3817 River Park Dr

Multi-Family for Sale
Catylist Listing ID: 30855357
Property Subtypes: Mid-Rise
Number of Units: 63 Units
Building Size (RSF): 46,208 SF
Sale Price: $7,390,000
Unit Price: $117,301.59 Per Unit
Building Name: 63 Unit Multi-family Portfolio
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/9/2023

Overview / Comments

SVN Menish is pleased to exclusively offer to qualified investors the opportunity to purchase a portfolio of 63 unit multi-family properties on 6 sites including an office building that was used by the previous owner's property management team.

This portfolio is a great opportunity for an investor to scale immediately in a growing tertiary market rated as #2 in the list of "Top Five Tightest Rental Markets in the U.S." by Chandan Economics as of June 23rd, 2023.

The portfolio is 100% leased and the majority of the tenants are Section 8, providing the investor with guaranteed rental income. With an average dwelling size of 733 square feet, the homes were constructed between 1930's to 2000's.

All 63 units have been completely renovated. New lease rates during the past 12 months have increased 12%.

One of the best reasons to buy, besides the quality of the portfolio, strength of lease prices and a current NOI of $372,557 is that the Loan on the portfolio is assumable and has the following details:
Principal is $2,745,000
Interest rate is 4.63%
Interest Only for the next 4 years
Maturity date 08/01/2032

122 S. 23rd St.
1419 Beech St.
4100 West Broadway / 712 S 41st St.
3817 River Park Dr.
603, 603 1/2 S. 39th Street & 3838 River Park Dr.
602 S. 40th St.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 007D00160000
Zoning: R-6 - Residential Multi-Family District
Area Description: Louisville is the largest city in the state of Kentucky and it sits on the Ohio River, to the northeast of the state along the Indiana border. Louisville was founded in 1778, making it one of the oldest cities west of the Appalachians. The Louisville-Jefferson County, KY-IN Metropolitan Statistical Area (MSA) includes Louisville-Jefferson County and 12 surrounding counties, seven in Kentucky and five in Southern Indiana. As of 2020, the MSA had a population of 1,395,855, ranking 43rd nationally. The early Louisville settlement was developed as a shipping port. Louisville was the founding city of the Louisville and Nashville Railroad, which grew into a 6,000-mile (9,700 km) system across 13 states. Louisville became a center for factory war production through World War II but experienced a shift of business moving to the suburbs in the 1960s and 1970s. Since the late 1990s, the inner city has seen a boom in residential, tourism, and retail growth, including the addition of major sports complexes like KFC Yum! Center, Lynn Family Stadium, and Louisville Slugger Field Louisville is known for its dynamic economy that has modernized over time. However, the shipping and cargo sectors are still the most prominent. Its strategic location at the “Falls of the Ohio”, as well as its unique position in the central U.S. makes it a practical location for the transfer of cargo along its route to other destinations. The Louisville and Portland Canal and the Louisville and Nashville Railroad were important links in water and rail transportation. The city plays a large part in the national shipping industry with the presence of the Worldport global air-freight hub for UPS at Louisville International Airport. Louisville's location at the crossroads of three major interstate highways (I?64, I?65, and I?71) also contributes to its modern-day strategic importance to the shipping and cargo industry. In addition, the Port of Louisville continues Louisville's river shipping presence at Jefferson Riverport International. As of 2003, Louisville ranks as the seventh-largest inland port in the United States. Louisville is a significant center of manufacturing, with two major Ford Motor Company plants, and the headquarters and major home appliance factory of GE Appliances (a subsidiary of Haier). The city is also a major center of the American whiskey industry, with about one-third of all bourbon whiskey coming from Louisville. Brown-Forman, one of the major makers of American whiskey, is headquartered in Louisville and operates a distillery in the Louisville suburb of Shively. Louisville is home to many annual cultural events, including the Kentucky Derby, preceded by a two-week-long Kentucky Derby Festival. The city touts a large assortment of smaller, unique, independent businesses and restaurants. It also features a strong sports culture.
Total Number of Buildings: 6
Number of Stories: 2

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,916 96,021 232,519
Median Age: 37.67 35.06 36.3
Households: 7,458 38,518 97,752
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