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Development Land Near the University of Louisville, Zoned EZ1 Sells to the Highest Bidder Above $99,000!
The online platform opens to bidders on Tuesday, September 28th and begins to close at 4 pm on Thursday, September 30th. https://svnauctions.bidwrangler.com/ui/auctions/69101/6219604
This property is located within the Opportunity Zone, providing significant tax advantages for qualified parties
The location is excellent, just one mile from the University of Louisville
This project will compliment the other recently proposed developments in the immediate vicinity, which include: Vintage South Development’s 32-acre mixed use development, consisting of nearly 1 million square feet of office, retail, apartments and hotel space and Louisville Metro’s/Re:Land Group’s $111 million redevelopment of the 17 acre Rhodia site in West Louisville
EZ-1 zoning allows multiple uses with maximum density
Potential uses include: residential, storage/warehouse, restaurant, retail, ofﬁce and medical
1.5 miles from the Central Business District, 2 miles from Brown-Forman and Churchill Downs
18,700 average daily traffic count
Flat site with multiple points of ingress and egress
Nearby walk to Central Park
5.5 miles from Louisville Muhammad Ali International Airport
Visit svnMenish.com to learn more.
Register to bid a svnAuctions.bidwrangler.com
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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