Income- UpTown Restaurant and Apartments

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30288008
Property Subtypes: Free-Standing Building, Restaurant, Street Retail, Tavern/Bar/Nightclub
Status: Pending/Contingent
Building Size (RSF): 4,816 SF
Gross Building Area: See Agent
Sale Price: $240,000
Unit Price: $49.83 PSF
Property Use Type: Net Leased Investment (NNN)
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/17/2018

Overview / Comments

Income Property. Located in UpTown New Albany is 1513-1515 E Market St. Property currently has a Mexican restaurant as a tenant who rents the 1st floor apartment and the upstairs as well. There is also another upstairs apartment with a separate entry that is rented. The income is $2,650 per month in all. Tenants pay utilities. The hood and walk-in cooler remain with the property The tenants furnishings and equipment are NOT part of the purchase and are the personal property of the tenant. There are 2 years remaining with the current tenant lease and he has a 5 year option to renew. The City has begun efforts to revitalize UpTown in the area to include E Market and Vincennes St just a few 100 feet away that has a new planned development that includes new retail and apartments. Give me a call and lets take a look.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 220502802356000008
Zoning: C-2 MEDIUM GENERAL BUSINESS
Retail Clientele: General
Property Located Between: 14th & 15th Street
Property Visibility: Good
Largest Nearby Street: Main Street
Highway Access: Spring St out of New Albany to I-65 or Market Street to I-64 both are a very short trip
Airports: Clark County and Louisville International Airport
Site Description: Corner property, free private and public parking, front porch, outdoor seating, covered private porch
Area Description: Established community, surrounded by homes, near downtown
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Year Renovated: 2015
Construction/Siding: Brick
Exterior Description: Historical architecture, brick with decorative window trim
Parking Type: Surface
Parking Description: Some private parking to the rear and City parking front and across the street
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: Finished out in traditional Mexican style for the restaurant and the apartments are standard finish
Zoning Description: C-2 Medium General Business
Water Service: Municipal
Sewer Type: Municipal
Legal Description: P 5 E 67' L 3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,758 93,668 203,133
Median Age: 34.5 36.19 36.8
Households: 4,989 38,422 85,758

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