Infill, Historic Investment Opportunity

Retail-Commercial for Sale
Also listed as Office
Catylist Listing ID: 30327748
Property Subtypes: Street Retail
Building Size (RSF): 23,463 SF
Gross Building Area: See Agent
Sale Price: $1,450,000
Unit Price: $61.80 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/24/2018

Overview / Comments

PRG is pleased to present this rare, 100% leased, investment opportunity in thriving, historical, Downtown New Albany, IN (Louisville MSA). 130 Main, known as the Elias Ayers Building, is a circa 1836, multi-tenant, mixed use property containing office, retail and apartment tenants. 140 Main is a completely renovated, single tenant, NNN property that is another historical gem- a former 1920’s era gas station. It is leased to a growing coffee shop/bakery user.

This opportunity is situated in the heart of Downtown New Albany and is at the center of the city’s resurgence. It is adjacent to the future New Albany City Hall, which will be located in a $5.6 million renovation of a historic building. It is also just steps from the New Albany riverfront park and amphitheater. Restaurants, boutique shops and new residential growth surround the area. The property contains off street parking, and also takes advantage of the ample free parking in the city owned parking lots abutting the property

This well-maintained offering is priced at a fraction of replacement cost and still contains a value-add component. A purchaser will take advantage of the already stable sub-market, but also enjoy tremendous upside from the new development in the area that will further enhance rent growth, leasability and appreciation.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 22-05-00-200-535.000-008
Zoning: C2

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,594 84,063 195,397
Median Age: 37.05 36.31 36.71
Households: 4,903 34,342 81,737
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.