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Multifamily

Crawford Crossing Apartments

6800 Crawford Crossing Pl, Louisville, KY 40258

Listing Price: $3,750,000

Cap Rate
5.11%
Number of Units
30
Occupancy
95.0%
Price/Unit
$125,000
Price/Gross SF
$131.58
Gross SF
28,500

Investment Overview

Crawford Crossing is well positioned in the market to realize a significant increase in revenue. The property’s location, vintage, condition, and attractive unit-mix provides opportunity to bridge the gap between its nearby competitors. As shown on page 33, there is a gap of $263 per month in base rent between Crawford Crossing’s in-place average rent and the property’s potential rent, or about 30 percent in rent growth potential. In addition to rent growth opportunity, current ownership has implemented various forms of other scheduled income (water/sewer/trash income, Internet bill-back income, landscaping bill-back, and washer/dryer rental) and has captured approximately 70 percent of that, leaving an additional 30 percent for further revenue growth in other income.

Investment Highlights

  • Comparable Properties Suggest Base Rent Can be Increased by Approximately $263 per Month.
  • Between Increasing Base Rent and Fully Implementing the Already Proven Additional Income, the Property has Potential to Increase Gross Revenue of $311 per Unit per Month.
  • The 2011 Vintage Allows for Minimal Capital Expenditures and Maintenance Requirements in the Foreseeable Future.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s) KY: 242197

    Kentucky

Multifamily

Crawford Crossing Apartments

Listing Price: $3,750,000

Cap Rate
5.11%
Number of Units
30
Occupancy
95.0%
Price/Unit
$125,000
Price/Gross SF
$131.58
Gross SF
28,500

Investment Highlights

  • Comparable Properties Suggest Base Rent Can be Increased by Approximately $263 per Month.
  • Between Increasing Base Rent and Fully Implementing the Already Proven Additional Income, the Property has Potential to Increase Gross Revenue of $311 per Unit per Month.
  • The 2011 Vintage Allows for Minimal Capital Expenditures and Maintenance Requirements in the Foreseeable Future.

Investment Overview

Crawford Crossing is well positioned in the market to realize a significant increase in revenue. The property’s location, vintage, condition, and attractive unit-mix provides opportunity to bridge the gap between its nearby competitors. As shown on page 33, there is a gap of $263 per month in base rent between Crawford Crossing’s in-place average rent and the property’s potential rent, or about 30 percent in rent growth potential. In addition to rent growth opportunity, current ownership has implemented various forms of other scheduled income (water/sewer/trash income, Internet bill-back income, landscaping bill-back, and washer/dryer rental) and has captured approximately 70 percent of that, leaving an additional 30 percent for further revenue growth in other income.

Exclusively Listed By

Broker of Record

  • Colby Haugness

    First Vice President Investments

    (816) 410-1010

    License(s): KY: 242197

    Kentucky

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