Prime Investment Opportunity in Downtown LouisvilleAddress: 974 & 976 S Third St, Louisville, KY 40203
Price: $1,890,000
Louisville is a growing real estate market with a strong rental demand, making this 21-unit multifamily property a perfect investment opportunity. With Section 8 eligibility, newly renovated interiors, and a high cap rate of 11.23%, this is a rare chance to own a lucrative property in a prime location.
Why Invest in Louisville?
Louisville is home to major employers such as UPS, Ford, and Humana, ensuring a steady tenant base. The affordable housing market and historic charm of Old Louisville make this an ideal location for real estate investors.
Unit Breakdown & Rental Projections
| Unit Type | Number of Units | HUD Fair Market Rent | Total Monthly Rent |
|---|---|---|---|
| 3 Bed / 1 Bath | 1 | $1,701 | $1,701 |
| 2 Bed / 1 Bath | 1 | $1,301 | $1,301 |
| 1 Bed / 1 Bath | 13 | $1,077 | $14,001 |
| Efficiency | 6 | $976 | $5,856 |
Total Monthly Rental Income: $22,859
Additional Laundry Income: $3,400/month
Annual Gross Income: $315,108
Financial Highlights
- Cap Rate: 11.23%
- Cash-on-Cash Return: 12.4% (with financing)
- Guaranteed Rental Income: Section 8 eligibility
- Newly Renovated Units: Modern interiors and appliances
Financing Example (20-Year 7/1 ARM at 9%)
| Loan Assumption | Amount |
|---|---|
| Loan Amount | $1,417,500 |
| Down Payment | $472,500 |
| Monthly Mortgage (P&I) | $12,793 |
| Annual Debt Service | $153,516 |
| Cash Flow (NOI - Debt Service) | $58,607 |
Contact for More Information
Milton Ali- Ali Realty Consultants
Email: Miltonali@kw.com