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Multifamily

The Montair

7739 Brookview Dr, Louisville, KY 40214

Listing Price: $7,300,000

Cap Rate
4.48%
Number of Units
97
Occupancy
84.0%
Price/Unit
$75,258
Price/Gross SF
$100.08
Gross SF
72,943

Investment Overview

The Montair Apartments is a mostly renovated 97 unit apartment community in the final stages of re-tenanting and lease-up. The property is composed of 73 two bedroom and 24 one bedroom units. The Montair is a tremendous value add play; it is 80% occupied, and owners have done most the of the heavy lifting. It is now mostly a management play to reach market rates and 95% occupancy. This could result in a 6.48% cap rate. Many units had complete tear out renovations, with new mechanicals, drywall, trim and cabinetry, Kitchens, flooring and paint. A new investor can utilize the proven value add renovations, and greatly increase cash flow through stabilization and new management. This is an opportunity for an investor to enter the hot Louisville market. The Montair is located off busy St Andrews Church Road, near shopping, restaurants, schools, and the YMCA. It is 1 mile from major shopping and employment along Dixie Hwy.

Investment Highlights

  • Tremendous value add opportunity.
  • Offered free and clear of existing debt
  • All units have had some level of renovation, and most legacy tenants were removed, but property is still in lease-up.

Exclusively Listed By

Financing By

Listing Price: $7,300,000

Cap Rate
4.48%
Number of Units
97
Occupancy
84.0%
Price/Unit
$75,258
Price/Gross SF
$100.08
Gross SF
72,943

Investment Highlights

  • Tremendous value add opportunity.
  • Offered free and clear of existing debt
  • All units have had some level of renovation, and most legacy tenants were removed, but property is still in lease-up.

Investment Overview

The Montair Apartments is a mostly renovated 97 unit apartment community in the final stages of re-tenanting and lease-up. The property is composed of 73 two bedroom and 24 one bedroom units. The Montair is a tremendous value add play; it is 80% occupied, and owners have done most the of the heavy lifting. It is now mostly a management play to reach market rates and 95% occupancy. This could result in a 6.48% cap rate. Many units had complete tear out renovations, with new mechanicals, drywall, trim and cabinetry, Kitchens, flooring and paint. A new investor can utilize the proven value add renovations, and greatly increase cash flow through stabilization and new management. This is an opportunity for an investor to enter the hot Louisville market. The Montair is located off busy St Andrews Church Road, near shopping, restaurants, schools, and the YMCA. It is 1 mile from major shopping and employment along Dixie Hwy.

Exclusively Listed By

Financing By

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