Former Bank Branch Absolute Auction Mayfield

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30421716
Property Subtypes: Day Care Facility, Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Status: Pending
Building Size (RSF): 10,401 SF
Gross Land Area: 0.80 Acres
Sale Price: See Agent
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Building Name: Former Regions Bank Building Mayfield Kentucky
Sale Terms: Cash to Seller
Up For Auction: Yes
Auction Type: Absolute
Auction License Number: P2066
Cap Rate: Undisclosed
Short Sale/Bank-Owned: Yes
Last Updated: 6/22/2019

Overview / Comments

Online only Absolute Auction through Auction Management Corporation website (bid.amcbid.com). Bid deadline is Thursday, June 6, 2019 at 11:00 A.M. CT.
Inspection Friday, May 31, 2019 at 11:00 A.M. CT sharp. Two story 10,401± SF footprint former bank branch built ca. 1956 with three drive through lanes. Tax card shows the address as 121 N 7th Street, but the building address is 117 N 7th Street. Approximately 4,300± SF of the 2nd floor of the building is leased to a CPA firm who has been on a lease signed in 2009 but states he has been a tenant since 1984. Lease terms are posted under documents section.
Property being offered consists of 8 separate tax parcels (7 are contiguous to the bank building and total 0.8 acre plus there is a parking lot across the street on the corner of 8th & West North Streets.) See aerial plats in documents section.

Terms: Proof of Funds Required to Bid, 10% Buyers Premium added to winning bid to determine sale price, Earnest Money Deposit 10% of Purchase Price, 1% Broker Co-Op, close in 30 days.

Current Tenants

Tenant Business Name CPA Firm
Is Renting? Yes
SF of Space Occupied 4,300 SF

Additional Details

Nearest MSA: Mayfield
County: Graves
Taxing Authority: Graves County
Tax ID/APN: 203.00.24.005.00
Zoning: COMMERCIAL
Retail Clientele: General, Family, Business, Traveler, Tourist, Convention
Property Located Between: North 7th & 8th Streets
Property Visibility: Excellent
Largest Nearby Street: North 7th Street
Site Description: 0.8 Acres with building and generous parking.
Area Description: Downtown Mayfield, Kentucky in Western Kentucky.
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Good
Year Built: 1956
Parking Type: Surface
Parking Description: Generous parking on-site.
Zoning Description: Commercial

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,063 12,538 17,881
Median Age: 34.52 39.1 39.78
Households: 2,061 5,168 7,404

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