Unique Louisville Multi-Family Opportunity

Multi-Family for Sale
Catylist Listing ID: 30672860
Property Subtypes: Mid-Rise, Student Housing, Other
Number of Units: 47 Units
Building Size (RSF): 47,211 SF
Gross Building Area: See Agent
Sale Price: $5,900,000
Unit Price: $125,531.91 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: Reynolds Lofts
Sale Terms: Cash to Seller
Cap Rate: 5.62%
Average Occupancy Rate: 100
Last Updated: 1/7/2021

Overview / Comments

* Stabilized Multi-Family asset across the street from the University of Louisville

* Variety of redevelopment options due to the current condo structure and location

* Designated Opportunity Zone

Unique student housing, short term rental, and/or multi-family ownership opportunity adjacent to the University of Louisville and minutes to Churchill Downs, Downtown Louisville and the airport. The 5-story Reynolds Lofts building consists of 70 condo units of which Buyers will acquire 47 units. This is an opportunity to control a prominent multifamily asset with majority rights of the condo association assuring asset flexibility and possible future redevelopment or affiliation.

Designed by famous industrial architect Albert Kahn and built in 1915, what is now known as Reynolds Lofts originated as only the second Ford Motor Company Model T production line plant. In 1940, Reynolds Metals bought the facility, first using it to make aircraft parts in World War II and later using it as a national sales office. When Reynolds left Louisville in 1958, it gave the building to University of Louisville who held it as a supply building until it was sold and redeveloped in 2008 into residential loft condos. The building is made of reinforced concrete in a method known as flat-slab construction, covered in bricks and has horizontal lines and an irregular shape. During redevelopment, efforts were made to retain the industrial feel by highlighting the concrete ceilings and floors, exposing the mechanicals and columns, retaining decorative brick work and terra cotta, and installing new windows with an industrial look.

While stabilized at 100% occupancy, there is upside in both rental increases and cost reductions should the future owner decide to retain the building as a multi-family asset. As a condo building, individual units could be purchased or sold off over time to the open market to further realize the investor's vision.

Attachments & Media

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 050C00220000
Zoning: EZ-1 - Enterprise Zone District
Percent Occupied: 100%
Property Located Between: Eastern Parkway & Third Street
Site Description: Located at the southwest corner of the University of Louisville's campus at the corner of 3rd Street and Eastern Parkway near the highly respected JB Speed School of Engineering, subject property is entirely surrounded by student housing and the campus. Within walking distance of Churchill Downs (the home of the Kentucky Derby) and the University's football stadium, as well as, minutes from Downtown Louisville and the Louisville International Airport
Total Number of Buildings: 1
Number of Stories: 5
Year Built: 1915
Year Renovated: 2008
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Passenger Elevators: 1
Laundry: In Each Unit
Zoning Description: EZ-1 Enterprise Zone
Water Service: Municipal
Sewer Type: Municipal

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,581 149,262 302,412
Median Age: 29.8 35.57 36.77
Households: 6,716 65,310 129,801
© Copyright 2001-2020 Catylist. 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.