Description
Marcus & Millichap is pleased to present the Cane Run Station Apartments, a 152-unit apartment complex located in South Louisville. This newly constructed property is located off Greenbelt Highway, a few minutes South of I-26 which presents an opportunity to continue stabilizing with loss to lease burn off, utility bill back, and market rent growth.
REVENUE GROWTH
Located in the St Dennis submarket, Cane Run Station Apartments is well-positioned for revenue growth with the opportunity to burn-off loss-to-lease, continue implementing a water RUB and a cable/Internet bill-back to further boost NOI.
LOSS TO LEASE BURNOFF
Cane Run Station easily achieved a $300 rental increase over the past 12 months ownership. With an average $164/mo of loss to lease in place, this provides an incoming investor a burn-off opportunity, and solidify the rental growth available in the market.
MARKET RENT GROWTH
Can Run Station market rents are on average $68 below the competitive set in the market. The Competitive Set 2-Bed Market Average Rent is $1294/mo, while Cane Run Station Apartments average market rent is $1226/mo.
OTHER INCOME POTENTIAL | UTILITY BILL-BACK
Current ownership has started proving out additional revenue captured through utility billbacks with the following roll-outs:
• Utility RUB ($55 1 Bath / $65 2 Bath): ~75% of tenants enrolled.
• Cable and Internet billback of $70 per tenant ($42 cost per ownership): ~60% of tenants enrolled
An incoming investor can take advantage of this strategy that is already underway and capture additional income growth.
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 5010 Kaufman Lane |
| City: | Louisville |
| State: | KY |
| Zip Code: | 40216 |
| Year Built: | 2021 |