The Flats on Sixth
Stable asset in Old Louisville!
Marketing description
Marcus & Millichap is pleased to present The Flats on Sixth, a 16-unit multifamily asset located at 1225 South 6th Street in Louisville, Kentucky. The property offers investors a fully stabilized, income-producing asset with a proven hybrid business model, exceptional operational history, and meaningful upside within one of Louisville's most enduring rental submarkets.
Comprising 8 studios and 8 one-bedroom units across a historic 1900 brick main building and a 1973 addition, The Flats on Sixth delivers a diversified revenue profile through a blend of furnished mid-term rentals and traditional long-term leases. Furnished units are individually designed and cater to travel nurses, academics, and contract workers, commanding a 34%+ rent premium over unfurnished units, while long-term leases anchored by rigorous tenant screening provide occupancy stability and income predictability.
Strategically positioned in the Old Louisville submarket, midway between Downtown Louisville and the University of Louisville, the property benefits from a structurally undersupplied urban rental market with a Walk Score of 80+. The inclusion of 19 dedicated off-street parking spaces on an adjoining lot represents a rare and retention driving amenity within a neighborhood where dedicated parking is largely unavailable.
The Flats on Sixth has maintained 95% occupancy through sustained market stress, recording just one eviction across 4.5 years of operation, significantly outperforming industry norms. This combination of operational excellence, hybrid income architecture, and Opportunity Zone positioning makes The Flats on Sixth a compelling acquisition for the discerning cash flow investor.
*Sellers are not considering seller financing*
Investment highlights
- Acquired in 2021 and repositioned through a hybrid rental model and design-driven upgrades to 15 of 16 units
- 95% occupancy maintained consistently over five years, including through Louisville's record 2024 supply peak
- Tenants are qualified through strict credit, income, and background screening, resulting in just one eviction over 4.5 years, well below industry norms
- 19 Parking spaces on a separate lot are included in this sale
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