|Catylist Listing ID:||30283416|
|Property Subtypes:||Low-Rise/Garden, Mid-Rise|
|Number of Units:||32 Units|
|Building Size (RSF):||35,200 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||7.68 Acres|
|Unit Price:||$100,000 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Hickory Trace Apartments|
|Sale Terms:||Cash to Seller|
On behalf of the owner, we are pleased to present Hickory Trace Apartments, a partially developed Class A multifamily community with adjacent acreage approved as complete to comprise of 124 total units. Qualified investors are presented with an opportunity to achieve economies of scale through finishing a designed and approved project while receiving stabilized cash flow on existing 32 units. This project was originally built as condominiums in 2007-2008. However, the spacious and luxurious units have proven to be tremendously in demand on the rental market. As the market continues to trend to increased rental demand, this professionally managed asset is in position to be a strong performer for many years.
The units at Hickory Trace are uniquely equipped with many attractive amenities that generate substantial resident satisfaction and long-term tenancy. Each unit is equipped with gas fireplaces, black GE kitchen appliances (dishwashers, electric ranges, microwaves, and refrigerators), along with laundry hookups. Each of the units boast two spacious bedrooms, two full bathrooms, a generous living room along with a private balcony or patio area with additional exterior storage. Residents enjoy above average storage space within the units with copious amounts of closet space. All existing units provide 1,100 square feet of living space.
-Located within the High Growth Corridor Near I-65 & I-265
A great deal of manufacturing and other employment is located along the I-65 corridor. Hickory Trace sits just east of I-65 and north of I-265 (Gene Snyder Freeway), which allows for convenient access to employment, shopping, dining and other area amenities.
-Value Add Potential
A new owner could add tremendous value to this project by finishing out the entire 124 unit community. Existing units additionally have upside in rents where a new owner could add value. The development plan could be adjusted with potential amenities to add further value to the proposed community. Additionally, an investor could exit in multiple directions as a condo regime is already structured and individual units could be sold. Units would be valued at $120,000-$140,000 on the end consumer market.
-Well Maintained Existing Units with Healthy Cash Flow
Existing units are all 2BR/2BA comprising of 1,100 SF. On average, the units rent for $866.55/unit and market rent is estimate to be between $900-950/unit.
Avg. rent: $866.55 ($0.78/SF)
Rentable SF: 35,200 SF (Existing) & 136,400 SF (Total Proposed)
Avg. unit size: 1,100SF
Unit Mix: 2BR/2BA
Parking: 48 (Existing) & 188 (Total Proposed)
A single family home located at 9000 Blue Lick Road, rented at $675/mo, is also included in this sale.
Available together or separately:
32 Stabilized Units + 1 Single Family Home $2,700,000
5+ Adjacent Acres (Zoned R-6 & R-7) Approved for 92 more units $500,000
|Nearest MSA:||Louisville/Jefferson County|
|Zoning:||R-7 - Residential Multi-Family District|
|Property Located Between:||South Park Road & Blue Lick Road|
|Highway Access:||I-65, I-265|
|Airports:||Louisville International Airport|
|Site Description:||There are four constructed and fully operational 8 unit apartment buildings along with an additional adjacent 5+ acres which can be developed to 124 total units as approved or redesigned as desired.|
|Total Number of Buildings:||4|
|Number of Stories:||2|
|Parking Ratio:||1.5 (per 1000 SF)|
|Parking Description:||Off Street Parking Between Structures.|
|Total Parking Spaces:||48|
|Laundry:||In Each Unit|
|Heat Type:||Natural Gas|
|Interior Description:||Units are equipped with two bedrooms and two bathrooms each encompassing 1,100 square feet.|
|Part of Planned Development?:||Yes|
|Proximity:||1 mile||3 miles||5 miles|
Tyler R ChesserGant Hill & Associates, LLC
|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.|