512 W Ormsby Ave, Louisville, KY 40203

Marcus & Millichap is pleased to present Lofts at Ormsby, a 128-unit mid-rise multifamily community located at 512 W Ormsby Avenue in the heart of historic Old Louisville. This seven-story property offers a mix of studio and one-bedroom apartments and has been modernized with student-friendly amenities, including new recreational and business centers, high-speed internet access, secure entryways, and elevators that have been recently updated in 2024. Although located near the University of Louisville, the property maintains strong demand from workingclass professionals, ensuring a diverse and stable tenant base. Recent capital improvements include a new roof with a 20-year warranty, replacing both elevators, and new boilers. Most renovations took place in 2022, including upgrading the penthouse. Additionally, 75 percent of the windows have been replaced with high-efficiency double-pane models, improving energy efficiency and reducing maintenance costs. Lofts at Ormsby is ideally situated in the country’s largest district of Victorian homes in Louisville’s growing multifamily market just minutes from downtown Louisville, major medical centers, and the University of Louisville. Moreover, a shuttle bus provides daily service to key attractions such as Fourth Street Live, YUM Arena, and the Kentucky Center for the Arts. The property also includes a second parcel with 43 gated private parking spaces, a valuable amenity in this high-demand rental market. With ownership covering all utilities, investors have the opportunity to increase cash flow through operational efficiencies or value-add strategies, such as expanding kitchens for higher rents or repurposing the basement for additional revenue-generating uses. The former pool space was rebuilt into a new heated swimming pool in 2022.