Investment Overview

Marcus & Millichap is pleased to present Parkway Place Apartments, a well-located multifamily opportunity in Louisville, KY. The property consists of two apartment buildings totaling 31 occupiable units, plus three subterranean units that require full renovation, offering the potential to add three more units to the property. Recent rent increases have been achieved primarily through accepting section 8 vouchers, with renovated units realizing $162/month premiums and minimal resistance. This demonstrates strong demand and validates the value-add strategy, while also proving that the property can support higher rents under both voucher and market-rate programs. Current operations reflect 93.5 percent occupancy, generating an annualized Effective Gross Income of $289,229. Parkway Place is a true proof-of-concept value-add opportunity. The seller has not only demonstrated rental upside but has also proactively addressed major capital expenditures that often weigh on new ownership. All gutters have been replaced, staircases and walkways have been rebuilt, and every window on the larger building has been replaced, significantly reducing future deferred maintenance risk. Additionally, the parking lot was recently paved, enhancing curb appeal and tenant satisfaction. These improvements position the property for a smooth transition and allow a buyer to focus on executing the rent growth strategy rather than absorbing heavy CapEx obligations. Parkway Place is strategically positioned along Southern Parkway, on Louisville’s south side, providing convenient access to major employment hubs. The property is minutes from Louisville International Airport, which encompasses 18 million square feet of industrial space and supports over 13,000 jobs. Residents also enjoy proximity to Woodlawn Avenue’s walkable retail corridor, featuring restaurants, cafes, and a grocery store, as well as Taylor Boulevard’s larger retail options. Just five minutes north are Churchill Downs, home of the Kentucky Derby, and the University of Louisville, serving over 21,000 students and 7,000 employees.