Whirlaway Tavern / Redevelopment Potential in Opportunity Zone

Retail-Commercial for Sale
Sale Pending
Catylist Listing ID: 30295196
Property Subtypes: Restaurant, Tavern/Bar/Nightclub
Status: Pending
Building Size (RSF): 3,562 SF
Gross Building Area: See Agent
Sale Price: $325,000
Unit Price: $91.24 PSF
Property Use Type: Business
Building Name: Whirlaway Tavern
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 9/7/2018

Overview / Comments

Built in 1890 the property was home to G.A. Brucker Groceries. In 1946 the Whirlaway Tavern opened and has been serving libations since. Named after the 1941 Kentucky Derby winner Whirlaway, the 1st Derby winner Calumet Farms produced. Whirlaway went on to win the Triple Crown and also what is referred to as the 4th leg of the Triple Crown, the Travers Stakes at Saratoga. The only horse in history to do so. As the US entered WWII Whirlaway was enlisted to raise money for the war effort raising over $5M. Whirlaway was the most popular and beloved race horse during the 1940's.

The building has 3 Phase and 200 amp electric service. 1st Floor ceiling height is 14'7". 2nd floor ceiling height is 10' and is wide open with brick walls and exterior staircase that leads to 2nd floor entry. There are two restrooms, stock room and outdoor area with firepit. There a two adjacent vacant lots included which could potentially serve as off-street parking. The lot behind the building facing Montana is a double lot.

The bar includes a stove with Ansul alarm, refrigerator, beer cooler, under counter refrigerator, 3 compartment sink, pool table, shuffle board, TV and other miscellaneous items. Two newer entry steel doors have been installed.

With the rolling out of the recent Opportunity Zone Program pursuant to the recent Tax Cuts and Jobs Act, it has been determined that this property is in fact located within a designated Qualified Opportunity Zone. The newly created Opportunity Zones Program exists to offer tax incentives for private investors investing in projects located within such Zones. This property therefore presents a potentially unique opportunity for a buyer to take advantage of such tax benefits.

Attachments & Media

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 050D01280000
Zoning: C-1 - Commercial District
Retail Clientele: General, Traveler, Tourist, Recreation, Convention, Other
Property Located Between: At intersection of 4th & Montana
Property Visibility: Excellent
Largest Nearby Street: Winkler
Feet of Frontage: 825
Highway Access: Easy access to I-62 & I-264
Airports: 2 miles to Louisville International Airport
Area Description: This property is just 5 blocks North from the entertainment district with Churchill Downs, UofL's Jim Patterson Baseball and Papa John's Football Stadiums and Central Station. It is adjacent to UofL and immediately across the street from the 252 unit student housing development, The Arch. Aptitude Development also just announced a 232 unit high rise student housing development one block away at 2420 S 4th to open in 2020. 4th Street connects two entertainment centers, 4th Street Live in the Central Business District and Churchill Downs and other nearby attractions in the 4th & Central Avenue area. On the opposite corner is a Louisville Fire Station and the intersection has yellow blinking light.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1890
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Other
Parking Description: Street Parking. Adjacent lot that is sold with this property has potential for parking.
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Evaporative Cooler
Interior Description: Brick, wood beams, exposed ductwork, high ceilings.
Zoning Description: C-1. With the rolling out of the recent Opportunity Zone Program pursuant to the recent Tax Cuts and Jobs Act, it has been determined that this property is in fact located within a designated Qualified Opportunity Zone. The newly created Opportunity Zones Program exists to offer tax incentives for private investors investing in projects located within such Zones. This property therefore presents a potentially unique opportunity for a buyer to take advantage of such tax benefits.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,779 147,252 301,146
Median Age: 30.19 35.41 36.77
Households: 6,193 64,209 129,240

Contact

Photograph of Listing Agent

Brian Puryear

PDG Realty KCREA Member
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