Recently Constructed Multifamily Investment Opportunity - 8 Units

Multi-Family for Sale
Catylist Listing ID: 30450794
Property Subtypes: Mid-Rise
Number of Units: 8 Units
Building Size (RSF): 9,158 SF
Gross Building Area: See Agent
Gross Land Area: 0.47 Acres
Sale Price: $820,000
Unit Price: $102,500 Per Unit
Property Use Type: Investment
Building Name: Hickory Trace Apartments
Sale Terms: Cash to Seller
Last Updated: 11/21/2019

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.

Investment Highlights:

-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

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 368900010000
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
Property Condition: Excellent
Number of Stories: 2
Year Built: 2005
Roof Type: Gable
Construction/Siding: Wood Frame
Parking Type: Surface
Total Parking Spaces: 12
Laundry: In Each Unit
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Engineered System
Internet Access: Cable
Zoning Description: Multifamily
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,032 69,383 178,244
Median Age: 37.64 36.83 36.64
Households: 4,788 27,101 70,743

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