3200 Indian TrlLouisville, KY 40213

Property Details for 3200 Indian Trl

Property size (Sq ft)

6,000 SF

Property type

Apartment buildings

Description

This stabilized, 12-unit apartment building presents a compelling investment opportunity in Louisville, KY. Located at 3200 E Indian Trail, this Class C property boasts 6,000 square feet of net rentable space, spread across two stories. The building features 11 one-bedroom, one-bathroom units and one studio unit, each with one off-street parking space. Currently operating at 91% occupancy, the property generates a strong net operating income (NOI) of $69,000, resulting in an attractive 8.17% cap rate. Individual electric meters allow tenants to pay their own electricity. The asking price is $845,000, translating to $70,417 per unit and $140.83 per square foot. The property is zoned R-7 and situated on a large lot at a convenient corner location near public transportation and grocery stores. Several units have recently been renovated with luxury vinyl plank (LVP) flooring and command higher rents ($901). Further renovations and rent increases offer significant potential for added value. This property is ideally suited for a 1031 exchange.

Location Insight

City

Louisville

County

Jefferson

State

Kentucky

Latitude

38.1682

Longitude

-85.701

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