Current Use by Public Records
- Apartment buildings
Property Details for 3061 Sprowl Rd
- Year built
- 1971
- Lot size
- 3.60 lot acres
- Property type
- Apartment buildings
Description
This fee-simple, stabilized Class B multifamily property, Union at JTown, offers 131 units across six, three-story buildings situated on a 3.598-acre lot in Louisville's desirable Jeffersontown submarket. The property boasts 139,530 square feet of total space, with 117,525 square feet of net rentable area. Built in 1971/1972 and extensively renovated between 2020 and 2023, Union at JTown features upgraded units with granite countertops, stainless steel appliances, new modern cabinets, vinyl plank flooring, tile showers, and washer/dryer connections in select units. A new leasing office and fitness center were added to one location, and a swimming pool to another. Currently operating at 95.42% occupancy (as of October 7, 2024), the property benefits from significant rent growth potential, with in-place rents $55 below current market rates and a 5.65% year-to-date lease trade-out growth in 2024. An attractive existing loan is assumable, with details as follows: originated April 2020, matures May 2032, 12-year term, approximately 2.5 years remaining on the 7-year interest-only period, 3.11% interest rate, and a $7,597,000 loan balance. Further revenue enhancement opportunities exist through the addition of bulk internet and/or valet waste services. The property's strong performance and location in a high-growth market make it an exceptional investment opportunity.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jeffersontown
- County
- Jefferson
- State
- Kentucky
- Longitude
- -85.5685
- Latitude
- 38.1964
