Downtown Investment Opportunity

Office for Sale
Sale Pending/Contingent
Also listed as Industrial, Special Purpose
Catylist Listing ID: 30475472
Property Subtypes: Medical, Mixed Use, Flex Space, Net Leased, Office Building, Research & Development, Other
Status: Pending/Contingent
Building Size (RSF): 129,132 SF
Gross Building Area: See Agent
Gross Land Area: 2.21 Acres
Sale Price: $4,825,000
Unit Price: $37.36 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class C
Sale Terms: Cash to Seller
Cap Rate: 9.25%
Last Updated: 11/26/2019

Overview / Comments

Excellent opportunity to own this five-tenant Medical Office/Warehouse Building located in the heart of Louisvilleā€™s downtown Central Business District, one street North of Broadway and across the street from the Federal Building. This 129,132+/- SF investment property is Leased to Centerstone of Kentucky, Cotiviti (formerly RowdMap), P3 Protective Packaging and several other various office/warehouse tenants. In 2013, the building was completely renovated for Centerstone and their Adult Behavior Program. Centerstone will have 10 years remaining on their lease as of 2018.

The main 1st level floor currently 100% leased, new interior HVAC systems and access to an interior dock and drive-in doors. The property has an additional upside potential for the available 26,000 SF on the second floor which could be maximized for additional office users, expansion for existing tenants or potential apartment/residential development with unlimited opportunity with upward mobility for increased rental income. The second floor consists of (2) two 13,000 SF spaces consisting of 21 offices, 2 bathrooms and a mechanical room and the second 13,000 SF space has 17 offices, kitchen/break room, 2 restrooms and a mechanical room. The property has more than ample power and potential for outdoor employee roof top green space which is accessible from the second floor along with 950 SF of outdoor roof deck area for employees which is expandable.

**Listing brokers have an ownership interest in the property.**

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 013J00550000
Zoning: C-3 - Commercial District
Property Located Between: W. Broadway and W. Magazine Streets
Property Visibility: Excellent
Highway Access: Easy I-264 access via 9th Street and I-65 access via Broadway.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1956
Year Renovated: 2017
Roof Type: Flat
Construction/Siding: Block, Brick, Steel Frame
Parking Description: 10 Spaces at building; Street parking; Adjacent garage with 1,350 spaces (not included in sale)
Sprinklers: Wet
Heat Type: Electricity, Natural Gas
Internet Access: Cable, Fiber Optic
Zoning Description: C-3 and M-2
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,043 136,359 298,719
Median Age: 35.98 35.58 37.09
Households: 9,602 59,237 129,212
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