This Multifamily Property is Off-Market.

100 E Southland Blvd.
Louisville, KY 40214 ·

622 Units · Multifamily For Sale

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622 Unit Multi-Family Opportunity

Price N/A Property Sub-type Garden/Low-Rise
No. Units 622 Property Use Type Investment
Building Size 405,700 SF Cap Rate 11.40%
Property Type Multifamily
Listing ID: 18353163 Date Created: 09/12/2013 Last Updated: 05/27/2014

Description

Kingston Park is a bank-owned asset that presents one of the region' s most unique multi-family investment opportunities in recent years. The property contains 622 units that are 2 BR/1BA. All units are separately metered for gas and electric, and tenants pay for these services.

This asset presents a pure value-add opportunity, with 105 of the units currently off-line and in need of various levels of rehabilitation. It is a truly unique complex where a new owner, after rehabilitation with minimum quality and cost, will become the major provider of quality work-force housing in South Louisville. The solid, 1940' s era construction contains all brick, well-constructed buildings with mostly hardwood flooring throughout. The majority of the windows have been replaced with aluminum, thermal pane windows. The property contains tremendous upside in the rental rates, which a buyer would experience from both the down units, vacant units, and the rollover of existing leases. The Louisville market is enjoying excellent multi-family fundamentals that rival most other larger market cities in the nation.

The property is located in a diverse area that maintains a strong demand for rental housing. It is immediately adjacent to the 1.5 million square foot Airport Industrial Center, a major employment base.

Research

100 E Southland Blvd., Louisville, KY 40214 (Jefferson County)

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