.
Transit-Oriented Connectivity: Immediate access to Lextran Bus Route 7 (North Limestone), connecting residents directly to Downtown Lexington and the Transit Center.
Under-rented Asset with Significant Upside: 78-unit community currently $.36/sf under-rented.