12500 Townepark Way, Louisville, KY 40243

Commercial property for lease

• Description
• This is a private portfolio sale of 16 apartment units. 12 units are within Townepark Manor Condos, plus a 4-plex off Westport Rd. All units are separately metered for power.Townepark Manor is a 40-unit complex located off Old Shelbyville Road in Middletown (behind Starbucks). Project completed 2015. While legally a condominium regime, the property is today 100% rentals. The property is all brick and consists only of 2 bed/2 bath units in 2-story buildings. Only variation across units is the rear units are modestly larger due to stairwells. The units are all-electric, contain washer/dryer hookups and meticulously maintained. Property is well landscaped and within walking distance of Kroger-Middletown, Target, Walmart and lies within feet of the new Starbucks on Shelbyville Road. There are desirable schools and churches in immediate area and excellent interstate access to I-64, I-71 and I-265. HOA (Townepark Manor Condominium Association, Inc) is in solid financial condition and currently has in excess of $24,000 in reserves. Unit fees per month are cheap at $110/unit. Financially, these units rent for $850-975/mo. and the complex is currently 100% occupied, having a full-occupancy history over the last 7 years. Competing apartment communities in area lease 2/2 units at $1200-1400/mo., making Townepark a low-cost provider of recent vintage MF units in thriving Middletown. This proposal has been priced to a 6.5% pro forma cap rate, which comps out well with recent area conveyances. Upside here comes in the form of raising rents to consistent levels. The 4-plex is located at 8721 Bayberry Place in Plantation city limits. It consists of 4-850SF, 2 bed/1 bath units. This are typical 1970's vintage units that have been well maintained buy the current owner, including new roof and 4 HVAC systems in last 2 years. Site is set back from Westport Road and is approximately 1 mile from Hurstbourne/Westport intersection in a desirable east end neighborhood with signalized access to Westport Rd. Building price details: $1,695,000.
• Exterior Features

• Parking Type:

  Surface

• Contact info
• David Aikens

  Keller Williams Realty- Louisville
• Note

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