2215 Glenmary Ave, Louisville, KY 40204

A rare find in the heart of Cherokee Triangle, this solid brick boarding house offers an exceptional investment opportunity in one of Louisville's most desirable and walkable neighborhoods. With 18 bedrooms, 4 full baths, and 3 half baths, this property stands out for its size, location, and unique income potential. What makes this opportunity truly special is its hard-to-come-by non-conforming use status, allowing for room-by-room rentals—an advantage that's nearly impossible to replicate today. With estimated rents of $1,000 per room per month, the property has the potential to generate $216,000 in gross annual income and deliver a projected cap rate of up to 12%! Recent updates include refreshed kitchen, new ceiling-to-cabinet quartz backsplash, all-new fixtures, new flooring, new cabinet door handles, a new faucet and sink, and updated plumbing underneath. The home is equipped with four HVAC units, the roof was replaced in 2016, and in 2023, $32,000 was invested to replace … read more …