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Furlong Apartments 1500 Oleanda Ave 52 Unit Apartment Building For Sale Louisville, KY 40215
INVESTMENT HIGHLIGHTS
- 53 - Two Bedroom Units
- Fantastic Debt assumption: Current CMBS $2.5M loan, due 2029 at a 4.3% Interest Rate.
- Value-Add
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the exclusive listing of the Furlong Apartments, a 53-unit multifamily asset located in a strong rental corridor in Louisville, KY. The property is comprised entirely of spacious two-bedroom apartments, with a location just minutes from Churchill Downs, the University of Louisville, Louisville International Airport, UPS Worldport, Ford Assembly Plant, and Amazon. Moreover, Furlong offers residents unmatched access to major employment centers, transportation hubs and lifestyle amenities.
With rents currently hitting $900 per unit, the property presents a strong value-add opportunity through a small capital investment that will bring all units to that base level and allow for future growth towards market rents. This is a rare opportunity to acquire a value-add, mid-sized multifamily property in a highly desirable submarket of Louisville, with continued demand drivers and long-term value appreciation.
With rents currently hitting $900 per unit, the property presents a strong value-add opportunity through a small capital investment that will bring all units to that base level and allow for future growth towards market rents. This is a rare opportunity to acquire a value-add, mid-sized multifamily property in a highly desirable submarket of Louisville, with continued demand drivers and long-term value appreciation.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 3.04 AC |
| No. Units | 52 | Building Size | 45,050 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1945 |
| Building Class | C | ||
| Zoning | R7-RESIDEN | ||
| Sale Type | Investment |
| No. Units | 52 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.04 AC |
| Building Size | 45,050 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1945 |
| Zoning | R7-RESIDEN |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Recycling
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 52 | - | 800 - 900 |
PROPERTY TAXES
| Parcel Number | 064L00010000 | Improvements Assessment | $3,180,000 |
| Land Assessment | $265,000 | Total Assessment | $3,445,000 |
PROPERTY TAXES
Parcel Number
064L00010000
Land Assessment
$265,000
Improvements Assessment
$3,180,000
Total Assessment
$3,445,000
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Furlong Apartments | 1500 Oleanda Ave
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