10233 Blue Lick Rd

Located just off Blue Lick Rd near Hillcross Dr, 10233 Blue Lick Rd in Louisville, KY offers a compelling multifamily investment opportunity with both immediate income and long-term upside. This townhome-style community features 21 units across three buildings, consisting of 6 spacious three-bedroom, 1.5-bath units and 15 well-designed two-bedroom, 1.5-bath units, totaling approximately 22,812 square feet.

The property is currently generating $24,461 per month with two units vacant, providing a clear path to increased cash flow through lease-up. At full occupancy, projected monthly income reaches $27,063, with further upside potential to approximately $29,721 through rent optimization.

Constructed around 23 years ago, the property has seen recent capital improvements, including brand-new dimensional shingle roofs installed on all three buildings in August and September 2023. Additional features include 34 spots in onsite parking lot and in unit laundry, enhancing tenant convenience and appeal.

The utility structure is investor-friendly, with tenants responsible for their own LG&E (individually metered), while ownership covers water, sewer, and trash services.

This asset presents a strong value-add opportunity through stabilization and rent growth, with the added potential for a future condo conversion exit strategy that could yield a significant return.

• 21 townhome-style units across three buildings
• • 6 units: 3 bed / 1.5 bath
  • 15 units: 2 bed / 1.5 bath
• 22,812 total square feet
• Current rent roll: $24,461/month (with 2 vacancies)
• Stabilized income: $27,063/month at full occupancy
• Upside potential: up to $29,721/month
• Built approximately 23 years ago
• New dimensional shingle roofs (Aug/Sept 2023) on all buildings
• In-unit laundry in each unit
• Large onsite parking lot with 34 parking spaces
• Tenants pay LG&E (separately metered)
• Owner covers water, sewer, and trash
• Strong value-add opportunity through lease-up
• Potential future condo conversion exit strategy that could yield a significant return