1908 Jericho Rd, La Grange, KY 40031 | MLS# 1670261

Description

Renovated 35-Unit Apartment Complex in La Grange, KY (Louisville KY MSA)
Presenting a prime investment opportunity in the growing market of La Grange, Kentucky.
This 35-unit apartment complex offers a unique combination of recent capital improvements, low-maintenance features, and a location that supports high occupancy rates and stable long-term returns.
Significant Recent Improvements:
• Extensive Unit Renovations: 22 of the 35 units have been fully rehabbed, including new wall, ceiling, door, and trim paint. Each updated unit features a complete stainless steel appliance package (refrigerator, dishwasher, glass top range, and OTR microwave), enhancing tenant appeal and reducing future turnover.
• Energy-Efficient Systems: 14 high-efficiency HVAC systems (interior air handlers and exterior heat pumps) have been installed, lowering tenant utility expenses and improving overall property energy efficiency.
” Exterior and Structural Enhancements: The complex has seen critical exterior upgrades, including rebuilt retaining walls, updated landscaping, fresh mulch, and pressure washing of exteriors and decks. Additionally, the parking lot has been restriped, and the entire property has been rekeyed with a master key system for streamlined management and security.
Property Features Designed for Long-Term Stability:
” On-Site Maintenance Workshop: This facility supports efficient property management and reduces repair turnaround times, helping to maintain tenant satisfaction and property condition.
” PEX Plumbing & All-Electric Utilities: Low-maintenance PEX plumbing throughout and all-electric utilities provide simplicity in maintenance and energy management.
” Individually Metered Water: Units have individually water meters, offering future RUBS for new ownership.
” Brick Exteriors & Durable Infrastructure: The maintenance-free brick exterior reduces long-term maintenance costs, ensuring the property’s durability and aesthetic appeal over time.
Unit Mix and Tenant Appeal:
” Diverse Unit Mix: The property consists of one 1-bedroom unit, sixteen 2-bedroom units, and eighteen 3-bedroom units, offering flexibility and broad market appeal to tenants of different household sizes. Three-bedroom units come in both flat ranch and townhouse floorplans, attracting a variety of family-oriented tenants.
” Washer/Dryer Hookups in All Units: The inclusion of washer/dryer hookups in every unit enhances tenant desirability, boosting retention rates and minimizing vacancies.
Desirable Location with Growth Potential:
” Proximity to Downtown La Grange and Louisville KY: Located within walking distance to the vibrant downtown area, this property benefits from strong demand due to its convenience to local amenities, shops, and restaurants. Property is also a quick 15 minute drive from Louisville KY.
” Family-Friendly Amenities: On-site playground and the park-like setting bordering a natural wooded area make this property attractive to families and nature lovers, increasing tenant satisfaction and retention.
With substantial capital improvements already completed and minimal ongoing maintenance requirements, this 35-unit complex offers a turnkey investment opportunity in a stable, growing market. Positioned to generate immediate rental income with upside potential as rents continue to rise in La Grange, this property is ideal for investors looking for steady cash flow and long-term appreciation.