Old Louisville Apartment - 504 W Ormsby Ave

Multi-Family for Sale
Catylist Listing ID: 30838845
Number of Units: 7 Units
Building Size (RSF): 4,714 SF
Gross Building Area: See Agent
Sale Price: $465,000
Unit Price: $66,428.57 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/19/2023

Overview / Comments

This beautiful 4717 Sq. Ft. Victorian is situated on West Ormsby Ave. between 4th & 6th Streets in Historic Old Louisville and offers 7 rental units with a gross monthly income of $4,684. There is one 2-bedroom, two 1-bedrooms, one efficiency apartment and three studio apartments (2 of which have loft areas). Lots of Old-World charm and character throughout the building including natural woodwork, original staircase, fireplace mantles, leaded and stained-glass windows and door. The roof was completely torn off and replaced in 2021. There are 2 gas furnaces with central air systems (both 2012 Tempstar brand) and 2 gas hot water heaters. The HVAC units heat and cool the 1st & 2nd floor units and the 3rd floor units are heated with gas space heaters and cooled with window AC units. There is a complementary full-size washer & dryer in the 1700 Sq. Ft. basement for all tenants use which could also provide storage. A large yard with off street parking for 4-6 cars is accessed off the rear alley. One of the 3rd floor units has a newer deck off the rear. Per LOJIC maps the lot is approximately 45’ X 225’. Lease terms vary, please see the attached rent roll for more details on rents and security deposits. The monthly average for water/sewer is $285 and the average LG&E runs approximately $800 per month. The property was appraised by Bell Ferris, Inc. in January 2023 for the list price of $465,000.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 032D00230000
Zoning: TNZD - Traditional Neighborhood Zoning District
Property Located Between: 4th and 6th
Highway Access: I-65
Property Condition: Average
Number of Stories: 3
Year Built: 1905
Roof Type: Hip
Construction/Siding: Brick, Stone, Wood Frame
Total Parking Spaces: 6
Laundry: Shared
Sprinklers: None
Heat Type: Electricity, Natural Gas, Space Heaters
Heat Source: Central, Other
Fuel: Gas, Electric
Air Conditioning: Window Unit, Other
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal, Storm

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,993 148,721 310,544
Median Age: 32.79 35.38 36.71
Households: 9,780 64,344 133,596


Photograph of Listing Agent

Michael Mawood

RE/MAX 100 KCREA Member
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