Multifamily Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30389757
Property Subtypes: Multi-Family
Gross Land Area: 4.92 Acres
Sale Price: $460,000
Unit Price: $93,495 Per Acre
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 10/3/2019

Overview / Comments

On behalf of the owner, we are pleased to present this vacant land multifamily development opportunity, a located to quality multifamily communities White Oak, Falcon Crest, and Hickory Trace Apartments. Qualified investors are presented with an opportunity to achieve economies of scale through developing this project, which would support the scale of a 100+ unit self-sustaining multifamily project. This rental submarket is in high rental demand with continued job growth trajectory, and a new project is expected to be highly successful.

Investment Highlights:

-Located within the High Growth Corridor Near I-65 & I-265
A great deal of manufacturing and other employment is located along the I-65 corridor. Hickory Trace sits just east of I-65 and north of I-265 (Gene Snyder Freeway), which allows for convenient access to employment, shopping, dining and other area amenities.

-Development Demand
A new owner could add tremendous value to this site by developing the community to its potential. Expired condo development plan could be adjusted with potential amenities to add further value to the proposed community.

A single family home located at 9000 Blue Lick Road, rented at $675/mo, is also included in this sale.

4.92 Acres (Zoned R-6 & R-7)

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 368900010000
Zoning: R-6 - Residential Multi-Family District
Property Visibility: Excellent
Largest Nearby Street: Blue Lick Road
Topography: Level
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Broadband, Internet Access, Other
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,083 68,199 176,500
Median Age: 36.87 36.65 36.63
Households: 3,964 26,584 70,013

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