26,812 SF Downtown with Private Parking

Retail-Commercial for Sale
Catylist Listing ID: 30597752
Property Subtypes: Free-Standing Building, Street Retail
Building Size (RSF): 26,812 SF
Gross Building Area: See Agent
Gross Land Area: 1.77 Acres
Sale Price: $850,000
Unit Price: $31.70 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 6/30/2020

Overview / Comments

DO NOT MAKE CONTACT WITH EMPLOYEES OR MANAGERS of the Save A Lot Grocery (Tenant). This grocery store, currently still in operation and has been for decades, is planned for availability in the coming months. Located in a very vibrant Downtown New Albany with restaurants, pubs, boutique shops, entertainment, recreation and a nearby Casino. Across from a Family Dollar and near many national brands, hotels, legal, financial and government facilities. This location started as a Kroger Grocery in 1952 and has served the community for decades as a grocery store. The area still wants and needs a grocery store. Ample parking for the store size apprx 26,812 SF. Incentives are available as the site is in Urban Enterprise Zone, TIF- tax increment financing, City Limits and the Opportunity Zone and some Indiana State incentives may be available. You should discuss those incentives with One Southern Indiana which is our local Chamber of Commerce and the City Redevelopment Director and share your plan, number of employees, job created (part and full time). Current Tenant is vacating June 2020. Building is for sale or lease. Contact me for an appointment which may take 72 hrs for approval.

Current Tenants

Tenant Business Name Sav A Lot Grocery
Lease Expiration 5/2020
Tenant Notes Tenant brand has filed bankruptcy for multiple locations and they are closing multiple stores.
Tenant Business Name Sav A Lot Grocery
Lease Expiration 5/2020
Tenant Notes Tenant brand has filed bankruptcy for multiple locations and they are closing multiple stores.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 22-05-03-500-351.000-008
Zoning: DOWNTOWN DISTRICT (D)
Retail Clientele: General, Family, Business, Traveler
Property Located Between: Spring St and Cherry Street
Property Visibility: Excellent
Largest Nearby Street: Spring Street
Highway Access: Immediate to I-64 which is 1-3 minutes to I-265 and I-65 which are all of the major interstates in the area. This site can get you in the West End, Downtown or East End of Louisville in 1-5 minutes. There are 5 bridges to cross the Ohio River all very easily accessible.
Airports: (3) Louisville International, Bowman Regional and Clark County Regional Airports
Site Description: Single story with the exception o a 2 story section at 1674 SF (per floor). Docks, cover dock, plenty of space for trucks to deliver, plenty of parking, other retailers nearby.
Area Description: A fantastic 10 block collection of historic buildings dating from 1813 with many from 1880-1890s.Great walkability, recreation (YMCA), riverfront, amphitheater, boat ramp, river activity to include a 7 mile long walk, bike & hike trail along the river, entertainment, art, food, magic, museums, churches, hotels, community theater, banking, legal, library, eateries, pubs & breweries, bakeries, boutique shops, casino gaming nearby, new and renovated apartment living (range $600-$2500) its just a happening place- come see yourself!
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1952
Roof Type: Flat
Construction/Siding: Block, Metal Siding, Stucco
Exterior Description: Standard look of grocery, panel glass, stucco, metal siding, corner controlled entry, parking at the door.
Total Parking Spaces: 68
Parking Type: Surface
Parking Description: Private parking, ample truck deliver space and street parking as well.
Interior Description: Fluorescent overhead lighting, standard isle layout typical of most grocery stores.
Zoning Description: The Downtown District (D) is intended for the expansion of residential, employment, Governmental, and recreational Uses currently found within the downtown area to continue its revitalization and create a high-quality pedestrian oriented environment. Commercial uses, office space, residential uses, and compatible light industrial uses are appropriate in this district.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: P 122 L 14, 5, 6 & 46 1' L 4;W 1/2 L 7-8-9;S 154 L 16#80600-10; S 35' OF N 40'L 16 #17; VAC.ALLEY 1'X120' #19

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,326 77,390 178,051
Median Age: 34.95 36.83 36.56
Households: 4,769 31,728 73,976

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