Investment Overview

Marcus & Millichap is pleased to present Minerva Court Condominiums, a 24-unit multifamily community located at 1630 South 2nd Street in Louisville, Kentucky. Situated in the highly desirable Old Louisville submarket, the property offers investors a rare opportunity to acquire a well-performing apartment asset with strong in-place cash flow, significant value-add potential, and a differentiated product type within one of Louisville’s most supply-constrained neighborhoods. Built in 1983, the property consists of approximately 21,243 square feet of gross building area and is currently 96 percent occupied, providing immediate income stability from day one. The community is strategically positioned within walking distance of the University of Louisville and benefits from proximity to a dense employment corridor supported by healthcare, education, logistics, and professional service employers throughout the Louisville metropolitan area. Minerva Court features a unique condominium-style design, with three two-story buildings surrounding a central courtyard. The property includes 24 individually deeded units with two private balconies overlooking the landscaped courtyard and surrounding historic district, creating a highly desirable living environment that supports tenant retention and renter demand. This differentiated product offers a competitive advantage compared to more conventional apartment communities within the market. Current in-place rents average approximately $870 per month, compared to market rents of approximately $1,088 per month, representing a 25 percent rental gap and more than $62,000 in potential annual revenue upside through unit upgrades and rental repositioning. Located approximately 4.7 miles from Louisville Muhammad Ali International Airport, the property benefits from convenient access to one of the region’s largest employment hubs, including UPS Worldport and numerous logistics, manufacturing, and healthcare employers. Overall, Minerva Court Condominums is a compelling multifamily investment opportunity within one of Louisville’s most desirable urban neighborhoods.