100 E Southland Blvd.
Louisville, KY 40214 ·
622 Units · Multifamily For Sale
622 Unit Multi-Family Opportunity
|No. Units||622||Property Use Type||Investment|
|Building Size||405,700 SF||Cap Rate||11.40%|
|Listing ID: 18353163||Date Created: 09/12/2013||Last Updated: 05/27/2014|
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.
5401 Lowerfield Drive
Louisville, KY 40219
For Sale · $46,750,000
501,372 SF Building
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