Catylist ID: #30786265
Maple Valley Apartment Complex
Multi-Family for Sale
|Catylist Listing ID:||30786265|
|Number of Units:||64 Units|
|Building Size (RSF):||57,730 SF|
|Gross Building Area:||See Agent|
|Unit Price:||$85,937.50 Per Unit|
|Property Use Type:||Investment|
|Sale Terms:||Cash to Seller|
Overview / Comments
Maple Valley Apartments is a 64-unit, professionally managed, workforce housing opportunity in South Louisville. The property is in a high demand, stable, yet growing submarket. It is comprised of a mixture of 2 and 3 bedroom units and has been successfully operated as an affordable housing property under the LIHTC program for many years. Ownership has recently taken the property from 50% to 60% AMI. The present requirements expire in 2031.
Since purchase, the ownership has invested in several capital upgrades including over 40 unit renovations, deck repairs, rebranding and office remodeling.
Rents remain below market, and there is immediate upside available. The property is separately metered for gas and electric, and while owner pays for these utilities, further upside can be realized by moving this to the tenant’s responsibility.
The surrounding area is ideal for such a property. It sits in a quiet setting adjacent to an elementary school and is in very immediate proximity to the GE Appliance Park- one of the largest appliance plants in the US and one of Louisville’s largest employers. Further investment and job growth continues at the facility. It is also close to other major employers including UPS World Hub. There is continued commercial and residential development nearby that includes new industrial and single family.
This truly rare opportunity allows a buyer to invest in a high demand asset with upside, while enjoying the benefit of a proven location for workforce housing.
:: Address: 5809 Russett Place & 5708 Revere Place
:: Units: 64 units (32 2BR/1BA & 32 3BR/1BA)
:: Mechanicals: Gas forced-air furnaces/Central air
:: Metering: Separate LG & E (owner pays)
For more information, please complete the Confidentiality Agreement here: https://forms.gle/v4qRyCdaRT8HqzBVA
Attachments & Media
|Nearest MSA:||Louisville/Jefferson County|
|Zoning:||R-7 - Residential Multi-Family District|
|Proximity:||1 mile||3 miles||5 miles|
Taylor M ThompsonPRG Commercial Property Advisors KCREA Member
Reed B WeinbergPRG Commercial Property Advisors KCREA Member
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