4620 Southern Pkwy, Louisville, KY 40214

Commercial property for lease

• Description
• 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.Investment Highlights:-Located within the Exciting and High Growth Corridor Beechmont4620 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 PotentialEach 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. -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/1BAParking: 13 SpacesLaundry: Half of the Units Have Hookups in Units Building price details: $550,000.
• Exterior Features

• Parking:	Yes
  Parking Spaces:	13
  Parking Type:	Surface

• Contact info
• Tyler R Chesser

  The Chesser Companies
• Note

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