2600 Whitehall Ter, Louisville, KY 40220

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Building Details:

2600 Whitehall Ter is located in Louisville, KY.

Whitehall Terrace Apartments is a 180 unit multifamily offering in Louisville, KY. It is located off Hikes Lane in Eastern Jefferson County. The immediate area is a diverse neighborhood that maintains a very high demand for rental housing. It is also in a close, convenient location to retail shopping. The property also contains a day care operation that is a tenant on-site. Many units have been separately deeded as condominiums, and one unit was sold. The current owner holds a mortgage on this unit and is willing to include it in the sale.

Whitehall contains 80 2 BR/1BA units and 100 1BR/1BA units (one unit, referenced above, sold as a condo). Laundry facilities are located on site. The boiler and chiller systems have been updated over the years, and many units have been completely renovated with condo quality finishes. It presents an excellent value-add opportunity for a purchaser to bring online vacant units, perform other improvements and greatly enhance the current rent roll at the property. Current rentals are significantly below market. The property contains interior courtyards with mature landscaping and a park-like setting.

This property presents an opportunity to acquire an asset with decent economies of scale; an excellent opportunity for an out-of-state buyer or a local investor looking to add to its existing footprint. Other nearby complexes have undergone significant renovation.

The Louisville market is ranked nationally for very strong multi-family fundamentals which provide compelling investment opportunities for the apartment sector. Whitehall Terrace presents the rare opportunity to acquire a sizable property from a long term owner.

Asking Price: $5,000,000; $27,777 per unit

INVESTMENT HIGHLIGHTS

-Located in high demand location; near renovated apartment properties and retail shopping

-Major upside by renting vacant units and increasing current below market rents

-Capital upgrades include some unit upgrades and boiler/chiller updates.

-Excellent multi-family fundamentals in the Louisville market; current interest rate environment presents great long term yield prospects