1403-63 Forest Dr, Louisville, KY 40219

$1,880,000
Property Type: Multi Family Square Footage: 25,860 Status: Closed
Current Price: $1,880,000 List Date: 3/10/2019 Last Modified: 11/26/2024

Description

Property is under contract pending inspections. Twenty Four 3 bedroom 2 bath single family homes on individual lots being sold as a package rental community. These homes have separate utilities and title just like any single family home. Rents average Approximately $741.00 each with a high of $867.00 and Low of $615.00. High demand makes these houses very easy to rent to good tenants. Rent roll and P & L are available. Please understand that the owner will not inconvenience the residents with interior inspections until a firm contract, subject to an interior inspection is in place. In this neighborhood and at this price there home would be like having a revolving door. NOTE: This is a KHC Deed Restricted, Low Income Community with 12 years remaining on the restrictions.

Supplements: Sold individually these homes have supporting comparable sales indicating a value in excess of $125,000 each with a bit of updating. They can be sold to an owner occupant by a new owner as long as the purchaser meets the same low income restrictions as a renter. INCOME IS THE ONLY RESTRICTION FOR AN OWNER OCCUPANT. For example, a retiree with a limited income who has cash can buy the house. Once the house is sold on an arms length sale to an owner occupant the deed restrictions are released. So if the owner occupant were to want to rent or sell in the future there are no restrictions. Seller will not divide this offering. The homes are being offered as a package only. Further guidelines for future sales to owner occupants are in documents. See listing agent for details. Listing agent is not owner

More Information MLS# 1511507

General Listing Information

HOA Y/N: No HOA Annual $: 0 Status: Closed Listing Date: 2018-08-10 Listing Price: 1950000 Property Sub Type: Apartment

Contract Info

Disclosure: No Original List Price: 2136000

Location

Sub Area: A Deed Bk: 07552 Parcel ID: See List in Documents Pg #: 0755 Block: 3373 Lot: 0001-25 Municipality: Louisville Directions: I-65 to Fern Valley Road, East on Fern Valley to Jeanine, North on Jeanine to Melda Drive, turn West on Melda drive and right on Forest Drive. First 24 houses and a vacant lot on the left (West) side of the street. No sign. Street #: 1403-63 Street: Forest St Suffix: Dr Area: 06-Buchel/Hghvw/okolona/FernCreek County: Jefferson State/Province: KY Zip Code: 40219 Subdivision/Condo: INDIAN FOREST Geo Lat: 38.165805 Geo Lon: -85.690421

Property Description

SqFt -Total Finished: 25860 Above Grade Finished: 25860 Below Grade Finished: 0 Nonconform SqFt Fin: 0 Above Grade Unfin: 0 Below Grade Unfin: 0 Sqft - Total Unfin: 0 First Floor Laundry: Yes Total Units: 24 Lot Size Dimensions: 0000 Security Deposit: 200 Age: 17 # Parking Spaces: 48 Covered Parking: No Term/Lease: MO/MO R Factor Ceiling: Yes R Factor Wall: Yes # of Furnaces: 24 # of Water Heaters: 24 Separate Meters: Yes Sold As-Is: Yes M Struct Flood Plain: No Year Built: 2011

Status Change Info

Status: Closed Contract Acceptance Date: 2019-03-15 Sold Date: 2019-07-01 Sold Price: $1,880,000

Architectural Style

Ranch: 1

Utilities

Electricity Connected: 1

Water Source

Public: 1

Sewer

Public Sewer: 1

1st Level

Total Units: 24 # of Rooms: 120 Living Room: 24 Bedrooms: 72 Full Baths: 48 Kitchen: 24 Refrigerator: 1 Range: 1 Dishwasher: 1 Laundry: 1 Rent: 17785

Construction

Brick Veneer: 1 Vinyl Siding: 1 Other: 1

Roof

Shingle: 1 Pitched: 1

Owner Pays

Trash Collection: 1

Tenant Pays

Cable TV: 1 Electricity: 1 Sewer: 1 Water: 1

Heating

Electric: 1 Heat Pump: 1

Patio and Porch Features

Porch: 1

Cooling

Heat Pump: 1 Central Air: 1

None

Current Price: $1,880,000

Property Features

Architectural Style: Ranch Construction: Brick Veneer; Vinyl Siding; Other Roof: Pitched; Shingle Owner Pays: Trash Collection Tenant Pays: Cable TV; Electricity; Sewer; Water Patio and Porch Features: Porch Utilities: Electricity Connected Water Source: Public Sewer: Public Sewer Heating: Electric; Heat Pump Cooling: Heat Pump; Central Air
Listing Office: RE/MAX Properties East
Last Updated: November - 26 - 2024
Broker Attribution: 502-762-5896

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