Listed by Colliers
$980,000
Value Add 14 Unit Multifamily
Details
APN 006G00370000
Property Type Multifamily
Sub Type Apartment Building
Square Footage 9,824
Units 14
Price per SqFt $100
Class C
Year Built 1928
Buildings 1
Stories 2
Acreage 0.155
Multifamily | 14 Units
Marketing description
3610-3614 Del Park Terrace | 14-Unit Multifamily Investment Opportunity
Seize a premier value-add opportunity in the heart of West Louisville. This 14-unit apartment complex, comprised entirely of 1-bedroom layouts, is perfectly positioned for an investor looking to capture immediate equity through rent normalization and strategic leasing.
Situated with exceptional logistics, the property offers immediate access to I-264, ensuring easy commutes across the city . It is located in high-growth West Louisville, placing it in the direct path of progress near major new developments and community revitalization projects .
Investment highlights
- Significant Upside: Opportunity to increase cash flow by bringing below-market rents to current standards .
- Turnkey Units: Of the 4 current vacancies, two have been fully renovated ("turned") and are currently in the leasing process.
- Recent Upgrades: The owner has completed several capital improvements to the building, reducing immediate CAPEX requirements for the buyer .
- Strong Current Income: Generating approximately $8,000 in monthly gross revenue despite current vacancies
- Well-Established in-place Rents: Seasoned In-place leases at $800+ monthly rent for market rate tenants (tenant paid Gas & Electric), and $950+ rent for Section 8 tenants (gross)
- Property Type: Multifamily (14 Units) Each unit has a separate LG&E meter billed separately, while water/sewer is common
- Unit Mix: 14 One-Bedroom / One-Bath Units Large units: 12 of the 14 units are 550+ SF, and 2 units are 800+ SF
- Location: West Louisville Industrial/Residential Corridor
Listing Contacts
Listed by Colliers
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