Landmark Downtown Multifamily & Retail Building For Sale

Multi-Family for Sale
Catylist Listing ID: 30632423
Property Subtypes: High-Rise
Number of Units: 96 Units
Building Size (RSF): 130,000 SF
Gross Building Area: See Agent
Sale Price: $8,500,000
Unit Price: $88,541.67 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Weissinger-Gaulbert (WG)
Sale Terms: Cash to Seller
Last Updated: 9/2/2020

Overview / Comments

This ten story, 130,000 square foot, WG Building (also known as the Weissinger Gaulbert Apartments) is a 96 unit apartment complex, with ground floor retail spaces on the corner of Third and Broadway in Louisville, Kentucky.

The property owner has recently made several capital improvements such as a new boiler and domestic hot water heater, electronic door locks on all units, updated lighting and ceiling fans, transforming the tenant mix and increased the total occupancy rate.

There are Airbnb operator leases in place due to the highly desirable location near community attractions and in place zoning.

This is a great opportunity to acquire a stable, well-managed asset, with upside, in a desirable location while containing a diverse mix of quality tenants.

Contact the property representative for more information.

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Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Zoning: OR-3 - Office/Residential District
Community Amenities: Restaurant(s), On-Site Maintenance
Property Located Between: Broadway & 3rd St
Airports: Louisville International
Area Description: Property is located within the Hospital/Medical sector and Educational sector of Louisville's C.B.D. It is conveniently situated on the corner of Third Street and Broadway, which is just across the street from The Brown Theater, St Francis High School, the Louisville Main Public Library along with numerous street front retail. Jefferson Community and Technical College (JCTC), a busy two-story McDonald's, upcoming Barnes and Noble Bookstore, several multi-story office buildings and The Brown Hotel are within one block of the subject property. The WG Building is also surrounded by the "Fourth Street" Entertainment District having the historical Brown Hotel, and the Palace Theatre, and the upcoming Hotel Indigo within a two-city block radius along with numerous retail, restaurants and office buildings. The WG is within 1/4 mile from U of L Hospital, Spalding University, Norton Children's Hospital, 4th Street Live, The Palace Theater, the newly constructed Kindred Healthcare Support Center, as well as, office, medical and legal districts. Additionally, Broadway, being a six-lane boulevard, acts as a direct through-way to the trendy Louisville Highlands, with the C.B.D. to the North, and The University of Louisville just two-miles to the South.
Total Number of Buildings: 1
Property Condition: Good
Construction/Siding: Brick
Passenger Elevators: 1
Freight Elevators: 1
Laundry: Shared
Sprinklers: Wet
Heat Type: Electricity, Hot Water
Heat Source: Radiant
Fuel: Gas, Electric
Air Conditioning: Window Unit
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,403 134,693 313,750
Median Age: 35.52 35.33 37.05
Households: 9,309 58,884 135,374
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