Multifamily Condo Units Between Two Campuses 4 College Ct 46 Lots d’appartement Immeuble residentiel Vente aux enchères en ligne Louisville, KY 40203

Welcome to College Court, a 46-unit multifamily condo opportunity operating at near full capacity with immense demand and upside potential.

4 College Court is in Jefferson County’s Opportunity Zone in the SoBro (South of Broadway) neighborhood and adjacent to the Limerick and Old Louisville neighborhoods. It is approximately 2 miles from downtown and 3 miles from the Big Four Bridge, connecting Louisville to Indiana via Interstate 65. College Court is 2 miles north of the University of Louisville, is adjacent to Simmons College, and lies between Simmons College and Spalding University. These universities have a combined total in excess of 27,000 students. Old Louisville is a registered historic district home to well-kept Italianate, Chateauesque, and Queen Anne-style residences from the early 1900s. Residents at the subject location can easily access walkable streets, local shops, and dining establishments. Downtown is a hub for work, nightlife, and entertainment, while the surrounding suburbs provide a quieter pace with plenty of nearby amenities.

All buildings are one or two stories. All units have porches; some have balconies. Currently, rents are below market, and some units are occupied by Section 8 tenants. All buildings are constructed from concrete, each featuring a brick exterior, and the interior walls are dense lath and plaster, providing superior insulation, fire resistance, and soundproofing. All floors are concrete, covered by either tile or LVP. All roofs are concrete. 10 of the 12 units have full concrete basements. The zoning allows for 176 units to be built on this campus under certain conditions; it currently contains only 100. The clubhouse, part of the common elements of the condo regime, is closed and will need light rehab.

The investment in College Court presents multifaceted upside: keeping it as low-income housing, raising rents, building more units (up to 176), or transitioning to upscale housing with raised rents and selling off as individual condos. The opportunities are limitless. Inquire today to learn more about College Court.

Market Outlook & Key Demographic Metrics:

The Louisville multifamily market, particularly in the urban core, has remained strong with vacancy rates consistently below 5%, signifying a landlord's market. Rent growth has steadily outpaced inflation for the past several years. A key driver of record net in-migration from higher-cost regions has been Louisville's average rent rates, which are significantly lower than in many peer markets. This relative affordability has ensured a steady stream of new tenants. Additionally, there was a dramatic slowdown in new construction (the pipeline of new units is expected to drop to its lowest level in eight years - a 69% annual decrease); that, together with consistent demand fueled by the metro's strong manufacturing, healthcare, and automotive industries, relative affordability, and growing population, will support occupancy stabilization and rent growth. The annual rent growth is 2.3%, outpacing the national benchmark of 1.1%, and was forecast to reach 2.5% by the end of 2025.