The King Tut Apartments is a 28 unit complex located in South Louisville. While well stabilized, this complex maintains tremendous upside potential in an area that enjoys high demand for rental housing. The property contains a convenient unit mixture of 13 1 BR/1 BA units (473 SF), 14 2 BR/1 BA units (827 SF) and 1 3BR/1BA (1,300 SF) unit that enhances rentability.

King Tut has enjoyed historically high occupancy and rents are currently under market value. This in conjunction with the Landlord currently paying for all utilities in each separately metered unit, provides the new owner with the opportunity to capitalize on significant and immediate upside (LG&E bill currently absorbed by owners is $24,000). The Landlord has made a number of capital improvements, including new roofs in 2014 and replacement of the boiler/chiller system with gas and central air units in 2015. While the property’s immediate surroundings offer shopping and major commercial centers, there’s the added benefit of being within two miles of three separate schools.

The multifamily fundamentals in this Louisville submarket, are some of the most desirable in the region. The stability of the economy and huge gain of industrial and logistics related jobs increase the demand for workforce housing at properties like the King Tut Apartments. This presents the opportunity for a purchaser to acquire a recently renovated asset with further upside that offers some of the more quality housing opportunities in the area.

Multifamily Investment Opportunity

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Paradise Cove Realty

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Paradise Cove Realty