19 Unit Brick Apartment Building - West Louisville

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30365979
Property Subtypes: Mid-Rise
Status: Pending/Contingent
Number of Units: 19 Units
Building Size (RSF): 14,744 SF
Gross Building Area: See Agent
Gross Land Area: 0.45 Acres
Sale Price: $325,000
Unit Price: $17,105.26 Per Unit
Property Use Type: Investment
Building Name: Western Arms Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/17/2019

Overview / Comments

Stately multifamily asset with upside available for acquisition in Louisville's Parkland neighborhood. Western Arms Apartments features 18 one-bedroom apartments and 1 two bedroom unit (#2). Each one bedroom unit boasts approximately 638 square feet and the two bedroom unit offers approximately 1,043 square feet. All units with the exception of two apartments are currently market rate, and the remaining two are currently section 8. This deal is a value add opportunity that provides qualified investors with the chance to enhance cash flow (and ensuing cash-on-cash return, IRR, etc) through interior cosmetics improvements (as exhibited by unit #7 improvement which is already generating a $75/mo increase in rent vs average) and/or utilizing subsidized programs (such as section 8 and other programs), which may provide an increased revenue stream, as well as expense reduction opportunity in many capacities (utilities, ongoing maintenance, etc). It has been disclosed as a part of the rehabilitation process that some subfloors throughout the property appear to require repair or additional support, and plaster walls in various units have damage resulting from either subfloor settling or water penetration prior to gutter guard installation. The current owner has completed a good deal of rehabilitation on this property and is offering further upside to the new owner.

Regarding location, this apartment building is situated in a submarket undergoing significant transformation, with very close proximity to several major development projects nearby, such as:

-$30 million indoor track and field facility with outdoor field 30th St. and Muhammad Ali Blvd developed by the Louisville Urban League
-Passport Health Plan is building a new $100 million 337,000 square foot headquarters at 18th Street and Broadway that initially would house more than 550 employees and potentially "hundreds more."
-$28 million 62,000-square-foot facility at 18th Street and Broadway that YMCA of Greater Louisville will share with Norton Healthcare, ProRehab Physical Therapy Louisville, Republic Bank & Trust and Family & Children’s Place Inc.

Property Highlights:
-New Roof in 2012
-On Site Coin Operated Laundry
-Separately Metered Gas & Electric
-Gas Furnaces Provide Central Heat
-Gated entryway
-Upside available in rent
-Upside available in reduced expenses
-On-site property management is willing to transfer to new ownership

Priced with the understanding of additional capital needed to bring the asset to its full potential, this asset is expected to be an attractive option for many investors in a limited inventory market.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 045B00660000
Zoning: R-5A - Residential Multi-Family District
Percent Occupied: 85%
Community Amenities: On-Site Maintenance
Highway Access: I-264, I-64, I-65
Airports: Louisville International Airport
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1927
Roof Type: Other
Construction/Siding: Brick
Parking Type: Surface
Parking Description: On Street Parking
Laundry: Shared
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Window Unit
Zoning Description: Multifamily
Water Service: Municipal
Sewer Type: Municipal
Easements: Pipelines

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,989 103,630 242,025
Median Age: 35.32 35.42 36.38
Households: 7,957 42,028 102,093
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.