Catylist ID: #30450794
Recently Constructed Multifamily Investment Opportunity - 8 Units
Multi-Family for Sale
|Catylist Listing ID:||30450794|
|Number of Units:||8 Units|
|Building Size (RSF):||9,158 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||0.47 Acres|
|Unit Price:||$102,500 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Hickory Trace Apartments|
|Sale Terms:||Cash to Seller|
Overview / Comments
On behalf of the owner, we are pleased to present this high quality 8 unit multifamily investment opportunity located within Hickory Trace Apartments, a Class A multifamily community. Qualified investors are presented with a unique opportunity to capture discounted management cost efficiencies in concert with the adjacent performing apartments. Built in 2008, this property continues to succeed due to substantial trends of increased rental demand. This professionally managed asset is in position to be a strong performer for many years.
The units at Hickory Trace are uniquely equipped with many attractive amenities that generate substantial resident satisfaction and long-term tenancy. Each unit is equipped with gas fireplaces, black GE kitchen appliances (dishwashers, electric ranges, microwaves, and refrigerators), along with laundry hookups. Each of the units boast two spacious bedrooms, two full bathrooms, a generous living room along with a private balcony or patio area with additional exterior storage. Residents enjoy above average storage space within the units with copious amounts of closet space. All existing units provide 1,100 square feet of living space.
-Located within the High Growth Corridor Near I-65 & I-265
A great deal of manufacturing and other employment is located along the I-65 corridor. Hickory Trace sits just east of I-65 and north of I-265 (Gene Snyder Freeway), which allows for convenient access to employment, shopping, dining and other area amenities.
-Value Add Potential
Existing units additionally have upside in rents where a new owner could add value. This building consists of one current down unit in need of about $40K buildout and all current performing units are slightly below market. This is an immediate opportunity for new owner to capture full market rent on the newly renovated unit and to implement a business plan for growth across the remaining units. The seller is willing to credit the buyer $40,000 for this improvement at closing.
-Well Maintained Existing Units with Healthy Cash Flow
Existing units are all 2BR/2BA comprising of 1,100 SF. On average, the units rent for $900/unit ($.81/SF) and market rent is estimate to be $930/unit ($.84/SF).
Avg. unit size: 1,100SF
Unit Mix: 2BR/2BA
Parking: 12 Spaces
Laundry: In Units
|Nearest MSA:||Louisville/Jefferson County|
|Zoning:||R-6 - Residential Multi-Family District|
|Property Located Between:||Blue Lick to Moody|
|Highway Access:||I-65. I-265|
|Airports:||Louisville International Airport|
|Total Number of Buildings:||1|
|Number of Stories:||2|
|Total Parking Spaces:||12|
|Laundry:||In Each Unit|
|Heat Type:||Natural Gas|
|Air Conditioning:||Engineered System|
|Proximity:||1 mile||3 miles||5 miles|
Tyler R ChesserThe Chesser Companies KCREA Member
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