4-plex Property in SWEET SPOT near UofL

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30614165
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 4 Units
Building Size (RSF): 3,642 SF
Gross Building Area: See Agent
Gross Land Area: 0.22 Acres
Sale Price: $315,000
Unit Price: $78,750 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/9/2020

Overview / Comments

Great income-maker, with an opportunity for an OWNER-OCCUPIED unit on first floor! This brick 4-plex in historic OLD LOUISVILLE is just 1 to 3 blocks from UofL's main campus, duPont Manual High School and Noe Middle School and is in a terrific location for rent potential and steady occupancy. Current rent roll is $1,965/mo, with 2 leases ending in 2021, one in the fall 2020, and unit 1 unrented (historic rate for unit 1 is $1,200 to 1,300/mo)...which makes $3,165+/mo when fully rented. Unit 1 is the largest, with 3 BR, 1 Ba, W/D hookups, private fenced area in backyard with a shed, deck and hot tub (currently not functional, conveyed as-is). Unit 2 and Unit 4 are both 2 BR/1Ba. Unit 3 is 1 BR/1Ba. There is off street parking for 5 cars on the back of the building. PVA is source of square footage.

Seller has updated electric, HVAC and some windows since 2014. New paint, some new appliances, some new portable AC units, some flooring more recently. $10K sewer line installed within last two years. Unit 1 is unoccupied and being painted and repaired; should be complete within 2 or 3 weeks according to property manager. Square footage was taken from PVA to limit the amount of time strangers are in rented units, thus it is approximate–note that some non-conforming square footage automatically exists anywhere sloped ceiling heights are below 5 feet. Per tenants rights, at least 48-hour notice is required to show any/all occupied units.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Taxing Authority: Louisville/Jefferson County
Tax ID/APN: 033C00690000
Zoning: TNZD - Traditional Neighborhood Zoning District
Percent Occupied: 75%
Property Located Between: W. Gaulbert and W. Lee
Highway Access: A few blocks from I-65
Airports: about 4 mi from SDF
Site Description: Building, shed and private parking all on the lot.
Area Description: Historic district of Old Louisville.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1893
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Original building is brick, with Unit 1 addition covered with siding.
Parking Ratio: 1.4 (per 1000 SF)
Parking Type: Surface
Parking Description: Private lot at back of property off alley offers 5 spaces. Street parking on 3rd St.
Total Parking Spaces: 5
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Window Unit, Other
Interior Description: Unit 1 = 3BR/1Ba with large living room and eat in kitchen with an island; has W/D hookups to serve Unit 1 only. Unit 2 = 2BR/1Ba Unit 3 = 1BR/1Ba Unit 4 = 2BR/2Ba Seller said W/D hookups were once visible in front entry area on L1...if so, they might be resurrected to serve Units 2-4.
Zoning Description: Historic property in historic district. See Land Development Report.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,510 148,027 306,463
Median Age: 31.55 35.32 36.69
Households: 10,672 63,972 131,869


Photograph of Listing Agent

Cassandra Kraig

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