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3610-3614 Del Park Ter 10 Unit Apartment Building $980,000 ($98,000/Unit) 9.08% Cap Rate Louisville, KY 40211
EXECUTIVE SUMMARY
3610-3614 Del Park Terrace | 14-Unit Multifamily Investment Opportunity
Seize a premier value-add opportunity in the heart of West Louisville. This 14-unit apartment complex, comprised entirely of 1-bedroom layouts, is perfectly positioned for an investor looking to capture immediate equity through rent normalization and strategic leasing.
Investment Highlights:
Significant Upside: Opportunity to increase cash flow by bringing below-market rents to current standards .
Turnkey Units: Of the 4 current vacancies, two have been fully renovated ("turned") and are currently in the leasing process.
Recent Upgrades: The owner has completed several capital improvements to the building, reducing immediate CAPEX requirements for the buyer .
Strong Current Income: Generating approximately $8,000 in monthly gross revenue despite current vacancies [2].
Please see below a couple comments on the listing Investment Highlights:
Significant Upside: Opportunity to quickly increase cash flow by leasing currently vacant units at market rates
Turnkey Units: Of the 4 current vacancies, two units will be available turnkey or pre-leased at market rates at closing.
Well-Established in-place Rents: Seasoned In-place leases at $800+ monthly rent for market rate tenants (tenant paid Gas & Electric), and $950+ rent for Section 8 tenants (gross)
Recent Upgrades: The owner has completed several capital improvements to the building, reducing immediate CAPEX requirements for the buyer
Strong Current Income: Generating approximately $8,000 in monthly gross revenue despite current vacancies
Location & Connectivity:
Situated with exceptional logistics, the property offers immediate access to I-264, ensuring easy commutes across the city . It is located in high-growth West Louisville, placing it in the direct path of progress near major new developments and community revitalization projects .
Listing Details:
Property Type: Multifamily (14 Units) Each unit has a separate LG&E meter billed separately, while water/sewer is common
Unit Mix: 14 One-Bedroom / One-Bath Units Large units: 12 of the 14 units are 550+ SF, and 2 units are 800+ SF
Location: West Louisville Industrial/Residential Corridor
Seize a premier value-add opportunity in the heart of West Louisville. This 14-unit apartment complex, comprised entirely of 1-bedroom layouts, is perfectly positioned for an investor looking to capture immediate equity through rent normalization and strategic leasing.
Investment Highlights:
Significant Upside: Opportunity to increase cash flow by bringing below-market rents to current standards .
Turnkey Units: Of the 4 current vacancies, two have been fully renovated ("turned") and are currently in the leasing process.
Recent Upgrades: The owner has completed several capital improvements to the building, reducing immediate CAPEX requirements for the buyer .
Strong Current Income: Generating approximately $8,000 in monthly gross revenue despite current vacancies [2].
Please see below a couple comments on the listing Investment Highlights:
Significant Upside: Opportunity to quickly increase cash flow by leasing currently vacant units at market rates
Turnkey Units: Of the 4 current vacancies, two units will be available turnkey or pre-leased at market rates at closing.
Well-Established in-place Rents: Seasoned In-place leases at $800+ monthly rent for market rate tenants (tenant paid Gas & Electric), and $950+ rent for Section 8 tenants (gross)
Recent Upgrades: The owner has completed several capital improvements to the building, reducing immediate CAPEX requirements for the buyer
Strong Current Income: Generating approximately $8,000 in monthly gross revenue despite current vacancies
Location & Connectivity:
Situated with exceptional logistics, the property offers immediate access to I-264, ensuring easy commutes across the city . It is located in high-growth West Louisville, placing it in the direct path of progress near major new developments and community revitalization projects .
Listing Details:
Property Type: Multifamily (14 Units) Each unit has a separate LG&E meter billed separately, while water/sewer is common
Unit Mix: 14 One-Bedroom / One-Bath Units Large units: 12 of the 14 units are 550+ SF, and 2 units are 800+ SF
Location: West Louisville Industrial/Residential Corridor
PROPERTY FACTS
| Price | $980,000 | Building Class | C |
| Price Per Unit | $98,000 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 10,362 SF |
| Cap Rate | 9.08% | No. Stories | 2 |
| No. Units | 10 | Year Built | 1929 |
| Property Type | Multifamily | Parking Ratio | 2.12/1,000 SF |
| Property Subtype | Apartment | Cross Streets | S 36th St |
| Apartment Style | Low-Rise | ||
| Zoning | R6-RESIDEN | ||
| Price | $980,000 |
| Price Per Unit | $98,000 |
| Sale Type | Investment |
| Cap Rate | 9.08% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 10,362 SF |
| No. Stories | 2 |
| Year Built | 1929 |
| Parking Ratio | 2.12/1,000 SF |
| Cross Streets | S 36th St |
| Zoning | R6-RESIDEN |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 006G00370000 | Improvements Assessment | $523,000 |
| Land Assessment | $4,680 | Total Assessment | $527,680 |
PROPERTY TAXES
Parcel Number
006G00370000
Land Assessment
$4,680
Improvements Assessment
$523,000
Total Assessment
$527,680
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3610-3614 Del Park Ter
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