4700: 3068 sq ft. This is a 2 story brick veneer building with four 2 bed / 1 bath units and a 1534 sq ft basement used as a workshop. New electric panel.

2600 sq ft. This is a 2 story brick veneer building with four 1 bed, 1 bath units. It it also has a 1300 sq ft basement used for storage

Storage Unit: There is a 1500 sq ft garage/storage unit in between the 2 buildings.

It is not part of the sale.

Condition: The buildings have been continually maintained. All units have washer/dryer hookups, ceiling fans and hardwood floors. Half the units have new kitchen cabinets. Ceramic tile in most kitchens and bathrooms. About 7 years ago all units were rehabbed. Both buildings were insulated and underwent an energy efficiency program through the city of Louisville and new high-efficiency furnaces were installed plus some new A/Cs and windows. A special venting system was installed because apartments are so tightly wrapped. All new flex piping. Roofs were replaced about 12 years ago. The units are in good condition with equipment appropriate for this price range. The Lease contract allows Landlord maximum flexibility. No pets.

Demand: Strong demand for this type of unit. In 2018 the Louisville Affordable Housing Trust Fund and Metro’s Office of Housing and Community Development commissioned a study that determined a shortage of 31,412 low-income housing units in Louisville. (Courier-Journal, July 23, 2019). It’s no wonder these units stay rented.

Control. As an experienced landlord, you know that neighboring properties influence the performance of your own units. This 8-plex gives you the advantage of control as it’s the only complex on the block. And the other units in the area or either over-priced low-income housing or newer more expensive units, serving a different population.

Rehabbed Infrastructure. Seller has done the heavy-lifting and invested significantly in a sturdy infrastructure. See page 8 for rehab details.

Low Owner Operating Costs. Low operating costs have been achieved through diverse means such as using durable paint to reduce wear and unit-turn costs, strict vetting of tenants, and dealing with infrastructure issues immediately.

Low Tenant Operating Costs. The tightly wrapped building, new AC’s, replacement windows, venting system and excellent insulation all contribute to reducing the tenant’s utility bills, making for satisfied tenants which translates into a low tenant turnover – all giving landlord a competitive advantage.

Washer/Dryer. According to a recent study the most sought after amenity often not available in apartments in Louisville is in-apartment washer/dryer hookups. Each of the 8 units has a washer/dryer hookup.

Shively 8-Plex

Overview

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Metro 1