36 Unit Hikes Point Area Portfolio

Multi-Family for Sale
Catylist Listing ID: 30820357
Property Subtypes: Low-Rise/Garden
Number of Units: 36 Units
Building Size (RSF): 22,350 SF
Gross Building Area: See Agent
Sale Price: $2,904,000
Unit Price: $80,666.67 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/24/2023

Overview / Comments

Located in the Hikes Point submarket of East Louisville, KY, this 36 unit portfolio is comprised of 2bd/1ba units of quality workforce housing. Hikes Point is a very mature, stable submarket of Louisville and boasts attractive area amenities as well as proximity to Louisville's premier suburban medical district. The properties have recently had updates to all the common areas of the buildings and many of the units have been renovated. Further upside exists with renovation to the units as they come available to achieve higher rents (current ownership has seen rent increase by more than 30% on renovated units vs. non-renovated).

The Louisville market experiences very high demand for workforce housing due to limited inventory, so investors will continue to enjoy strong occupancy and rent growth with these infill assets.

Addresses included in sale:

:: 3005 Mid Dale Lane (6 units)
:: 3008 Mid Dale Lane (6 units)
:: 3009 Mid Dale Lane (6 units)
:: 3010 Mid Dale Lane (6 units)
:: 3708 Noblitt Drive (4 units)
:: 3710 Noblitt Drive (4 units)
:: 3712 Noblitt Drive (4 units)
:: (Total 36 units)

Owner will consider selling separately as well as a portfolio.

Link to the confidentiality agreement: https://forms.gle/uN2E5EfETWpMUtfz9

Attachments & Media

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 091E03520000
Zoning: R-7 - Residential Multi-Family District

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,659 118,821 292,260
Median Age: 39.7 39.57 39
Households: 9,918 52,856 129,251
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