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SVN Menish Commercial Real Estate is conducting an online auction of 11 properties that include 7 single family rentals, 1 Fourplex and 3 commercial Buildings. Bidding begins on Tuesday, October 26th and begin to close at 4 pm on Thursday, October 28th. Visit svnAuctions.bidwrangler.com to register and bid.
The properties being offered both with published reserve and unpublished reserve include:
723 Hazel, sells to the highest bidder above $125,000
524 S. 26th Street, sells to the highest bidder above $60,000
1924 W. Madison Street, sells to the highest bidder above $35,000
1794 W. Gaulbert Avenue, sells to the highest bidder above $34,000
1792 W. Gaulbert Avenue, sells to the highest bidder above $33,000
1701 W. Oak, sells to the highest bidder above $29,000
1543 Dumesnil, sells to the highest bidder above $27,000
1111 Louis Coleman, sells to the highest bidder above $25,000
2623 Greenwood Avenue, sells to the highest bidder above $17,000
2300 W. Market Street being sold with an unpublished reserve
3410 W. Market Street being sold with an unpublished reserve
An open house caravan tour will be held on Thursday, October 21st at noon. (Must Register to Attend - email@example.com)
1701 W. Oak, 1924 W Madison & 1111 Louis Coleman Jr. Drive are occupied and will not be shown. Refer to pictures on this site.
Visit www.SFRhub.com and search for portfolio 100787 for more information.
SVN | SFRhub Advisors is pleased to exclusively offer qualified investors the opportunity to purchase a portfolio of 229 scattered homes in Louisville, KY. This portfolio is a great opportunity for an investor to scale immediately in a growing tertiary market, which consists of 202 single-family detached homes, 10 duplexes, 1 triplex and 4 finished lots for a total of 229 rental units. Scattered mostly across the west side of Louisville, the bedroom count includes 4 1-bedroom, 55 2-bedrooms, 109 3-bedrooms, 45 4-bedrooms, and 12 5-bedrooms. The portfolio is 98% leased and all of the tenants are Section 8, providing the investor with guaranteed rental income. With an average dwelling size of 1,141 square feet, the homes were constructed between 1900 and 2004 with an average vintage of 1915.
The seller purchased the homes over the period of a decade beginning in the mid-2000s. The homes were renovated when acquired and included significant capital to get them tenant-ready. The portfolio is professionally managed by a third-party provider who has reported that they would like to continue managing the portfolio for the new investor. Due to the Section 8 tenancy, the homes are inspected annually. There is little deferred maintenance required because the seller has meticulously maintained the portfolio.
The average price of the homes in this portfolio is $73,758 which is over $100,000 below the average home price in Louisville of $175,883. Homes have appreciated 32% in the past 5 years and 8.5% in the last 12 months. Per neighborhood Scout, home values are on track to grow by almost 10% in the next year. With the current average market rent at $943 per month, an investor has the opportunity to increase value by raising the portfolio’s average rent of $787 per month, which is 10 -15% below market rents for similar quality assets.
This portfolio is priced to sell with an in-place cap rate of 9.70% and a gross yield of 12.81%. When stabilized through rent increases and cost containment, the portfolio is projecting a year 1 cap rate of 11.71% and a gross yield of 15.80%.
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