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.


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

View FullscreenMap

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
© Copyright 2001-2020 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.