Catylist ID:
#30841831
| Catylist Listing ID: | 30841831 |
| Property Subtypes: | Hotel, Recreation Cabins, Vacation Rental(s), Other |
| Number of Units: | 14 Units |
| Building Size (RSF): | 16,902 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 0.33 Acres |
| Sale Price: | $4,875,000 |
| Unit Price: | $348,214.29 Per Unit |
| Property Use Type: | Investment, Business |
| Building Name: | Bungalou |
| Sale Terms: | Cash to Seller |
| Last Updated: | 5/26/2023 |
Overview / Comments
|
Guaranteed to be the most distinct opportunity in the state of Kentucky! Situated in the epicenter of Bourbon Country, this extraordinary “Boutique Hotel” exemplifies the future of the STR business, and is home to some of the highest, 5-figure bookings in the country. :: C-2 Zoning | 16,900+ sqft | 80’ Road Frontage :: 3 Commercial Storefronts (leased) :: 11 Suites (6 Studios | 4 Two-Bedrooms | 1 Four-Bedroom) :: 18 Bedrooms | 19 Full Baths | 22 Beds + 5 Sleeper Sofas :: 8 Full-Size Kitchens (1 Gourmet) | 3 Kitchenettes :: Accommodates up to 50 :: Onsite Laundry Facility (equipped for unit conversion) :: Laundry Hookups (all units) Most recognizable as Bungalou "Stay & Play", this “Like-New Construction" complex recently underwent a transformative/restorative multimillion-dollar renovation that was completed in 2022-2023. The owners meticulously designed the layout to enable versatile booking flexibility that allows the suites to be booked separately, together, or in a variety of combinations. Because this “Mega-Airbnb” effortlessly accommodates up to 50 guests, it has become a thriving and trustworthy destination for Corp Retreats, Wedding Stays, Distillery Tour groups, Special Occasions, and the like. An established lease exists with the commercial tenant that has been nationally recognized by multiple, noteworthy publications. This has elevated the property to become a national magnet for travel – Louisville was recently rated #1 on Airbnb searches for Q1 2023. Prime Location on Historic Bardstown Rd provides a purchaser with an established, intrinsic value on the underlying real estate. This prevalent entertainment district promises an average daily traffic count of 15k+ (2020) and is surrounded by a mature, upscale neighborhood. C-2 Zoning means most short-term regulations do not apply. Approx. 10 mins from I-64, Downtown, NuLu, Ali Intl Airport (SDF); and within close proximity to the exploding bourbon industry in the Louisville/Bardstown/Frankfort triangle. Numerous large-scale developments are underway nearby such as “One-Park” ($600M mixed-use development) and the newly completed $9M Gilda’s Club Headquarters. A purchaser will reap the rewards of increases in revenue from 4 newly finished suites put into service April/May '23. $250,000 worth of furnishings may be conveyed at a negotiated rate for a simple, turn-key approach. Enjoy low future CapEx given the list of upgrades completed following reconstruction from the original studs and foundations: :: New Electric (wiring/panels/service/fixtures) :: New Plumbing (PVC, pex, underground drainage/sewer line to street) :: New Sheathing, Framing, Hardiplank Siding and Awnings :: New Roofing + Gutters (shingle & EPDM roofing) :: New Low-Voltage Wiring (CAT6 Internet/Cameras/Audio) :: New Drywall, Insulation and Rockwool Soundproofing :: New Cabinets, Quartz Countertops, Stainless Appliances :: New Tile, Tubs, Glass Surrounds :: New LVP Flooring + Subfloor :: New Windows, Interior/Exterior Doors :: New HVAC + Mini-splits :: New Turf/Concrete (3,000 sqft Courtyard) :: Foundations Secured (some replaced) :: Rooftop Deck Structure added :: Custom Millwork & Finishes :: Commercial Space Buildouts Utilities: :: Low utilities - energy efficient fixtures :: Gas/Electric all separately metered :: Water on central heater with recirculation pump (2 meters) 49% of revenue is derived from Direct Bookings vs. Airbnb/VRBO/etc. This proposed sale includes the following assets: :: $325,000+ of future confirmed bookings :: $65k of kitchen appliances, washers/dryers :: Pending trademark to “Bungalou” name/logo :: Superhost Profile ::150+ Reviews (4.9 Rating) :: Database of 350+ Past Reservations :: Direct Booking Website + Domain (Bungalou.com) :: Social Media Accts :: Custom Digital Guidebook :: Luggage Storage Revenue :: Automated Keyless Entry + Hosting Systems :: Photos/Videos/Floorplans |
Attachments & Media
Additional Details
| Nearest MSA: | Louisville/Jefferson County |
| County: | Jefferson |
| Submarket/Township: | 02 - Butchertown / Highlands / Germantown |
| Submarket Type: | Historic District |
| Tax ID/APN: | 075D00030000 |
| Zoning: | C-2 - Commercial District |
| Retail Clientele: | General, Business, Traveler, Tourist, Recreation |
| Property Located Between: | Grinstead Ave & Patterson Avenue |
| Property Visibility: | Excellent |
| Largest Nearby Street: | Bardstown Road/Grinstead Dr |
| Feet of Frontage: | 80 |
| Traffic/Vehicle Count: | 15,400 |
| Highway Access: | I-64 |
| Airports: | Louisville Ali International Airport (SDF), Bowman Field |
| Site Description: | Flat |
| Number of Stories: | 2 |
| Property Condition: | Excellent |
| Year Built: | 1900 |
| Year Renovated: | 2022 |
| Roof Type: | Hip |
| Construction/Siding: | HardiePlank Siding |
| Total Parking Spaces: | 4 |
| Parking Type: | Surface |
| Parking Description: | 4 dedicated spots in alley, plus free on-street parking. |
| Laundry: | In Each Unit |
| Heat Type: | Electricity, Natural Gas |
| Heat Source: | Central, Wall Units |
| Air Conditioning: | Other |
| Internet Access: | Cable, Other |
| Interior Description: | Completely renovated 2022-2023 |
| Zoning Description: | C-2 |
| Lot Frontage: | 80 |
| Lot Depth: | 180 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Easements: | Electric Lines |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 18,010 | 126,802 | 316,904 |
| Median Age: | 38.6 | 37.34 | 37.47 |
| Households: | 9,404 | 58,807 | 139,103 |
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