Two-Bedroom Apartment
For Sale
$9,600,000
800 Minette Cir, Louisville, KY 40258
Apartment community with 125 two-bedroom units on the Dixie Highway retail corridor.
Property Size100,400 SF
Days on Market195
Property Features for 800 Minette Cir
General Information
Standard status
Active
Size
100,400 SF
Property subtype
Multifamily
Occupancy
75%
Additional Details
Multifamily Units
125
Amenities
Attractive Basis and Value-Add Opportunity Approximately $77,419 per Unit Stabilized at 9.58 Percent Capitalization Rate
Clear Path to Stabilization — Eden Is Currently Approximately 85 Percent Occupied in a 95 Percent Market
Spacious Living — 12 Units Are 900 Sq Ft 2Bed/1Bath Townhomes. The Remaining 112 Two Bed/One Bath Units Are 800 Sq. Ft.
On-Site Facilities — The Property Has a Large Management Office, Maintenance Office, and Laundry Facilities
Established Southwest Louisville Location — Eden Is Located in the Pleasure Ridge Park/Valley Station Area, on the Main Dixie Highway Commercial Corridor Which Provides Residents with Access to a Broad Range of Retail, Dining, Employment, Education, and Everyday Services, Supporting the Property's Appeal to Value-Conscious Renters
Value-Add Through Operational Execution — The Investment Thesis Is Primarily Centered on Stabilization and Operational Improvement Rather Than a Reliance on Major Redevelopment. Potential Value-Creation Initiatives Include a Focus on Occupancy, Revenue, and Operations
Existing Renovation Platform — Several Apartments Have Already Received Improvements Including Flooring, Paint, Lighting, and Cabinet Upgrades. This Provides a Foundation for a Targeted Renovation Strategy
Acquire at an Attractive Basis ? Stabilize Occupancy ? Improve Operations ? Renovate Selectively ? Increase NOI ? Create Long-Term Value
Building Details
Building Size
100,400 SF
Units
124
Listing Agency:
Louisville Office
(502) 329-5900
Listed By:
David Badgett Jr. · License #KY: 215224
(502) 329-5999
Source:
Marcusmillichap
Added: Apr 11
Changed: Oct 21
Last Checked: Oct 20 at 5:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Louisville Office
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Eden Apartments is a multifamily community consisting of 125 two-bedroom units. The property is described as recently started renovations and includes a seller-offered financing package intended to help support the transition.
The community is located off the busy Dixie Highway retail corridor, and the surrounding area includes dining and entertainment options, with major retail employers within walking distance.
The offering is positioned as a value-add renovation and rent transition opportunity, supported by the seller’s financing support for the process.
The community is located off the busy Dixie Highway retail corridor, and the surrounding area includes dining and entertainment options, with major retail employers within walking distance.
The offering is positioned as a value-add renovation and rent transition opportunity, supported by the seller’s financing support for the process.
Key Highlights
- Apartment community with 125 two‑bedroom units
- Located off the Dixie Highway retail corridor
- Renovations have only recently started and rents are being raised toward market
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$683,275
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,665,500
$13.7M
Cap Rate 7%
$9,761,071
$9.8M
Cap Rate 9%
$7,591,944
$7.6M
Market Conditions
NOI Build-Up for 100,400 SF
Gross rent
$1.31M $13.08/SF
− Vacancy
−$70.9K −$0.71/SF
EGI
$1.24M $12.37/SF
− OpEx
−$559.0K −$5.57/SF
NOI
$683.3K $6.81/SF
Area
Louisville, KY
Vacancy
5.40%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,665,500
Cap Rate 7%
$9,761,071
Cap Rate 9%
$7,591,944
Alternative Uses
Best Use
Apartment 5plus
$9.76M
$8.54M – $11.39M
NOI $683,275 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$26.02M
$22.77M – $30.36M
NOI $1,821,658 @ 7.0% cap · market cap 18.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
125
Residential units
Location Intelligence
Trade Area within ½ mile
338
Businesses Nearby
Explore this area
Business Placement
Demographics for 40258, KY
26,807
Population
11,568
Households
2.3
Avg Household Size
39
Median Age
15%
College-Educated
88%
High-School Grad
11.7 sq mi
ZIP Area
2,291
Density / Sq Mi
$66,263
Median Household Income
$42,525
Median Earnings
$1,146
Median Rent
$173,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment community with 125 two-bedroom units on the Dixie Highway retail corridor.
Where is this apartment building located?
The property is located at 800 Minette Cir Louisville, KY.
What is the asking price?
The asking price for this property is $9,600,000.
What are key features of this property?
This property features: Apartment community with 125 two‑bedroom units; Located off the Dixie Highway retail corridor; Renovations have only recently started and rents are being raised toward market
