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MLS#: 1538470

4620 Southern

Louisville, KY 40214

$550,000

Beds
Baths
9,561Sqft
1973Year Built
68DOM

Well maintained and expansively updated 10 unit multifamily opportunity with investment upside ideally located in beautiful and trending Southern Parkway setting. This Beechmont multifamily asset is comprised of two structures and ten apartment units, recently renovated throughout, positioned for cash flow growth and value upside.-Well Maintained Existing Units with Healthy RevenueExisting units are all 2BR/1BA comprising of an average of 825 SF in the rear building (8 units) and 2BR/1BA comprising of an average of 1,000 SF in the front building (2 units). On average, the units currently rent for $695/unit ($.84/SF) and market rent is estimate to be $750/unit ($.90/SF). Avg. unit size: 825 SF - 1,000 SFUnit Mix: 2BR/1BALaundry: Half of the Units Have Hookups in Units.Investment Highlights: -Located within the Exciting and High Growth Corridor Beechmont 4620 Southern Parkway is situated in the heart of rapidly growing Beechmont, a location recently exploding in culture and cuisine. The asset sits conveniently just south of the Watterson Expressway, I-264 and just north of popular Iroquois Park, developed planned by legendary Olmsted as a "scenic reservation" of forested hillsides and breathtaking vistas. The park features the hugely popular Iroquois Amphitheater, an open-air theater that accommodates 2,366 people. Additionally, Colonial Gardens, a substantial mixed use entertainment and dining development, is slated to officially open in late summer 2019. This highly anticipated development features wildly popular eateries such as Taco Luchador, Union 15 (new concept pizza parlour and taproom) and others. With proximity to all of these powerful growth trends, this asset is positioned to benefit tremendously for years to come with high resident and investment demand. -Value Add Potential Each unit at this property is currently operating slightly below market rent, which presents an immediate opportunity to enhance top line revenue with minimal additional capital investment. Further to this, a water re-capture model has been demonstrated with recent leases including $25/mo paid by tenants, which could be expanded throughout all units. An attractive component to this is the minimal requirement for renovation as much of the heavy lifting has been completed.

Essential Information

  • MLS® #1538470
  • Price$550,000
  • Bathrooms0.00
  • Square Footage9,561
  • Year Built1973
  • TypeMultifamily
  • Sub-TypeApartment
  • StatusPending

Community Information

Area

Auburndale/Fairdale/Iroquois Prk/Shively

Amenities

  • UtilitiesCity Sewer, City Water

Exterior

  • Exterior FeaturesNone
  • RoofPitched
  • ConstructionFrame/Wood, Brick Veneer

Listing Details

  • OfficeThe Chesser Companies

Detailed Map of 4620 Southern, Louisville KY

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More about 4620 Southern

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Listing information last updated on September 17th, 2019 at 7:00pm EDT.