Background image for the property website design

Algonquin Parkway
Louisville, KY 40210

Presented by

Neil Blumberg

Contact

 Neil Blumberg
Property photo
Sold
$465,000
Multi Family
12 Bedrooms
12 Full Bathrooms
12 Units
Interior: 725 sqft
Lot: 0.46 acre(s)
Year Built: 1955
Request more information Request More Information Schedule showing Schedule Showing Email listing to friends Email to Friends and Family Print flyer Print Flyer
 

Description

Structure
There are 3 two story brick 4-plexes for sale at numbers 1601, 1603 and 1605 Algonquin Pkwy. 
 
Each building is 2,900 sq ft. Each of the 12 one bedroom apartments is 725 sq ft, large for this price range. All units have easy-to-maintain, low maintenance-cost hardwood floors.  The units are in good condition, with fixtures, fittings and equipment appropriate for this price range.
 
Each 4-plex has a basement which can be accessed from both inside and the exterior of the building.
  
High Demand 
Some of the reasons for the high demand:
1 Location. Located strategically 1/2 way between I-264 and I-65, 4 miles (15 minutes) from downtown, 2 miles from the *University of Louisville (5 minutes) close to shopping. 
2 Bus. The bus stops at the corner just a block away
3 Visibility. Algonquin is a busy street and so the "For Rent" sign is easily visible.
4 Size. At 725 sq ft, that's large for a one bedroom apartment.
5 Affordability. Rents priced competitively to prevent turnover
 
Rent and Water
In March 2018 landlord instituted the RUBS system of water cost recapture. He currently recovers $25 pm for single occupancy, $40 where there are 2 occupants and $60 where there are more than two occupants. His goal is to recover 100% of the water cost and will be raising the amount gradually. It is anticipated that this water recapture will add at least $3600 pa the owner's NOI in the next 12 months.
 
MAKE SURE TO ADD THE ADDITION RUBS AMOUNT TO YOUR INCOME! Seller introduced RUBS instead of raising rent as he finds it easier to explain/justify to tenants.
 
Management and Insurance
The seller has a full time maintenance crew and has spent and continues to spend effort and money to upgrade and maintain these apartments in good working order. His attention to detail has resulted in low maintenance and operating costs. As the property is self managed the management amount is not in the P&L. Insurance is $2,603.p.a.
 
 

Presented by

Neil Blumberg
Neil Blumberg
(502) 4392826
Email:  [email protected]
www.Metro1Realty.com

Twitter LinkedIn YouTube ActiveRain Trulia Zillow 

Listed by: Neil Blumberg, Metro1Realty.com

Our latest blog posts

Other languages:
Spanish French German Portuguese Chinese Italian Russian Japanese Korean Arabic

Algonquin Parkway
Louisville, KY 40210

$465,000

Property photo
Sold
Multi Family
12 Bedrooms
12 Full Bathrooms
12 Units
Interior: 725 sqft
Lot: 0.46 acre(s)
Year Built: 1955

Multi-Family Money-Maker!

JUST REDUCED! SELLER SAYS SELL! All brick 12-plex apartments for sale at 1601, 1603 and 1605 Algonquin Pkwy. These apartments are housed in three 2-story well constructed buildings. Each building is 2,900 sq ft. for a total of 8,700 sq ft. Each 1 bedroom apartment is 725 sq ft, large for this price range, in good condition, next to bus-line , some of the many reasons these apartments remain in high demand. CAN BE BOUGHT WITH OTHER POCKET LISTING AS PACKAGE!

Property photoProperty photoProperty photoProperty photo
Map of Algonquin Parkway, Louisville, KY 40210, USA
Neil Blumberg

For more information contact:
Neil Blumberg
Phone: (502) 4392826
[email protected]

QR Code
Equal Housing Opportunity Equal Housing Opportunity
Real Time Web Analytics