WELL-LOCATED 6-PLEX (all 3BR/1BA Units) with MAJOR UPSIDE IN RENT!

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30327908
Property Subtypes: Government Subsidized, Mid-Rise
Status: Pending
Number of Units: 6 Units
Building Size (RSF): 800 SF
Gross Building Area: 4,800 SF
Gross Land Area: 8,028 SF
Sale Price: $285,000
Unit Price: $47,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 11/6/2018

Overview / Comments

Only 17 yrs young-building has some low rents-MAJOR UPSIDE here! One unit is currently vacant/pending S8 inspections/will be shown - units are all identical. Once an accepted contract is taken, all other units will be shown within 72 hrs for review & approval of the contract. PROPERTY IS SOLD IN AS IS/WHERE IS CONDITION. Rent Roll is attached/all three of the lower rented units and the MTM unit have been given notice to move so that higher rents can be received. Nicely sized units - all are 3BR/1BA - some are hardwood/some have carpeting. Large kitchens/generous LR & BRs. In unit W/D hook-ups are an excellent renting attraction. Central Air/Separate Meters/Range & refrig provided. Tenant pays LGE/Landlord pays water-sewer-garbage. Exterior decking has been recently refurbished. New shutters. Building has been power-washed. Parking lot has been resurfaced and restriped. Sprinklers are tested annually. Buyers MUST be pre-approved (not prequalified) in order to be shown the building. Current rents are $3224 per mo. Vacant unit is projected to lease at $885 bringing the projected rents to $4109 - still slightly low - but the ability to increase all 3 of the low units by almost double is very attractive!

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Taxing Authority: Jefferson County
Tax ID/APN: 039B01660000
Zoning: R-7 - Residential Multi-Family District
Percent Occupied: 100%
Property Located Between: On W Oak between 15th and 16th Streets
Highway Access: I-64, I-65 and I-264.
Airports: Louisville International
Site Description: Please see above
Area Description: Good proximity to the rapidly emerging 18th Street corridor where they are building the YMCA and the new Passport Healthcare building. Half & half single family versus multi-family. About a block away from this property, street becomes 1-way.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 2001
Year Renovated: 2015
Roof Type: Other
Construction/Siding: Vinyl Siding
Exterior Description: 3-Story building with 2 units per floor. Refurbished decking system. New shutters. Newly resurfaced and restriped lot.
Parking Ratio: 1 (per 1000 SF)
Parking Type: Surface
Parking Description: Newly resurfaced and restriped lot.
Total Parking Spaces: 7
Laundry: In Each Unit
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Other
Fuel: Gas
Air Conditioning: Other
Interior Description: 3BR/1BA units with large Kitchen (range & refrigerator provide), Bath has shower/tub combination plus vanity. In-Unit laundry in largest bedroom. Furnace and water heater in each unit. Linen closet/Hall closet in each unit. Units are spacious. Some have carpeting and some have hardwood.
Zoning Description: R7
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,097 144,083 291,879
Median Age: 33.25 35.58 36.46
Households: 8,184 60,803 125,478
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.