12 Unit Quality Multifamily Investment Opportunity

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30442266
Property Subtypes: Mid-Rise
Status: Pending/Contingent
Number of Units: 12 Units
Building Size (RSF): 9,185 SF
Gross Building Area: See Agent
Gross Land Area: 0.45 Acres
Sale Price: $495,000
Unit Price: $41,250 Per Unit
Property Use Type: Investment
Building Name: Four Oaks Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/7/2019

Overview / Comments

Quality multifamily investment opportunity in Louisville near Cane Run Road corridor. This property features two well maintained brick 6 unit apartment buildings facing each other with a relaxing court yard central to both structures. This property has been improved in many facets and is now experiencing stabilization.

Asset Improvements Include:
-New Boiler as of 2018
-All new windows as of 2017
-Several new HVACs
-Roof 2013
-Gutter Guards brand new
-Nearly all units have been completely renovated with new flooring, paint, some appliances, and fixtures

Location Highlights & Upside
-This location is experiencing a tremendous amount of reinvestment and in particular related to the Richmont Terrace Revitalization and Cane Run Road Revitalization plan initiated by Louisville Metro as a part of the Cornerstone 2020.
-This section of Cane Run Road serves vital link providing greater regional access to I-264 to the northwest and Greenbelt Highway, southwest of this location.

Investment Highlights
-Separately Metered Units (tenant paid gas & electric)
-Off Street Parking
-Quality Brick Structures
-Upside in NOI through immediately available rent increases and expense management
-Central Air & Heat
-Revenue upside in coin laundry which is currently being explored by owners

Contact the listing broker for more information on this listing or to inquire about property tours.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 141900690000
Zoning: R-7 - Residential Multi-Family District
Property Located Between: Cane Run and Camp Ground Road
Highway Access: I-264, I-64, I-65
Airports: Louisville International Airport
Site Description: Nestled in a residential corridor with other multifamily assets as well as single family neighborhoods.
Area Description: Highly accessible to anywhere in Louisville near Shively. This location is experiencing a tremendous amount of reinvestment and in particular related to the Richmont Terrace Revitalization and Cane Run Road Revitalization plan initiated by Louisville Metro as a part of the Cornerstone 2020. This area encompasses a section of Cane Run Road that serves vital link providing greater regional access to I-264 to the northwest and Greenbelt Highway, southwest of this location.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 2
Year Built: 1972
Year Renovated: 2017
Roof Type: Arched
Construction/Siding: Wood Frame
Parking Type: Surface
Total Parking Spaces: 14
Laundry: Shared
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Other
Fuel: Gas
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Spacious 675 SF 2BR/1BA Units, updated with new flooring, paint, fixtures, cabinets and countertops.
Zoning Description: Multifamily
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,319 72,645 218,415
Median Age: 36.15 37.64 36.45
Households: 3,282 29,616 88,738

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