89 Apartments - Pleasure Ridge - Louisville KY

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30425959
Status: Pending/Contingent
Number of Units: 89 Units
Building Size (RSF): 90,000 SF
Gross Land Area: 4.90 Acres
Sale Price: $5,500,000
Unit Price: $61,797.75 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/24/2019

Overview / Comments

Your chance to own an exceptional rental community. Situated next to the Award Winning Pleasure Ridge High School and Greenwood Elementary. There are a total of 89 units and 77 of them are only 16 years old and are Townhouse design. The townhouses are all either 2 bedroom 1 & 1/2 bath, or 3 bedroom1 & 1/2 bath units with 1000 plus sq ft each.
One Bedroom 1 bath units were built in 1986 and updated in 2003, the 77 townhouse are all 16 - 17 years old.

All units have vinyl 12''X12'' tile floors. Tenants pay all gas and electric on the 77 units. There is not even a common area gas and electric service. Owner pays water and sewer.

Owner built the 77 townhouse units in 2003 and 2004, and upgraded the 12 one bedroom flats in 2003, on a Low Income Federal Tax Credit program that is administered by the Kentucky Housing Corporation (KHC). There is a deed restriction on the property in favor of KHC restricting the property to renting only to families with a gross monthly income less than or equal to 60% of the published AMI. These deed restrictions as recently modified will expire in 2033 and 2034 respectively. The restriction was 50% of AMI previous tp 2019 so there is room for rental increases.

Any sale is subject to KHC approval.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Taxing Authority: Louisville Metro, State of Kentucky
Tax ID/APN: Multiple Parcels see documents
Zoning: R-7 - Residential Multi-Family District
Percent Occupied: 98%
Property Located Between: Cane Run Road and Dixie Highway off Greenwood Road
Highway Access: 31W, I-265, I-264
Airports: SDF
Site Description: All units are located within a rectangle with access by dedicated county streets of Yucca Lane and Bayshore Court.
Area Description: Very desirable blue collar neighborhood adjacent to award winning Pleasure Ridge High School and Greenwood Elementary. Near all amenities.
Total Number of Buildings: 12
Property Condition: Average
Number of Stories: 2
Roof Type: Gable
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Eleven 7 unit Townhouses buildings with two 3 BR 1&1/2 Bath and five 2 BR 1&1/2 bath homes, and one 12 unit one bedroom one bath flats build]ing.
Parking Ratio: 1.5 (per 1000 SF)
Parking Type: Surface
Parking Description: Paved parking on site plus a good bit of on street parking.
Total Parking Spaces: 135
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: R-7 apartment zoning
Water Service: Municipal
Sewer Type: Municipal, Storm
Easements: Electric Lines, Utilities
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,576 70,386 164,842
Median Age: 38.9 39.04 37.69
Households: 5,498 28,175 65,830

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