Historical Multifamily Sale Listing - 622 Unit Multi-Family Opportunity

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622 Unit Multi-Family Opportunity

100 E Southland Blvd., Louisville, KY 40214

N/A

622 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
622
Building Size:
405,700 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
11.40%
Listing ID
18353163
Last Updated
184 days ago

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.

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

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