Downtown Bldg Resi Up w Retail Down

Retail-Commercial for Sale
Catylist Listing ID: 30773394
Property Subtypes: Restaurant, Street Retail, Tavern/Bar/Nightclub
Building Size (RSF): 2,412 SF
Gross Building Area: 3,152 SF
Sale Price: $235,000
Unit Price: $97.43 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/1/2021

Overview / Comments

2412 SF, 2nd & 3rd floor residence and 1st floor retail. Long sought after property in Downtown New Albany is now For Sale. Not too big, not too small and an excellent opportunity for someone who wants to live on the 2nd & 3rd floors and operate their business or rent the 1st floor to a café or retail. Most recent use served as a dance studio for about 15 years. The 2nd & 3rd floor has served as an individual residence for decades and has been used as an Airbnb more of late. The 1st floor has a separate entrance as well as one for the upper floors. The 2nd floor offers a kitchen, dining area huge living room area and restroom. The 3rd floor has a large front bedroom and a guest room in the back, washer and dryer closet and a full restroom with walk-in shower and a toilet.
What a great location! Within a very short walking distance- Several restaurants offering various cuisines, winery, breweries, boutique shops, bakeries, coffee shops, ice cream, professional services and if needed, the new City Hall is around the corner and 2 blocks away are other government offices that serve the City, County, State and Federal needs. You are surrounded with entertainment opportunities, museum, art, events throughout the year, lots of outdoor dining and a Farmers Market that will WOW you and is all year round! There is an amphitheater and tons of parking for the crowds. Have something you can do to turn the Harvest Homecoming into a money making event because you’ll have anywhere from 350,000 to 500,000 visitors over 4 days.
Move in and invite your friends down too with plenty to do, lots of cool living spaces form lofts, studios, 1,2 & 3 bedroom options with more on the way. What a fantastic atmosphere Downtown has to offer and I’d say you’d be hard pressed to match or out do it!

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 22-05-00-200-195.000-008
Zoning: D- DOWNTOWN COMMERCIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Recreation
Property Located Between: State and Bank Streets
Property Visibility: Excellent
Highway Access: Immediate to I-64, I-265 and I-65. 5 Minutes into Downtown Louisville KY
Airports: Louisville International, Clark County Regional Airports
Site Description: Property is situated on Pearl Street. easy walk to everything, 3 story bldg with a basement, 2 floors up with separate entry and retail down with its own entry.
Area Description: Hot Growth Historic Downtown area for the last 15 years despite the Pandemic with some of the most pleasing architecture and history you can imagine. Sets along the riverfront and is a All American City small town feel. Close to the big City needs if desired.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 3
Typical SF / Floor: 740 SF
Property Condition: Good
Construction/Siding: Brick
Exterior Description: Brick, typical of historic features for the period as surround by the same
Parking Description: Free street parking and a City owned parking lot nearby
Heat Type: Electricity, Natural Gas
Heat Source: Central
Interior Description: Nicely finished on the 2nd & 3rd floor. 1st floor has new HVAC, electrical panel and floor covering.
Zoning Description: D- Downtown Commercial- The Downtown (D) district is intended for the expansion of residential, employment, Governmental, and recreational Uses currently found within the downtown area to continue its revitalization and create a high-quality pedestrianoriented environment. Commercial uses, office space, residential uses, and compatible light industrial uses are appropriate in this district.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: P 93 FNT 20' OF R 42' L. 10; 208 PEARL ST.; TIF

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,228 83,070 191,514
Median Age: 36.94 36.32 36.61
Households: 5,190 33,991 79,805

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