Retail building near Derby City Gaming Downtown

Retail-Commercial for Sale
Sale Pending/Contingent
Also listed as Office
Catylist Listing ID: 30741836
Property Subtypes: Restaurant, Street Retail, Tavern/Bar/Nightclub
Status: Pending/Contingent
Building Size (RSF): 69,219 SF
Gross Land Area: 0.34 Acres
Sale Price: $3,940,000
Unit Price: $56.92 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User, Business
Building Name: Speer Arts and Commerce Building
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/15/2023

Overview / Comments

Here is an opportunity to purchase 315 W. Market St., which is located a half of a block from the new Churchill Downs Gaming facility and across the street from the Kentucky International Convention Center. This is a 5-story building with approximately 10,615 SF per floor and an attached annex building with approximately 4,782 SF per floor on three floors. There are two existing tenants in the building, one on the first floor and one on the second floor. The current owner will lease back space on a couple of floors for a minimum of one year after a sale. The gross rent from all tenants would be $371,000. A buyer could control the signage on the building and occupy the entire building. A centrally located passenger elevator serves both buildings, a freight elevator serves the five story building and an older elevator could serve the annex building. Ceilings in the main building are approximately 16' on the 1st floor and between 11' and 13' on the upper floors which is a great feature allowing you to create unique space with exposed ceilings and ductwork. Both the main building and the annex are fully sprinklered.
The buildings are located in the heart of restaurants, the Yum! Center is located within one block of the building, the convention center is across the street, and two parking garages are located adjacent to the building. Both buildings have a basement.
All floors have existing finish and the third floor has very nice office space totaling approximately 14,000sf when including the annex space.


Finance Data Year 2023
Potential Rental Income $371,000 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 014E02040000
Zoning: C-3 - Commercial District
Retail Clientele: Traveler, Tourist, Recreation, Convention, Casino
Property Located Between: 3rd and 4th Streets on Market St.
Property Visibility: Excellent
Highway Access: Very good, via Third Street ramp going south to parking garage on Third Street.
Airports: Louisville International
Site Description: Building entrance is on Market Street with a first floor suite having a back door in the alley leading to the parking garage.
Area Description: Central Business District across the street from Convention Center and within a half of a block from the new Churchill Downs Gaming facility.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 5
Property Condition: Average
Year Built: 1900
Year Renovated: 1988
Parking Type: Structure
Parking Description: Spaces available in the adjacent Actors Theatre parking garage. There is also a parking garage owned by the State adjacent to this property.
Passenger Elevators: 1
Freight Elevators: 1
Sprinklers: Wet
Zoning Description: C-3
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,069 132,317 304,794
Median Age: 31.76 35.29 37.06
Households: 6,201 58,166 131,578


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