Investment Overview

Marcus and Millichap is pleased to present the Broadway Place Apartments, a 24-unit LIHTC multifamily investment opportunity. This property entered into the LIHTC program in the year 2000 with a 30-year compliance period. This gives an investor the unique opportunity to acquire this property at a low basis, focus on raising rents, and selling for a premium once it exits the compliance period. Built in 2000, the property ensures that the building meets the latest construction standards and requires minimal repairs and maintenance. This will not only help to attract tenants but also reduce operating expenses. The property consists of 16 2-bed/ 1- bath units and 8 3-bed/2-bath units. The units are spacious with 825 sq/ft for the 2 bedrooms and 1100 sq/ft for the 3 bedrooms. This property has been partially renovated and offers generous rental upside for a new investor. The current owner has spent the last few years working on interior and exterior renovations. Those renovations include a new roof on one of the buildings, new stairs and railings, and 21 out of the 24 units being improved with new LVP flooring, new paint, and new appliances when necessary. The west end of Louisville is a workforce housing and industrial market with a high demand for affordable housing, and as such, rental properties in this area can provide a reliable cash flow from rental income. There are also several reasons why the west side of Louisville is improving. One major factor is the city’s efforts to revitalize the area through targeted investments in infrastructure, economic development, and community programs. For example, the city has invested in the West Louisville Outdoor Recreation Initiative, which aims to improve access to parks and green spaces in the area. Additionally, the Louisville Urban League’s Sports and Learning Complex, a state-of-the-art sports and education facility, is being built on the west side, which will provide new job opportunities and recreational activities for residents. Community organizations and residents have been actively engaged in efforts to improve the area, such as advocating for affordable housing and organizing neighborhood clean-up events. These efforts have helped to build a sense of community pride and ownership, which is critical for long-term improvement. Additionally, the location of the property on the corner of West Broadway and South 26th Street in the west end of Louisville is easily accessible to major highways, shopping centers, and recreational areas, making it an attractive option for prospective tenants. Overall, a combination of public and private investments, community engagement, and entrepreneurial activity are contributing to the west side of Louisville’s revitalization, making this 24-unit investment opportunity very lucrative.