ABSOLUTE AUCTION: High Profile Downtown Restaurant / Bar

Retail-Commercial for Sale
Auction
Catylist Listing ID: 30810670
Property Subtypes: Car Wash, Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 6,724 SF
Gross Building Area: See Agent
Sale Price: $1,999,000
Unit Price: $297.29 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Post Masters Pub
Sale Terms: Cash to Seller
Up For Auction: Yes
Auction Type: Absolute
Call for Offers: Yes
Cap Rate: Undisclosed
Last Updated: 12/5/2022

Overview / Comments

Iconic Downtown Building For Absolute Auction. 307 W. Short St was built circa 1825 and is Lexington's oldest surviving post office. The property has been completely remodeled and its beautiful inside and out. The property currently serves as a full service bar restaurant with 156 seats and multiple dining areas, lounges, and elegant finishes. This 3-story building is appx 6,700 sf and has been designated the flexible B-2B zoning.

The property, contents, and business are being sold “as is”, “where is” with any and all faults included, and no warranties are expressed or implied as to the condition of the property, contents, or business. Inspections are welcome prior to the auction and must be arranged through Clay Angelucci on Tuesday November 29th from 1:00-3:00 PM. Announcements day of sale take precedence over all printed materials. If a fault is discovered in any printed material it is the responsibility of the purchaser to bring it to the attention of the auctioneer prior to the opening bid so that it may be addressed.

All bidders must be registered to bid and must provide proof of financial ability to successfully complete the purchase and closing prior to the opening bid at 10 am Saturday December 10, 2022. A letter of credit or other proof of funds or the ability to complete the transaction will be required and must be presented to Clay Angelucci of Block + Lot Real Estate before 10 am, Saturday December 10, 2022.
Financial information for the business is available upon request with bidder registration and bank letter of credit or similar qualifications of the bidder and an NDA (non-disclosure agreement will be required).

The property includes the lot, and all permanently attached improvements. The business includes all FF&E that is in the property at the date of the auction including inventory (if applicable), a list can be provided and attached to the purchase agreement upon request. The business will continue to operate until the closing unless otherwise determined by the purchaser and seller in writing. The liquor license remains with the business and may require some paperwork with the ABC Board. The business name and all good will remains with the business.
Buyer’s Premium & Final Sales Price: a 10% Buyer’s premium will be added to winning bid to determine the final purchase price.

By placing a bid, either in person, by phone, absentee or via the Internet, you signify that you have examined the property as fully as you desire to or that you have chosen not to examine them. If you require absolute certainty in all areas of authenticity, and the results of your evaluation leave uncertainty in your mind, we recommend you have an expert examine the property or financials for you or do not bid on the item in question. The successful bidder is the highest bidder acknowledged by the auction. In the event of any dispute between bidders, or in the event of doubt on Allen Real Estate Services LLC’s part as to the validity of any bid, the auction auctioneer will have the final discretion either to determine the successful bidder or to reoffer and resell the property in dispute. If any dispute arises after the sale, Allen Real Estate Services LLC’s sale record is conclusive.
The property, contents & business are sold “as is” with no contingencies of any kind including condition or financing. No warranty is made as to the condition, age, and description of any item. The property and contents will be available for inspection On Tuesday November 29th from 1:00-3:00 PM. We try our best to test, describe, and validate all items before listing them for sale. If you are not sure of the item do not bid on it.

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Tax ID/APN: 10235250
Zoning: B-2B DOWNTOWN CENTER BUSINESS
Property Visibility: Excellent
Area Description: 307 W. Short St. is centrally located downtown at the corner of Mill St. and W. Short St. Just walking distance form Rupp Arena and the newly Renovated Convention Center, and future Town Branch Park. This location is a popular nightlife corridor for downtown.
Zoning Description: B-2B

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 19,736 131,638 239,998
Median Age: 31.58 34.58 35.51
Households: 8,459 54,816 101,785

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