1719 N. Broadway

Retail-Commercial for Sale
Catylist Listing ID: 30270860
Property Subtypes: Street Retail
Building Size (RSF): 9,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.76 Acres
Sale Price: $1,095,000
Unit Price: $121.67 PSF
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: 8.25%
Average Occupancy Rate: 90
Last Updated: 10/15/2018

Overview / Comments

Stable Retail investment Opportunity – 1719 North Broadway is conveniently located between New Circle Rd. (Highway 4) and Interstate 75/64 in Lexington, KY. This highly visible site boasts tremendous traffic counts. The property is currently 100% occupied, and has maintained stable occupancy since purchased in 2006. The property also holds value add potential with an average rental rate below current market rates, and all current leases include renewal options with rent escalations.

Property Highlights:

-Retail Investment Property Located on the highly traveled North Broadway/Paris Pike.
-Very High Daily Traffic Counts. (26,600 ADTC)
-Multiple National Tenants
-Conveniently located between New Circle Rd. and I-75/64.
-Historical Occupancy at or above 90%.
-All current leases have renewal options with rent escalations.
-Value Add Potential – Average Rental Rate of $11.22/SF (Modified Gross) – below market average.

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Zoning: B-3
Traffic/Vehicle Count: 26,600
Area Description: Ideally located on North Broadway, between New Circle Rd. (Hwy 4) and I-75/64 in Lexington, KY. Less than 3 miles from Downtown Lexington and less than 1 mile from I-75/64 interchange.
Tenancy: Multiple Tenants
Year Built: 2001
Zoning Description: Highway Service Business

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,067 84,679 173,031
Median Age: 39.75 34.12 35.05
Households: 5,506 34,736 72,057

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