4300-4304 Lynnview Dr - Apartments FOR SALE


Louisville, KY 40216- St Dennis
$1,700,000 USD
800-746-3175
4300-4304 Lynnview Dr, Louisville, KY for Sale
$1,700,000 USD
Apartments - FOR SALE
1/31
null | Request Cap Rate

4300-4304 Lynnview Dr
Louisville, KY 40216
St Dennis


HIGHLIGHTS

  • Well-Located Boutique Asset with Recent CapEx Offering Organic Rent Growth
  • Near Major Employers and Demand Drivers
  • Superior Submarket Fundamentals in South Louisville –Strong Demand Outpacing Supply

OVERVIEW

Lynnview Drive apartments presents the opportunity to acquire a well located, boutique, 18-unit asset in the highly stable and supply constrained market of Louisville, KY. This opportunity offers strong -in place cash flow with immediate upside by bringing rents in-line with the market and exploring operational efficiencies. Current ownership has recently upgraded units, painted the exterior / common areas and installed newer windows / water heater. These renovations include new flooring, paint, bathrooms, appliances etc. on ~75% of the units. A new investor can transition their focus from maximizing occupancy to bringing rents in-line with current proven rents. Increasing rents at the property to the proven rent level at the asset can increase revenue by $32,000, with the potential to achieve even higher rents. The submarket is achieving 2.62% rent growth YoY and the submarket is at 95.4% occupancy, with a strong historical track record. Lynnview Drive apartments is located within minutes of many of Louisville’s top employers and economic drivers including UPS, GE Appliances, Amazon and Ford which provide 39,000+ jobs in the immediate area. Lynnview drive apartments is also located within minutes from a high-traffic retail area which includes major brands such as Home Depot, Kroger, Lowe’s and more.

FOR SALE DETAILS

PRICE

$1,700,000 USD

PRICE/SF

$111 USD /SF

# OF UNITS

18

PRICE/UNIT

$94,444

CAP RATE

Request Cap Rate

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1971

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.56 AC

LAND SF

24,394 SF

ZONING

R-7

APN/PARCEL ID

101302180000

ASK ABOUT THIS PROPERTY

Quentin NicholsNorthmarqMore Info
800-746-3175

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Quentin NicholsNorthmarqMore Info
800-746-3175

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.