4600 Broadway Complex, Louisville KY

4600 Broadway Complex - Denton Floyd Real Estate Group

  • 18 Units / 1 & 2 BR apartments
  • Occupancy: 97%
  • Purchased February 2010
  • Originally purchased as a tax credit property
  • Converted to a market rent property
  • Rents have increased 10% since acquisition
  • Acquisition Date: 02/15/2010

Originally built as a school, this converted property is at the end of Broadway at Shawnee Park. It has twelve 2BR/1BA units and two 1BR/1BA units. When purchased, the property had many “deadbeat” tenants and significant deferred maintenance. There was an entire basement full of junk including mattresses, dressers, old tenant clothing, garbage and “storage” from the previous owners. The quality of tenant was poor. The perception of the property was poor.

After cleaning up, removing everything from the basements, putting proper systems in place and ridding the property of “deadbeat” tenants, DF Investment Group, LLC (Louisville KY) was able to ascertain what renovations would help in updating the quality of tenant. Renovations included but were not limited to rekeying all doors and putting in a master key system for the property, making the entry doors secure so that only tenants had entry keys, new paint and lighting in the hallways, paint, carpeting and fixtures in the units, some kitchens were refurbished, new vinyl in baths and kitchens and locking off the basement so that tenants could not access it.

There are two 1BR/1BA units which are lower level units – only those tenants can access the portion of the basement that pertains to their unit; others cannot. Windows that were broken were replaced. The boiler was serviced. New window/wall AC units were furnished & installed. The property has a waitlist to lease due to its proximity to Shawnee Park and being on the busline. This property and its reputation will continue to improve with time.

The property also has an attractive courtyard that was never used by the residents because it was always full of garbage. Now a tenant is responsible (and compensated) for patrolling the grounds and keeping the courtyard free of trash and debris. In the summer of 2010, for the first time, this courtyard was able to be used and enjoyed by the residents. A dumpster was also installed versus the previous method of trash removal and it has made a significant difference in the amount of trash strewn around the property. This property will continue to be improved and will continue to increase in value and cashflow.