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Furlong Apartments 1500 Oleanda Ave 53 Unit Apartment Building $3,500,000 ($66,038/Unit) 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 assumable loan is fantastic (4.43%) and will save you a lot of money compared to anything else you buy in the market today. Rates keep climbing.
-The huge cash flow pro forma can be reached without expensive Class B upgrades.
-Area units are reaching $1100/unit pricing with basic working-class units.
-There are not that many units to fix up (~$9K x 12 units) in order to see stabilized returns.
-Seller will hold some seller financing to make an easier entry point.
The property is comprised entirely of spacious two-bedroom apartments, with washer-dryer connections. Located minutes from Churchill Downs, the University of Louisville, Louisville International Airport, UPS Worldport, Ford Assembly Plant, and Amazon.
With rents currently hitting $1,000 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.
-The assumable loan is fantastic (4.43%) and will save you a lot of money compared to anything else you buy in the market today. Rates keep climbing.
-The huge cash flow pro forma can be reached without expensive Class B upgrades.
-Area units are reaching $1100/unit pricing with basic working-class units.
-There are not that many units to fix up (~$9K x 12 units) in order to see stabilized returns.
-Seller will hold some seller financing to make an easier entry point.
The property is comprised entirely of spacious two-bedroom apartments, with washer-dryer connections. Located minutes from Churchill Downs, the University of Louisville, Louisville International Airport, UPS Worldport, Ford Assembly Plant, and Amazon.
With rents currently hitting $1,000 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
| Price | $3,500,000 | Building Class | C |
| Price Per Unit | $66,038 | Lot Size | 3.04 AC |
| Sale Type | Investment | Building Size | 45,050 SF |
| No. Units | 53 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1945 |
| Apartment Style | Garden | ||
| Zoning | R7-RESIDEN | ||
| Price | $3,500,000 |
| Price Per Unit | $66,038 |
| Sale Type | Investment |
| No. Units | 53 |
| 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 |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
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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