South Third Street Corridor Rental Portfolio

Multi-Family for Sale
Catylist Listing ID: 30323996
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden, Other
Number of Units: 16 Units
Building Size (RSF): 11,032 SF
Gross Building Area: See Agent
Sale Price: $620,000
Unit Price: $38,750 Per Unit
Property Use Type: Investment
Building Name: South Third Street Corridor Rental Portfolio
Sale Terms: Cash to Seller
Cap Rate: 9.0%
Last Updated: 9/12/2018

Overview / Comments

Four properties in the South Third Street Corridor near Churchill Downs consisting of a five-plex (4001 South 3rd), an eight-plex (3944-46 South 3rd), a duplex (4103 South 3rd), and a single family home (4118 South 3rd). Seller can make this portfolio larger with additional owned rental properties nearby and elsewhere and will consider offers on individual properties in the portfolio. All are located within 2 blocks of one another in this popular rental neighborhood. Solid existing rent roll (only two vacancies and three units that need completion work) at listing to be held vacant for showing purposes - showings available 12-5 PM Monday-Friday, (showings of all properties available with accepted offer). Most kitchen appliances provided by landlord. Being offered at a 9 CAP rate based on 2017 estimated financials, even though 2017 figures include substantial upgrade costs. Many upgrades completed in past 5 years. CHECK THE DOCUMENTS TAB ON THE PORTFOLIO WEBSITE FOR A COMPLETE LIST OF PROPERTY IMPROVEMENTS AND FURTHER WORK NEEDED ON INCOMPLETE UNITS.
Don't delay - this portfolio will sell quickly.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Taxing Authority: Metro Louisville
Tax ID/APN: Block 55E, Lot 16 (36944-46) and Block 55G, Lot 28 (4001), Lot 77 (4118) and Lot 87 (4103)
Zoning: R-6 - Residential Multi-Family District
Site Description: All four properties within 2 blocks of each other in this popular rental neighborhood.
Area Description: Rental portfolio in the popular South Louisville, South Third Street corridor near Churchill Downs convenient to downtown, Churchill Downs, the Fairgrounds and all area interstates to any portion of Metro Louisville.
Total Number of Buildings: 4
Property Condition: Good
Year Built: 1900
Year Renovated: 2015
Zoning Description: R-6, Multi-Family
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,521 127,744 308,350
Median Age: 36.26 36.07 36.74
Households: 7,843 55,084 131,686

Contact

Gant Hill & Associates, LLC

10300 Linn Station Rd. S-400
Louisville, KY 40223
502-515-4455
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Listing Provided Courtesy of Don Erler Real Estate Broker — 502-592-8858

The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.