11 Unit Apartment Building - Clifton Neighborhood

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30150739
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 11 Units
Building Size (RSF): 7,248 SF
Gross Building Area: See Agent
Sale Price: $779,000
Unit Price: $70,818.18 Per Unit
Property Use Type: Investment
Building Name: 310 N Hite
Sale Terms: Cash to Seller
Cap Rate: 8.33%
Average Occupancy Rate: 100
Last Updated: 11/1/2017

Overview / Comments

This is a very well maintained 11 unit apartment complex on Brownsboro Rd within walking distance to many retailers including the newly redeveloped Clifton Kroger Center. The Clifton Neighborhood has witnessed significant multifamily and retail redevelopment in recent years. The area is poised to continue on this positive track.

The owner of 310 N Hite pays common area electric, water/sewer. There is a Coin Operated Laundry Room (2 washers/2 dryers) in the lower level with brand new equipment. Comparable properties have higher rents and are utilizing RUBS to bill back ALL utilities to tenants. A similar program at 310 N Hite, along with charging Pet Rent, provides fabulous value-add to new ownership. The complex features a nice mix of (3) 2 BR and (8) 1 BR units.

Financials

Finance Data Year 2017
Real Estate Taxes - Annual($) $7,692 (Annual)
Tax Value Land $91,100
Tax Value Improvements $508,900
Assessed Value - Total($) $600,000 (Annual)
Potential Rental Income $94,000 (Annual)
Net Operating Income $58,800 (Annual)
Gross Operating Income $94,000 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 088C01180000
Zoning: R-7 - Residential Multi-Family District
Percent Occupied: 100%
Area Description: Clifton Neighborhood off Brownsboro Road
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1966
Construction/Siding: Brick
Parking Type: Surface
Total Parking Spaces: 11
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Zoning Description: R7
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,241 108,928 290,232
Median Age: 38.33 39.29 38.49
Households: 8,058 50,590 129,542

Contact

© Copyright Kentucky Commercial Real Estate Alliance. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.