Downtown Building Totally Renovated

Office for Sale
Catylist Listing ID: 30655443
Property Subtypes: Mixed Use, Net Leased, Office Building, Other
Building Size (RSF): 8,500 SF
Gross Building Area: 11,000 SF
Gross Land Area: 0.05 Acres
Sale Price: See Agent
Ceiling: 15 ft.
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN)
Building Name: Formerly known as "George's Deli"
Class of Space: Class A
Usable Size (USF): 8,500 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/3/2020

Overview / Comments

Massive downtown building with panoramic views of the downtown skyline and two of three floors leased out with all NEW triple net leases. The top two floors are 100% renovated. The ground floor is vacant, under construction, but close to completion. The ground floor is the perfect space to lease out to a bar/restaurant/cafe. Strong CAP rate. Located directly across the street from the Federal Court House and Fayette County District and Circuit Court Houses. Some of Lexington's most popular, and still thriving, restaurants and bars are right next door. Transylvania University, law offices, retail, Sayre school, downtown mural walk, and St. Peter and Paul school just to name very few bring a high volume of pedestrian, bicycle, and vehicle traffic all day long. Investors - you don't want to miss this opportunity to own a beautifully revived piece of Lexington's history. Value add opportunity to convert the flat roof into a bar or restaurant.

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Tax ID/APN: 10940300
Zoning: B-2 DOWNTOWN BUSINESS
Property Located Between: Church Street and Market Street
Property Visibility: Excellent
Highway Access: Easy access to I-64 and I-75
Airports: 10 min LEX, 1 hr SDF and CVG
Site Description: Highly visible, thousands of pedestrians, bicycles, vehicles pass daily, 100% beautiful renovation with panoramic views of all downtown Lexington, some original features were preserved, elevator for all floors, only the buyers imagination will limit the uses for the buildings ground floor and rooftop. All leases are brand new and NNN.
Area Description: Located in the hottest neighborhood in Lexington. North Limestone has been part of a revival for several years now and it is only growing stronger. Several successful businesses and restaurants are still thriving, three large court houses located directly across the street bring thousands of high income earners to the area. Town Branch project encircles the area bringing even more foot and bicycle traffic to the area.
Total Number of Buildings: 1
Number of Stories: 4
Typical SF / Floor: 2,400 SF
Year Built: 1930
Year Renovated: 2020
Roof Type: Flat
Construction/Siding: Block
Exterior Description: All brick, well-maintained sidewalks, clean and recently painted, vintage charm with modern features.
Parking Type: Surface
Passenger Elevators: 1
Sprinklers: Wet
Interior Description: Exposed brick with original plaster intentionally left throughout feels modern. Hardwood floors are immaculate. Several large restrooms with granite and new fixtures, exposed duct work painted black has an industrial look but still clean and sleek. Windows line the walls of every room on every floor giving every single office an incredible view of downtown with its murals, pedestrians, fountains, and theaters.
Zoning Description: B-2 Principal Uses. (Other uses substantially similar to those listed herein shall also be deemed permitted.) 1.  The principal permitted uses in the B-1 zone. 2.  Amusement enterprises, such as indoor billiard or pool halls; indoor theaters; bowling alleys; dance halls; skating rinks. 3.  Restaurants, cocktail lounges and nightclubs, with entertainment, dancing or the sale of alcoholic beverages. 4.  Establishments for the display, rental, or sale of automobiles, motorcycles, trucks not exceeding one and one-half (1½) tons, and boats limited to runabout boats, provided that the outdoor display or storage of vehicles shall conform to the requirements of Article 16. 5.  Establishments engaged in blueprinting, printing, publishing and lithographing; interior decorating; upholstering; laundering, clothes cleaning and dyeing; clothing alterations and tailoring services. 6.  Hotels and motels. 7.  Passenger transportation terminals. 8.  Any type of dwelling unit. 9.  Wholesale establishments. 10.  Minor automobile and truck repair. 11.  Establishments primarily engaged in the sale of supplies and parts for vehicles and farm equipment. 12.  Pawnshops. 13.  Stadium and exhibition halls. 14.  Telephone exchanges; radio and television studios. 15.  Cable television system signal distribution centers and studios. 16.  Athletic club facilities. 17.  Adult arcades, massage parlors, adult bookstores, adult video stores, adult cabarets, adult dancing establishments, adult entertainment establishments, and sexual entertainment centers, provided that none shall be located within a 500-foot radius of any agricultural or residential zone, any elementary or secondary school, any park attended by persons under eighteen (18) years of age, or within a 1,000-foot radius of any other similarly regulated adult business. 18.  Parking lots and structures, provided such use conforms to the conditions of Article 16.
Lot Frontage: 25
Lot Depth: 100
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,110 132,059 238,146
Median Age: 32.49 34.74 35.42
Households: 10,149 55,113 101,043

Contact

Photograph of Listing Agent

Jenny Gregory

EXP Realty LLC KCREA Member
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