Broadleaf Arms

  • Price: $Market Bid
  • Address:

    4519-4523 Broadleaf Drive
    Louisville, Kentucky 40216

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An incoming investor can take advantage of the demand in the submarket and stabilize the property with a strategic marketing initiative using the following strategy:

Utility Transfer: Continue implementing a utility billback for water-sewer, and continue moving electric into tenants’ name upon lease-up and renewals.

Loss-to-Lease Burn Off: $62/unit/month of loss to lease can be recaptured at lease renewals providing over $800k of value creation when factoring a 7 cap.

Rental Growth Potential: Current owners purchased from long-term owners of 50+ years. They have raised rents 15% in June 2022 with rents being well-below market norms at that time. As ownership has focused on the utility billback and electric transfer upon renewals, there is an opportunity for a slight rent push to be more in line with market norms (see competive set).


Competitors in the immediate submarket are renting on average $925/mo ($845/mo utility adjusted) for 2-bedroom rents.

Area median income for the St Dennis submarket is on average $55,000, leaving rent to be 19% of household income, well-within the benchmark of investor tenant screening requirements.

The Pleasure Ridge Park submarket has experienced historically high occupancy, averaging 97.6%, over 220 bps above the Louisville market average. This points to the demand for rental units and further solidifies the opportunity available.

Listing Details

Price:$Market Bid
Address:4519-4523 Broadleaf Drive
Zip Code:40216
Year Built:1969/2022
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