College Ct Louisville, KY 40203

Property Details for 0 College Ct

Year built

1988

Property size

34,555 SF

Property type

Apartment buildings

Description

This exceptional value-add multifamily investment opportunity encompasses 46 units within a 100-unit condominium complex situated in Louisville, KY's desirable Limerick neighborhood (zip code 40203). The property, totaling 34,555 square feet, consists of twelve two-story brick buildings constructed in 1988, featuring individual porches for each unit. The seller owns 46 of the 100 units, providing effective control of the homeowner's association (HOA). Nine of the twelve buildings boast recently replaced roofs, and ongoing HOA improvements include electrical panel upgrades and parking lot reconstruction. The HOA dues, approximately $8,300 monthly, cover management, insurance, water/sewer, trash, landscaping, and exterior maintenance. Individual units feature durable renovations, including updated kitchens and bathrooms, new flooring (tile or vinyl plank), and upgraded HVAC systems. Most units have concrete floors, lath and plaster walls offering superior insulation and soundproofing, and copper flashing on the roofs. The property benefits from a central walkway, mature trees, and a unique "cottage" style design. A clubhouse and maintenance garage are also included, presenting additional development potential. The property is located in an Opportunity Zone, between two private colleges and near revitalized areas of Old Louisville and downtown, promising significant future appreciation. The R-7 zoning permits the construction of up to 176 units, offering substantial expansion potential. Currently, all units are occupied, presenting an immediate cash flow opportunity with significant upside potential through rent increases, additional unit acquisition, or upscale renovations. The property's robust construction, coupled with its prime location and value-add potential, makes it an attractive investment. Water is a common expense paid by the HOA

Location Insight

City

Louisville

County

Jefferson

State

Kentucky

Longitude

-85.7651

Latitude

38.2409