Residential Condo Portfolio in Highly Desirable Submarket

Multi-Family for Sale
Catylist Listing ID: 30834949
Property Subtypes: Low-Rise/Garden
Number of Units: 10 Units
Building Size (RSF): 7,110 SF
Gross Building Area: See Agent
Sale Price: $890,000
Unit Price: $89,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 3/25/2023

Overview / Comments

Well Maintained and Profitable Residential Condo portfolio located in the highly desirable Jeffersontown submarket of Louisville.

The portfolio is comprised of seven 2-bedroom 1-bathroom units and three 1-bedroom 1-bathroom units.

Many of the units have been renovated as the Owner updates them as they turn over.

Condo association covers general maintenance of the building's exterior, hallways & laundry room as well as trash pick-up, water & sewer & landscaping.

Tenants are responsible for paying for their own electricity.

Very stable tenant base as there is a lack of affordable condo/apartment inventory in the area.

Significant value-add opportunity for investors as rents are currently below market and rental demand in the area is very strong.

Additionally, investors could hold the portfolio for a while and then sell off the condos individually.

Jeffersontown saw an over 18% appreciation in residential home values since 2021 and there is strong buyer demand for affordable housing options for purchase.

To review the property data & financials, please fill out the Confidentiality Agreement in the "Documents" section of this listing.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 003802580000
Zoning: R-7 - Residential Multi-Family District
Percent Occupied: 100%
Highway Access: Less than a mile from Taylorsville & Hurstbourne Pkwy intersection.
Area Description: Less than a mile from Stonybrook Shopping Center & other national retailers. Less than 1.5 miles from Downtown Jeffersontown. Across the street from the popular K-9 Dog Park Bar.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1972
Year Renovated: 2023
Construction/Siding: Brick
Parking Type: Surface
Parking Description: Parking is plentiful
Laundry: Shared
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Engineered System
Zoning Description: R-7
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,361 98,225 224,889
Median Age: 37.5 40.18 39.56
Households: 5,285 42,487 96,504
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