Cashflowing Portfolio of Multifamily in the O-Zone

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30868010
Property Subtypes: Mid-Rise
Status: Pending
Number of Units: 32 Units
Building Size (RSF): 16,637 SF
Gross Building Area: See Agent
Gross Land Area: 0.60 Acres
Sale Price: $1,050,000
Unit Price: $32,812.50 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Ridgeway Apartments
Sale Terms: Cash to Seller
Gross Rent Multiplier: 5.59
Last Updated: 3/30/2024

Overview / Comments

Attention Opportunity Zone seekers...

These 3 Old Louisville properties are currently generating $187,980 in gross annual rent – with significant potential upside.

Each building was part of a larger portfolio that was acquired at the end of 2023, and they have been cleaned up and stabilized by a professional property manager.

There is some deferred maintenance such as window repair / replacement, but these properties are in generally good condition and have thirty long-term M2M tenants in place. By reconfiguring unused space, it is possible to add another 4-6 rentable units.

This portfolio is sold AS-IS, WHERE IS.

Ability to close quickly will be favorably considered in any offer.

Financials

Finance Data Year 2024
Assessed Value - Total($) $1,079,270 (Annual)
Potential Rental Income $187,980 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Taxing Authority: Louisville Metro
Tax ID/APN: 0000SROW0000|149
Zoning: TNZD - Traditional Neighborhood Zoning District
Percent Occupied: 93%
Property Located Between: University of Louisville and Downtown Louisville
Highway Access: I-65 approx 1 mile
Airports: SDF
Site Description: These 3 story Victorian mansions are all on the same block, and were converted into apartment buildings. Each address has off-street and on-street parking.
Area Description: Located on a busline between several other apartment complexes, restaurants, offices and commercial properties, these properties are within walking distance to Central Park, Sullivan College, Spalding University and University of Louisville. They are located on the same block as the Kentucky Derby Festival headquarters.
Total Number of Buildings: 3
Property Condition: Good
Number of Stories: 3
Year Built: 1890
Year Renovated: 2012
Construction/Siding: Brick
Exterior Description: The exteriors are in good condition, some window, soffit and roof repair may be necessary.
Parking Type: Surface
Parking Description: On-street and off-street.
Heat Type: Other
Heat Source: Wall Units, Other
Fuel: Gas, Electric
Air Conditioning: Window Unit
Internet Access: Cable
Zoning Description: The TNZD is an urban residential zone established pursuant to KRS 100.201(3). The TNZD is designed to recognize historic or long-established traditional neighborhoods and to protect them as a distinct pattern of development. TNZD‟s occur in developed areas that experience redevelopment and infill development. Traditional neighborhoods are broadly characterized as communities having an identifiable boundary, a predominance of residential uses and open space such as parks and playgrounds, a connected street and alley pattern, buildings that are close to or at the sidewalk, and, in some cases, a well-defined center or transition area that contains a mixture of uses.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,127 142,329 311,607
Median Age: 34.66 35.42 36.66
Households: 12,144 61,736 134,060
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