100% Occupied Retail Investment Property

Retail-Commercial for Sale
Catylist Listing ID: 30680708
Property Subtypes: Mixed Use, Street Retail, Other
Building Size (RSF): 12,857 SF
Gross Building Area: See Agent
Gross Land Area: 1.30 Acres
Sale Price: $1,920,000
Unit Price: $149.33 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: 100% Occupied Retail Investment Property
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/13/2021

Overview / Comments

We are pleased to present this fully occupied prime retail strip center FOR SALE just off busy Nicholasville Road, in the heart one of Lexington’s busiest retail corridors. With the marquee & property visible from Nicholasville Road, the 15 businesses who call 145 Burt Road home receive the benefit of 40,235 passing vehicles per day.

A new investor can benefit from current owner’s detailed attention to renovating & leasing, with more than 80% of the units receiving full interior renovations in 2020. Tucked close to a Kroger anchored shopping center, with neighbors like Panera Bread, Burger King, Traditional Bank, and Jeff’s Car Wash, 145 Burt Road is perfectly located near popular 40503 neighborhoods, downtown Lexington (<2.8 miles), the University of Kentucky (1.5 miles), and Central Baptist Hospital (1.1 miles).

Lexington is highly ranked in a multitude of categories including the #9 most diversified metro economies in the US (WalletHub), #10 Best Cities for Young Professionals (SmartAsset), #2 Best Cities for College Grads (SmartAsset), and more.

***Contact listing agent to complete CA and obtain financial information about this listing.

Highlights:
100% occupied retail investment property presented at a 7% cap rate on in—place income.
1.3 acres; zoned B—1.
Busy Nicholasville Rd is a major Lexington retail thoroughfare.
Diverse mix of tenant businesses, with national (Kumon Learning, Wellnessmart), and strong local businesses (Gluten Free Miracles).
All rents collected in 2020!
Property includes 20 total units. Small unit size, proximity to Nicholasville Rd, and price point attract local service businesses to a convenient location. Property will never struggle when it comes to leasing.
16 units have been completely renovated in 2020, with current owner spending $250,000+ on Capital Expenditures to attract tenants and stabilize property.
Upgraded units received new HVAC units, new electric, LED lights, stylish glass doors, new LVT flooring, bathroom fixtures, and general maintenance items taken care of.
Current owner has done the heavy lifting, leaving future increases to the next owner.
Property has a new roof as of 2018 with a 10 year transferable warranty to be shared in Due Diligence.

Additional Details

Nearest MSA: Lexington-Fayette
County: Fayette
Tax ID/APN: 13826125
Zoning: B-1
Retail Clientele: General, Family
Property Located Between: Burt Rd & Nicholasville Rd
Property Visibility: Good
Largest Nearby Street: Nicholasville Rd
Area Description: Lexington, Kentucky has been rated as one of America's premier cities by some of the most noted and revered industry standard-bearers, such as Forbes magazine, the U.S. Census Bureau, Cognetics consulting group, Dun & Bradstreet, Ladies Home Journal, and Places Rated Almanac - just to name a few. Most people think of rolling countryside with stone fences, great basketball action, horse farms, Thoroughbred racing at Keeneland, a diverse economy, and outstanding schools, colleges and universities. Our community ranks high in quality of life factors, such as health care, public safety, educational attainment, and quality family living. The area also measures high among the best places for business location, creativity, entrepreneurial growth, and career relocation. Residents view Lexington as a beautiful place, with great schools, an innovative health care system, a strong economy, and mountains of potential.
Tenancy: Multiple Tenants
Number of Stories: 1
Property Condition: Good
Year Built: 1963

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,744 146,301 244,975
Median Age: 39.05 35 35.59
Households: 5,919 64,121 104,234
© 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.