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31852104
31852301

6 Locations

DB
KY 215224
Marcus & Millichap - Louisville
RS
KY 305885
Listed by Marcus & Millichap - Louisville
$15,850,000
44 days on market
Updated 5 days ago

Henderson Apartments Portfolio

Details
APN 65G-73
Property Type Multifamily
Sub Type Apartment Building
Square Footage 139,980
Units 183
Cap Rate 6.33%
NOI $1,003,739
Occupancy 96%
Pro-Forma Cap Rate 6.76%
Pro-Forma NOI $1,071,076
Price per SqFt $119
Year Built 1973
Stories 2
Acreage 8.420

Current NOI $1,003,739, $5.2M in CAPEX since 2022, 6.33% Cap Rate

Marketing description

This portfolio offers investors a diversified rent profile, efficient operational scale, and a strong combination of in-place yield paired with scalable value-add opportunities. As a result, potential investors have an opportunity to acquire a portfolio supporting durable cash flow and systematic value creation potential in the dynamic Henderson market. Overall, investors are well positioned to capitalize on both the existing income stream and the long-term upside available within this Henderson multifamily portfolio.

Graystone: $1.5m Complete Renovation completed in 2023 – 2024

    1. All new plumbing above and below grade (PVC drains and PEX water Lines tank less hot water heaters)
    2. All new electrical in the units including new GE panels
    3. Complete renovation of every unit (flooring, doors, trim, bathrooms, kitchens and appliances)
    4. New roof and gutters
    5. Replaced 95% of the HVAC units
    6. Redo of exterior to modernize look of building
    7. Complete renovation of laundry room including all new front load speed queen equipment with change and vending machine

Parkside: $2.0m Complete Renovation completed in 2024 – 2025

    1. All new plumbing above and below grade (PVC drains and PEX water Lines and new hot water heaters)
    2. All new electrical in the units including new GE panels
    3. Complete renovation of every unit (flooring, doors, trim, bathrooms, kitchens and appliances)
    4. New roof and gutters
    5. Replaced 100% of the HVAC units
    6. Redo of exterior to modernize look of building

Cherrywood : $1.2m Complete Renovation completed in 2024- 2025

    1. All new plumbing above and below grade (PVC drains and PEX water Lines tank less hot water heaters)
    2. Complete renovation of every unit (flooring, doors, trim, bathrooms, kitchens and appliances)
    3. Roofs and Gutters Complete renovation of exterior vinyl and painting of exterior brick
    4. Replaced 100% of the HVAC units
    5. Complete renovation of exterior vinyl and painting of exterior brick to modernize look of building

Elmwood: $500k In Renovations / Upgrades over past 4 years:

    1. Complete interior upgrades / renovation of 75% of the units over past 4 years (flooring, cabinets, bathrooms etc.)
    2. New roof and gutters in May of 2026
    3. Replaced 80% of the HVAC units & water heaters
    4. Redo of exterior to modernize look of building

North Park: $400k In Renovations / Upgrades over past 4 years:

    1. Complete interior upgrades / renovation of 75% of the units over past 4 years (flooring, cabinets, bathrooms etc.)
    2. New roof and gutters in 2023
    3. Replaced 80% of the HVAC units & water heaters
    4. Redo of exterior to modernize look of building

Green River Rd: $100k in Renovations / Upgrades over past 18 months:

    1. Complete interior upgrades / renovation of units
    2. Replacement of HVAC units

Investment highlights

-Multifamily Portfolio Comprised of 183-Units Across Six Properties in Henderson, Kentucky

-Diversified Rent Profile Providing Stable and Resilient Income Streams

-Scaled Portfolio Offering Operational Efficiencies and Streamlined Management

-In-Place Cash Flow with Scalable Value-Add Opportunities for Future Growth

Listing Contacts

DB
KY 215224
Marcus & Millichap - Louisville
RS
KY 305885
Listed by Marcus & Millichap - Louisville

Valuation Calculator

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$
%
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$1,003,739.00
$83,644.92/mo

Valuation Metrics

0
DSCR
6.33%
Cap Rate
6.33%
ROI

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Additional Information

Name
Grant Fitzgerald
License
KY 286261
Brokerage
M&M
Title
Broker of Record
Name
David Badgett
License
215224
Brokerage Phone
502-329-5999
Name
Robert Smith
License
305885
Brokerage
Marcus & Millichap
Brokerage Phone
5023291111
Title
Associate Investments
Brokerage Address
9300 Shelbyville Road
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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