Broadway Center

Shopping Center for Sale
Sale Pending/Contingent
Catylist Listing ID: 30135495
Property Subtypes: Strip Center
Status: Pending/Contingent
Building Size (RSF): 30,974 SF
Gross Building Area: See Agent
Gross Land Area: 2.91 Acres
Sale Price: $4,505,694
Unit Price: $145.47 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 9.5%
Average Occupancy Rate: 100
Last Updated: 3/12/2018

Overview / Comments

100% occupied, multi-tenant retail center located in Louisville, KY. This 30,974 SF center consists of multiple national tenants with long term leases in place. As of July 2017, the minimum remaining lease term is 5 years and the average remaining term is 7.5 years per tenant. National tenants include Kool Smiles Dentistry (100+ locations), Cash America (900+ locations), & City Gear (130+ locations). These national tenants occupy 80% of the center and each has been in business for more than 10 years at this existing location. There is also an opportunity for development of a small outparcel (estimated to allow for a 1200-1500 SF building). Located in a strong urban retail corridor, the property is surrounded by an extremely dense population base of 121,652, a concentrated work-force of 139,733, and a day-time population of 213,629 (within 3 miles). With access from a traffic signal and situated on 2.91 acres, the center sits directly across from McDonald's. This portion of W Broadway has a solid traffic count of roughly 20,000 vehicles per day near the center. The former Broadway Cinemas was converted into this flourishing retail center in 2007. There is abundant parking with more than 150 spots (5-1 ratio).


Finance Data Year 2017
Net Operating Income $428,040 (Annual)
Actual or Proforma Year Actual

Current Tenants

Tenant Business Name City Gear
SF of Space Occupied 9,717 SF
Lease Expiration 2/2028
Options 130 Locations within the U.S.
Tenant Business Name Kool Smiles Dentistry
SF of Space Occupied 8,268 SF
Lease Expiration 7/2023
Tenant Notes 100 + locations within the U.S.
Tenant Business Name Cash America
SF of Space Occupied 6,789 SF
Lease Expiration 8/2024
Tenant Notes 900 + locations within the U.S.
Tenant Business Name Top Beauty
SF of Space Occupied 3,200 SF
Lease Expiration 6/2026
Tenant Business Name Apple Food Mart
SF of Space Occupied 3,000 SF
Lease Expiration 8/2022

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Jefferson
Tax ID/APN: 013G01920000
Zoning: C-2 - Commercial District
Property Located Between: 12th St and 13th St
Property Visibility: Excellent
Largest Nearby Street: Broadway
Feet of Frontage: 260
Traffic/Vehicle Count: 19,807
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1984
Year Renovated: 2007
Parking Ratio: 1 (per 1000 SF)
Parking Type: Surface
Total Parking Spaces: 150
Zoning Description: C-2
Lot Frontage: 260
Lot Depth: 470

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,839 136,118 288,307
Median Age: 35.38 35.39 36.97
Households: 9,383 58,036 124,655
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