Description
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to present Rodman apartments, 16 units located off 3rd Street, few minutes from the University of Louisville and Churchill Downs.
PROVEN RENT GROWTH
Rents in the competitive set are $921/mo on avereage, providing an excellent opportunity for an investor to draft rents from the submarket and push rents by $50 per month.
DEAL HIGHLIGHTS
Turn-key Opportunity: Little to no deferred maintenance.
Resident Retention: Single story units provide a stable tenant base.
Laundry Income: Other income potential collecting load charges.
THE MARKET
Louisville has experienced strong rental growth in the past 12 month’s largely driven by strong economic fundamentals and pent-up demand from Covid. The metro recorded a net gain of 22,400 jobs as the market recovers from Covid, expanding the employment base by 3.5%.
TOP-NOTCH EMPLOYMENT
The top industries in Louisville’s employment sector are Trade & Transportation (23.3%), Education & Health (14.6%), Manufacturing (12.4%), and Professional Services (12.1%). Some of the largest employers in the area include Yum! Brands, Kindred Healthcare, Humana, and Ford. It is also home to UPS Worldport, the world’s largest package handling facility.
LOUISVILLE EMPLOYERS IN THE NEWS:
Amazon building new $5.5MM last-mile delivery station at prime Louisville property adding close to 2,000 new jobs (March 2021).
GE Appliances completes $60MM expansion adding 245 new jobs (July 2021)
Ge Appliances set to invest $450MM at its Appliance park in the next 2 years adding over 2,000 new jobs (Oct 2021)
QSR Automations opens new global headquarters in Louisville, KY (Nov 2021)
KCC Manufacturing breaks ground on 700-job operation in Shelby County (Nob 2021)
Republic National Distributing Co. breaks ground on a relocation and expansion project that will create 30 full-time jobs with a $50 million investment (Sep 2021).
Baptist Health to build $42M rehabilitation hospital in Jeffersontown (Nov 2021)
Listing Details
| Price: | $Market Bid |
|---|---|
| Address: | 2325 Rodman Street |
| City: | Louisville |
| State: | KY |
| Year Built: | 1958 |