Value Add Portfolio in Old Louisville

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30728327
Property Subtypes: High-Rise, Low-Rise/Garden, Mid-Rise, Other
Status: Pending
Number of Units: See Agent
Building Size (RSF): 39,819 SF
Gross Building Area: See Agent
Gross Land Area: 0.22 Acres
Sale Price: $2,300,000
In Opportunity Zone? Yes
Property Use Type: Investment, Business
Building Name: Isbell Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/22/2021

Overview / Comments

Hoagland Commercial Realtors is pleased to present this incredibly rare opportunity to purchase 85 rentable living units/rooms in Old Louisville. The Isbell Apartments, in operation since the 1940s, consists of the following properties and can be bought individually or as a package:

• 974 S Third St
• 976 S Third St
• 1010 S Third St
• 1014 S Third St
• 1018 S Third St
• 1019 S Third St
• 1223 S Fourth St

These units consistently stay 100% occupied year-round and are managed on-site by the current owners. Updates to roofs, water heaters, boilers, and other mechanicals have been made recently on an as-needed basis.

Incredible value-add potential, such as combining units, upgrading the interior finishes, and metering utilities. New ownership would have several options regarding the use of these properties, including but not limited to leaving it in its current operating system as a monthly rental business, combining smaller efficiency units to create additional one and two-bedroom apartments, or restoration of the properties to Old Louisville mansions.

Please do not disturb tenant. Call 502-550-7658 or email christopher@hoaglandcommercial.com with questions.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 029H00710000
Zoning: TNZD - Traditional Neighborhood Zoning District
Percent Occupied: 100%
Property Condition: Average
Year Built: 1880
Laundry: Shared
Heat Type: Electricity
Heat Source: Central, Wall Units, Radiant
Air Conditioning: Window Unit
Zoning Description: Apartment usage grandfathered-in.

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,127 143,164 311,925
Median Age: 34.66 35.44 36.63
Households: 12,144 62,093 134,121

Contact

© 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.