PRICE REDUCED - Regional Bank Anchored Office Building

Office for Sale
Catylist Listing ID: 30724189
Property Subtypes: Executive Suites, Office Building
Building Size (RSF): 21,820 SF
Gross Building Area: See Agent
Gross Land Area: 1.51 Acres
Sale Price: $2,350,000
Unit Price: $107.70 PSF
Property Use Type: Investment
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/11/2021

Overview / Comments

We are proud to offer this Large office building FOR SALE at 1001 Gibson Bay Drive, in Richmond, KY. The asset is a 21,820 sf Professional Office building that presently has 75% occupancy. The property has been utilized as a bank occupied anchor investment since it's development in 1998. It was the main branch for Kentucky Bank for several years until a recent regional bank purchased Kentucky Bank, known as Stockyards Bank taking overall Kentucky Bank locations soon. The property is the featured asset to this professional office area of Richmond, hosting medical, and professional office tenants. Positioned well as a local iconic office building for the established entrance to the work, live, play neighborhood that is Gibson Bay. The $160,000 of IN PLACE income, 6.81% CAP, with potential to reach a 9.4% CAP at this price point if vacancy is addressed. This property allows an owner occupant with in place income as a co-tenants, or as investment option with upside vacancy to increase income.

HIGHLIGHTS:
$300,000 PRICE REDUCTION
Ask Price $2,350,000
$160,000 IN Place net income
1.51 acres
21,820 SF
Plenty of parking for employees & customers

Additional Details

Nearest MSA: Richmond-Berea
County: Madison
Tax ID/APN: R016-0002-0010
Zoning: COMMERCIAL
Area Description: Richmond is a growing, vibrant city centrally located in the heart of Kentucky. Richmond was established in 1798 as the seat of Madison County. Richmond is seeing a period of rapid growth. During the 1990's the population grew at such a rapid rate, Richmond was designated as the fastest growing city in Kentucky.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,170 32,075 45,224
Median Age: 31.47 31.28 33.43
Households: 1,951 12,566 17,712
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