100% Office/ Warehouse with R-7 Multi-Family Zoned Land!

Office for Sale
Also listed as Industrial, Vacant Land
Catylist Listing ID: 30798077
Property Subtypes: Mixed Use, Flex Space, Office Building, Other
Building Size (RSF): 7,936 SF
Gross Land Area: 1.10 Acres
Sale Price: $775,000
Unit Price: $97.66 PSF
Ceiling: 11 ft.
Property Use Type: Investment
Class of Space: Class B
Usable Size (USF): 7,936 SF
Sale Terms: Cash to Seller
Average Occupancy Rate: 100
Last Updated: 9/23/2022

Overview / Comments

This multi-unit office/warehouse has good rental history and is cash flowing with total income at $4,825 per month and minimal Lessor expense responsibility estimated at just 21% of gross income. Located immediately across from the ramp to Interstate 65 from Preston Highway, this property offers excellent access and exposure! It also offers 0.30 +/- acres of surplus/ excess land that is zoned R-7, Multi-Family District, which offers contributory value to the property and significant development potential!

The front unit is leased to Mirror Glaze and includes approximately 5,000 SF of which approximately 28% is finished office and 82% is warehouse finish. This unit is leased for $3,000 per month, or $7.20 per square foot on modified gross terms (month to month, long term tenant).

The rear unit consists of 2,000 square feet of warehouse space, leased at $1,500 per month, or $9.00 per square foot on modified gross terms (expires April 30, 2023).

There is also a storage garage with 936 square feet that is presently leased for $325 per month on gross terms or $4.17 per square foot (expires October 31, 2022).

The offering is well suited for an owner/ investor who can utilize a unit personally and generate income on other units, or an investor/ developer who wishes to enjoy the cash flow while possibly entertaining the idea of multi-family development or another use at the rear of the property.

Summary of Income/ Expenses, effective May 1, 2022:
PGI: $57,900
Expenses: $12,215
NOI: $45,685

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 062203920000
Zoning: C-1 - Commercial District
Property Located Between: Durrett Lane and Gilmore Lane
Highway Access: Interstate 65 ramps are located across the street from the subject
Total Number of Buildings: 2
Number of Stories: 1
Year Built: 1977
Total Parking Spaces: 11
Sprinklers: None
Zoning Description: C-1, Commercial and R-7, Multi-Family Residential
Lot Frontage: 100'

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,609 97,331 308,689
Median Age: 35.05 36.06 36.68
Households: 2,881 40,691 132,830

Contact

Photograph of Listing Agent

Amanda Helfrich

Homepage Realty KCREA Member
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