Catylist ID: #30425959
89 Apartments - Pleasure Ridge - Louisville KY
Multi-Family for Sale
|Catylist Listing ID:||30425959|
|Number of Units:||89 Units|
|Building Size (RSF):||90,000 SF|
|Gross Land Area:||4.90 Acres|
|Unit Price:||$61,797.75 Per Unit|
|Property Use Type:||Investment|
|Sale Terms:||Cash to Seller|
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.
Attachments & Media
|Nearest MSA:||Louisville/Jefferson County|
|Taxing Authority:||Louisville Metro, State of Kentucky|
|Tax ID/APN:||Multiple Parcels see documents|
|Zoning:||R-7 - Residential Multi-Family District|
|Property Located Between:||Cane Run Road and Dixie Highway off Greenwood Road|
|Highway Access:||31W, I-265, I-264|
|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|
|Number of Stories:||2|
|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 Description:||Paved parking on site plus a good bit of on street parking.|
|Total Parking Spaces:||135|
|Laundry:||In Each Unit|
|Heat Type:||Electricity, Natural Gas|
|Air Conditioning:||Package Unit|
|Zoning Description:||R-7 apartment zoning|
|Sewer Type:||Municipal, Storm|
|Easements:||Electric Lines, Utilities|
|Land Ownership:||Fee Simple|
|Proximity:||1 mile||3 miles||5 miles|
David L ParksRE/MAX Properties East KCREA Member
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