2201 Griffiths Ave

Description

Turnkey, income-producing 4-unit multifamily property located at 2201 Griffiths Ave in Louisville's Portland neighborhood, offering strong in-place cash flow and proven operational stability. This fully occupied investment property generates $54,324 in gross annual income and $43,044 in net operating income, delivering a 13.5% cap rate at the current list price of $319,900. The financial performance is supported by a clean T-12 with consistent collections and minimal vacancy, making this a highly financeable asset with an estimated DSCR of approximately 2.0+ under typical lending terms. The property has undergone extensive renovations over the past four years, contributing to tenant retention and reducing near-term capital expenditure needs. The unit mix includes one-, two-, and three-bedroom units, supporting broad rental demand, while long-term tenants provide additional income stability. Operationally, the property is efficient and easy to manage, with owner paying utilities per long-term Section 8 leases (but separately metered) as well as water and sewer (included in T-12 financials and CAP rate), resulting in a low expense ratio of approximately 21% and a strong NOI margin near 79%. There is no significant exterior or landscaping maintenance required, making this a low-management, high-yield investment opportunity. Located just minutes from Downtown Louisville, the property benefits from consistent demand for workforce housing and offers convenient access to major employment centers, logistics corridors, and transportation routes. This is an ideal opportunity for cash flow investors, 1031 exchange buyers, or anyone seeking a stabilized multifamily asset with immediate returns and strong financing fundamentals. Also available is another 4-plex at 2315 Portland Ave with similar cap rate, perfect for adding all 8 units to your portfolio, buy all 8 units and get a discount.