Shelby Park Turnkey 4-Plex

Now on MLS: https://www.realtor.com/realestateandhomes-detail/1206-S-Preston-St_Louisville_KY_40203_M98721-51665

Great investment opportunity on this Shelby Park 4-Plex in Louisville, KY with great income production potential. Shelby Park is a rapidly emerging area next to Germantown/Schnitzelburg, University of Louisville’s main campus, and Downtown.

The building features 1 efficiency and three 1 BR/1BA units. All units currently vacant with prior rents of $2,301 from Section 8. Each unit is separately metered for electric with all tenants paying their own LG&E. Extensive renovations and updates throughout the property over the past year make this a turnkey rental property with great cash flow.

Unit 1: Efficiency - $543 most recent rent
Unit 2: 1 BR/1BA - $575 most recent rent
Unit 3: 1 BR/1BA - $586 most recent rent
Unit 4: 1 BR/1BA - $597 most recent rent

My partner and I bought this property in May 2018 fully occupied and inherited some problem tenants. It's been very management intensive over the past year, and we made the decision that the best way to stabilize the property would be to remove all of the existing tenants and have a fresh start. Over the past 6 months we’ve been in the process of turning the place around one unit at a time as they become vacant and we've now reached a position where we have all of the tenants out with all 4 units renovated and rent ready.

We remain optimistic about the long-term potential of this neighborhood and this property, but have decided it’s just not a great fit for us at this stage in our personal lives and investing careers. However, this would make a great cash flowing property with strong upside for an investor with strong property management capabilities on their team.

Our current expenses:
-Insurance: $1,082 annually
-Property Tax: $1,972 annually
-Grass Cutting: ~$900 ($30/wk x 30 cuts/yr)
-Owner-paid water: ~$1,850 annually (~$310 bi-monthly)
-Owner-paid electric: $0. All units sub-metered with no common area electric so only incur expense when units vacant
-Vacancy: Suggest you to use your own assumption that you’re comfortable with
-Property Management: Suggest you to use your own assumption that you’re comfortable with
-Repairs & Maintenance / Cap Ex: Suggest you to use your own assumption that you’re comfortable with

Location:

1206 S Preston, Louisville, KY 40203