2305 Rodman St, Louisville, KY 40208

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Building Details:

• Year Built: 1958

Professionally managed, ideally situated in an excellent rental Louisville neighborhood, this all-brick 16 unit apartment has been completely renovated throughout and stabilized as of January 2016. Renovations include a new roof, 16 new HVAC systems, and updated units with tile. The owners are currently collecting $495 on average per unit (upside available as this rate is under market) with no utility costs. Gas, electric and water are all separately metered and in the tenants' name. The owner only pays lawn care, maintenance, property taxes and insurance. Property taxes and insurance are $4,300/yr, lawn care is about $1,000/yr, maintenance is about $9,500/yr. With a gross potential rent of $95,000, and expenses of $24,300, the stabilized NOI is $61,000 and a cap rate of 9.4%. Property is currently 90% occupied with two vacancies, however both units have applications and are rent ready. Several plays and more make this an excellent investment opportunity - strong turn-key cash flow with upside, central location with a waiting list of new tenants, University of Louisville continued expansion (within .7 miles of campus now), and the potential to separately deed each unit for condo re-sale.