217-227 Pearl St - The Beardsley Buildings

Retail-Commercial for Sale
Catylist Listing ID: 30773986
Property Subtypes: Mixed Use, Street Retail
Building Size (RSF): 25,000 SF
Gross Building Area: 30,000 SF
Sale Price: $1,900,000
Unit Price: $76 PSF
Ceiling: 12 ft.
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User, Business
Building Name: The Beardsley Buildings
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/11/2021

Overview / Comments

Hannegan Hall on the landmark corner of Pearl and Market Streets and three other buildings are offered in this bundle of commercial buildings in Historic Downtown New Albany. There are 4 buildings, 6 street level retail spaces, 5 apartments, approximately 30,000 square feet with some of that unfinished and ready to develop. Hannegan Hall, has a second-floor residence, a third-floor ballroom and private dining room, and a fantastic street level corner retail space that will be the jewel of New Albany. In addition, there are two vacant lots currently being used as walled in private courtyard. The possibilities are amazing! Be the developer to bring New Albany to the next level. Be the master of your own universe!

Developer incentives available! The Riverfront Redevelopment District (ie discounted liquor licenses), New Albany Preservation, Urban Enterprise Zone, TIF District, Redevelopment Zone, the Opportunity Zone and the Ceaser Foundation. New Albany welcomes Investors!

This is an estate sale. These properties are being offered exclusively as a bundle at this point in time. Please provide proof of funds when scheduling an appointment. Historic Preservation restrictions apply to the exterior of the buildings. Listing agent will be on site during showings to assist.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Taxing Authority: Floyd County, Indiana
Tax ID/APN: 22-05-00-200-206.000-008
Retail Clientele: General
Property Located Between: On Pearl between Market and Main Sts.
Property Visibility: Excellent
Largest Nearby Street: At the corner of Pearl and Market Streets in New Albany
Highway Access: Easy access to I-64 and Sherman Minton Toll Free Bridge
Airports: Muhammad Ali International
Site Description: Historic, prominent corner of Pearl and Market Sts. Market St street level retail with apartments on second and third floors. Massive 3 stori corner building. Plus, Green Space/ Courtyard discreetly fronts Market streetfrom behind brick wall.
Area Description: They don't call it historic for nothing! These buildings built between 1855 and 1886 have long been a part of Downtown New Albany. They sit on approximately 1/4 square block at the prominent corner of Pearl and Market Streets. Lots of good things happening herein downtown New Albany. Boutiques, galleries, restaurants, bars, loft apartments, traditional apartmens for long and short term rental. Folks enjoy 2 city parks, a YMCA, a newly renovated city hall, and a farmers market. New Albany has worked hard for decades making their "main street" a contemporary urban area drawing all kinds of people towards all kinds of businesses.
Tenancy: Multiple Tenants
Total Number of Buildings: 5
Number of Stories: 3
Property Condition: Average
Year Built: 1855
Year Renovated: 1980
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Limestone front on one building Brick on the others
Total Parking Spaces: 6
Parking Type: Surface
Parking Description: A couple of buildings have limited parking in the back. Otherwise, it's mostly street parking and a local garage
Passenger Elevators: 1
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Other
Internet Access: Cable, DSL, ISDN
Interior Description: 6 street level retail spaces 5 Apartments 2 empty shell spaces ready for build out
Zoning Description: Zoned Downtown/New Albany.
Sewer Type: Municipal
Legal Description: Please ask for Master Spreadsheet describing parcels, deeds and legal descriptions

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,959 83,070 191,514
Median Age: 37.13 36.32 36.61
Households: 4,665 33,991 79,805


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