5501 La Fleur Way
Louisville, KY 40229
Charleswood Condo Apartments · Multifamily Property For Sale · 28 Units

CHARLESWOOD CONDOS - 28 UNIT COMPLEX FOR SALE This set of 28 all brick, well maintained, high occupancy condos are tucked away in a quiet, tree-lined residential neighborhood in South Louisville, Kentucky, just a mile from the intersection of bustling Preston Highway and I-265. The tenants have 1 mile access to many thousands of potential and diverse jobs concentrated in the 3.4 million built sq ft / 325 acre Commerce Crossings Business Park. Transport to Louisville is easy either via I-265, Preston Hwy, I-65 or the bus which stops at Lowes. Big box shopping, movies, services, restaurants, entertainment equally close-by. LOUISVILLE OUTLOOK EMPLOYMENT IN LOUISVILLE KENTUCKY: Louisville has recovered well from the 2009 recession and there is currently a severe shortage of affordable housing. That, together with Louisville's strong job market, bodes well for both sale prices and rent rates. According to the Bureau of Labor Statistics using data from the Current Population Survey (CPS) Louisville started the year in January with 653,900 jobs and ended the year in December 2016 with 666,200 jobs, with 4,400 of those jobs added that month. RENTAL GROWTH IN LOUISVILLE KENTUCKY: According to The Apartment List's February 2016 monthly report, Louisville rent rates increased at an annual rate of 6.6%, the 4th highest rent rate increase of the top major cities in the USA. POTENTIAL UPSIDE: The units stay rented year round just as they are. However there is potentially an opportunity for an energetic investor to increase revenue from this complex in a few ways: 1 Upgrade Condos At the moment the kitchen cabinets, appliances, bathrooms and floor coverings are basic contractor grade. A new investor with the energy and desire to increase revenue could increase the rent rate by modernizing and upgrading the units. 2 Additional Development (a) Additional Rental Units: There is ample parking, and the layout of the development facilitates additional development, such as privacy walls, fences, hedges etc. There is potentially room on the property to build another 6 units upon approval from all regulatory bodies. Details can be found at the "Condo Expansion" tab below. (b) Storage Units: Alternatively perhaps much needed storage units could be built and rented out to the tenants. 3 Additional Apartments Seller has additional apartment buildings he'd consider selling as a package deal. Call Metro1 Realty at 502-254-9600 for details. LOCATION The condos are in South Louisville, conveniently located about a mile from Cooper Chapel Rd and I-265 and the bus stop (N), Preston Highway (W), Mount Washington Rd (S) and Mc Neely Lake Park and Quail Park Golf Course (E). For a list of stores and businesses close by click the "Neighborhood" tab below. CONSTRUCTION All buildings are brick. All units have a laundry closet with washer and dryer hookups. The town-homes have unfinished basements. The windows are double pane vinyl. Some units have ceiling fans to reduce utility costs for the tenants. In some units the floor-covering has been upgraded to ceramic tile; in the remainder it is vinyl and carpet. All walls have durable, neutral colored, good quality paint. UTILITIES Landlord pays water. Tenants pay electricity and gas. Each unit is separately metered for gas and electricity. WASHER DRYER HOOKUP Each unit has a washer dryer hookup. Some tenants rent the washer dryer sets from Seller for around $50 per month. KITCHEN APPLIANCES Each unit comes with an electric stove, refrigerator, dishwasher and garbage disposal. PAINT High quality ECI semi gloss paint used throughout. WIRING Wired for digital cable and phone. CONDOMINIUM REGIME Each of the 28 units is separately deeded as a condominium and there is a condominium regime in place. Because these condos are being used as apartments and because seller owns all units, there is no condo fee levied from the tenants. NEIGHBORHOOD INFORMATION BUSINESS AND SERVICES WITHIN 1 MILE OF CONDOS Grocery / Gas / Liquor Circle K Kroger Gas Kroger Grocers Liquor Sky Shell Financial / Insurance 5th 3rd Bank & ATM Chase Bank State Farm Insurance Stock Yards Bank Your Community Bank - Hillview Restaurants Bob Evans Chili's Grill & Bar Culver's Fazoli's Jimmy John's No. 1 Chinese Restaurant Papa John's Papa Murphy Penn Station Sonic Wendy's Zaxby's Chicken Fingers & Buffalo Wings Medical LabCorp Vision First Shopping / Goods / Hardware / Cars Dollar Tree Kohl's Preston Highway Lowe's Home Improvement Mattresses & More Preston Greenhouse Sally Beauty Supply Sleep Center The Little Car Lot Morrison's Greenhouses Services AT&T Beauty Nails Big League Haircuts Expert Nails & Spa Great Clips Sun Tan City Valvoline Verizon Worship / Burial Cooper Cemetery New Life Production Assemblies of God Okolona Christian Church River City Baptist Church St. Elizabeth Seton Entertainment Cinemark Rave Movie Theater Blue Lick Optimist Baseball and Softball Park Quail Chase Golf Course Mc Neely Lake Schools Laukhuf Elementary Wilt Elementary PLANNED TO OPEN IN 2018 Menards - Big Box - 256,000 Sq Ft Satelite stores on 30 acre campus EMPLOYMENT Under the tab "Employment" we have listed information about the Commerce Crossings Business Park. UPDATE: On May 25th it was announced that about 450 jobs would be created in Commerce Crossings with a potential of that growing to 1,000 jobs. See photo of newspaper page in photos section of this website. DEMOGRAPHICS Zip 40299 The condos are located in a good market for residential rental with City-Data reporting that about 22% of the 40229 zip residents live in rental housing, with a relatively low cost of living (85% below norm). 3 Mile Radius The Site To Do Business website gives data which bodes equally well for the long term viability of these condo units: Population 58,707 Households 22,404 Avg. Household Size 2.61 Owner Occupied Units 16,550 Renter Occupied Units 5,854 Median Household Income $47,062 Avg. Household Income $54,898 Per Capita Income $21,094 Median Home Value $132,245 LOUISVILLE NEWS Waterfront Park Expansion http://bit.ly/2p0ZjuR