Marcus & Millichap is pleased to present the Moss Creek, a 104-unit apartment complex located in South Louisville. This newly constructed property is in the Pleasure Ridge Park submarket and is a few minutes from major retail corridor including Lowes, Home Depot, Panera Bread, and Chick-fil-A.
REVENUE GROWTH POTENTIAL
Moss Creek is well-positioned for revenue growth with a loss to lease and rental growth opportunity. There is nearly $200k of loss to lease recapture available in the coming 12 months. Coupled with historically low occupancies averaging 2% the past 12 months, this provides a strong runway for rental increases to further boost NOI.
Moss Creek has an in-place assumable Fannie Mae loan at 2.99% interest rate, 200 basis points below the current debt market, providing an opportunity to obtain a loan at a competitive rate.
MARKET RENT GROWTH
Moss Creek rents are on average $177 below the market average rents of the main competitors in the immediate market. The main competitors 2-Bed Market Average Rent is $1250/mo, while Moss Creek average effective rent is $1073/mo.
Moss Creek was constructed in 2020, providing an incoming investor a property with no deferred maintenance. Roofs, windows, building mechanicals, & parking lot are all well within their useful life.
|Address:||7914 Moss Creek Drive|