Catylist ID:
#30632423
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. |
Attachments & Media
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 |
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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