Highlands Retail Center 7.31% Cap Rate

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30610849
Property Subtypes: Restaurant, Street Retail, Tavern/Bar/Nightclub
Status: Pending
Building Size (RSF): 3,267 SF
Gross Land Area: 0.10 Acres
Sale Price: $750,000
Unit Price: $229.57 PSF
Is Quick-Service Restaurant? Yes
Property Use Type: Investment
Building Name: Legacy Retail Center
Sale Terms: Cash to Seller
Cap Rate: 7.31%
Average Occupancy Rate: 100
Last Updated: 9/27/2021

Overview / Comments

Located in the coveted 2200 block of Bardstown Rd @ Woodbourne Ave, across the street from Papa John’s and a block from the Highlands Kroger, is this 3,267 ft.² retail center containing the popular Eat A Pita and Left Field Lounge tenants.

With an average daily traffic count of over 20,000 cars per day, there is an average median household income of over $60,000 per year with a population of around 23,000 within a 5 minute drive radius.

This submarket contains an annual restaurant and bar disposable income expenditure of over $115,000,000.

This submarket contains an annual soft goods and apparel disposable income expenditure of over $27,000,000.

PROPERTY FINANCIALS

Total Income (monthly rent $5,300) = $63,600 annual.

Expenses include:
- Property Tax = ~$4,700/ year
- State and City Taxes = ~$800/ year
- Encroachment bond for window awnings = $250/ year
- Property insurance - ~$3,000/ year

Total Expenses = $8,750

NOI = $54,850

Cap Rate 7.31%

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 080A00960000
Zoning: C-2 - Commercial District
Retail Clientele: General
Property Located Between: Woodbourne Ave & Dorothy Ave
Property Visibility: Excellent
Largest Nearby Street: Bardstown Rd
Feet of Frontage: 82
Traffic/Vehicle Count: 20,000
Highway Access: I-264
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,267 SF
Property Condition: Good
Year Built: 1947

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,818 116,547 310,884
Median Age: 40.95 39.18 37.95
Households: 8,691 54,848 138,388
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