Hikes Point Mulitfamily Opportunity

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30823876
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 6 Units
Building Size (RSF): 5,600 SF
Gross Building Area: See Agent
Sale Price: $465,000
Unit Price: $77,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/11/2022

Overview / Comments

Immediate upside is available for this 6 plex apartment building located in the Hikes Point neighborhood in East Louisville. It has been well maintained by the same owners for many decades. It was originally a 4-plex that had an additional 2 units added on in the 90’s, making a large portion of the property less than 30 years old.

The property is 100% occupied with rents that are well below market with short term leases, offering immediate upside in rents. All kitchens have been updated within the past 15 years. Washer/dryer hookups are in two apartments, and the other four have large, finished storage rooms in the basement with hookups. All units are separately metered for gas and electric.

The sub-market is extremely stable and is one of the more desirable areas for quality workforce housing. Investors will enjoy upside in rents and long term appreciation in an infill area that is mature, yet continuing to see new development and improvement.

>> Separately metered for LG and E
>> Washer/dryer hookups for all units
>> Long term owner and well-below market rents

Attachments & Media

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 187306520000
Zoning: R-5A - Residential Multi-Family District

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,667 118,483 279,643
Median Age: 41.91 38.56 39.06
Households: 8,205 51,462 122,257
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