Excellent Neighborhood Service Strip Center in Mount Washington, KY

Shopping Center for Sale
Catylist Listing ID: 30417876
Property Subtypes: Community Center, Neighborhood Center, Net Leased, Strip Center
Building Size (RSF): 30,955 SF
Gross Building Area: See Agent
Gross Land Area: 5.69 Acres
Sale Price: $2,200,000
Unit Price: $71.07 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Mount Washington Center
Sale Terms: Cash to Seller
Cap Rate: 9.4%
Last Updated: 9/23/2019

Overview / Comments

We are pleased to present for sale Mount Washington Center, a 30,955 square foot neighborhood retail center located on Bardstown Road in Mount Washington, Kentucky, a high growth submarket of Louisville, KY MSA.

Originally constructed in 1999 on a 5.69 acre site, this neighborhood service center is anchored by Club Fitness, a significantly successful local wellness and fitness facility. Other tenants include Family Dollar, Papa Johns and Church of the Crossroads.

Mount Washington Center is situated on Bardstown Road, a highly visible access route, located in downtown Mount Washington. Bardstown Road is a major north-south thoroughfare that intersects both Interstate 264 and 265, Louisvilleā€™s thoroughfares. The full I-265 interchange is located less than 7 miles north from this highly accessible asset.

Investment Highlights:
-High Yield Real Estate Investment before tax cash on cash at 15.85%
-Strong and Long Term Tenant Performance
-Potential Expansion Near the 18,000 Anchor Space
-Highly Visible Site w/ Signalized Entrance
-Outlot Development Opportunity at Signalized Intersection
-High Growth Submarket in Bullitt County w/ Huge Manufacturing and Logistics Expansion
-Excellent Demographics w/ Average Household Income of $74,654

Financials

Finance Data Year 2019
Net Operating Income $215,884 (Annual)
Gross Operating Income $239,097 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name Club Fitness
Website URL https://clubfitnessky.com/
Is Renting? Yes
Annual Revenue $500,000 (Annual)
Year Founded 2006
SF of Space Occupied 18,000 SF
Current Rent $7 PSF (Annual)
Options Two additional 5 year options at $7.25 NNN and $7.50 NNN
Tenant Notes Club Fitness, operating in an 18,000 SF facility, has occupied this center since 2006 and has expanded its membership to over 1,200 monthly paying members. Providing fitness, wellness and training services to all ages, the first-class facility includes an expansive weight room, large men and women locker rooms, a cardio theater, substantial exercise & dance studio, and a daycare facility. The facility has a 5 year option to exercise in 2021 at $7.25 NNN.
Tenant Business Name Family Dollar
Website URL https://www.familydollar.com/
Is Renting? Yes
Annual Revenue $900,000 (Annual)
SF of Space Occupied 8,831 SF
Current Rent $5 PSF (Annual)
Escalations $4,270/mo by December 2024
Options $4,270/mo by December 2024
Tenant Notes One of the most successful locations in the state, Family Dollar at this site has reported over $900,000 in revenue over the past five years. This tenant has verbally indicated it's commitment to exercising their option in December 2019 and a substantial renovation to their space.
Tenant Business Name Papa John's
Website URL https://www.papajohns.com/
Industry Type Accommodation and Food Services
Is Renting? Yes
SF of Space Occupied 2,065 SF
Current Rent $11 PSF (Annual)
Escalations +$1PSF NNN 5 year increase renewal option in Jan 2021
Options +$1PSF NNN 5 year increase renewal option in Jan 2021
Tenant Notes Papa Johns has been an occupant at this center for many years and has recently completely renovated their space while additionally adding a drive thru.
Tenant Business Name Church of the Crossroads
Website URL cotcky.org
Is Renting? Yes
SF of Space Occupied 1,080 SF
Current Rent $11 PSF (Annual)

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Bullitt
Tax ID/APN: 077-W00-18-012
Zoning: B2 - Central Business
Retail Clientele: General, Business
Property Located Between: N Bardstown Road and Flatlick Road
Property Visibility: Excellent
Largest Nearby Street: Bardstown Road
Traffic/Vehicle Count: 10,000
Highway Access: I-265, I-264, I-65
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 1999
Year Renovated: 2018
Roof Type: Flat
Construction/Siding: Concrete
Parking Type: Surface
Total Parking Spaces: 145
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,592 19,843 37,334
Median Age: 36.83 37.56 39
Households: 2,639 7,474 14,020

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