10ksf Rehab Ready Downtown New Albany

Retail-Commercial for Sale
Catylist Listing ID: 30250597
Property Subtypes: Free-Standing Building, Restaurant, Retail-Pad, Street Retail, Tavern/Bar/Nightclub
Building Size (RSF): 10,228 SF
Gross Building Area: See Agent
Sale Price: $172,500
Unit Price: $16.87 PSF
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/10/2018

Overview / Comments

DOWNTOWN NEW ALBANY- Here's your chance to get over 10,000sf of building 2 story plus a basement. See attached history document. Could be a lot of things to include a nice multi-family project which is the next great growth to the expanding and growing downtown. Walk to the grocery, walk a block and enjoy all of Downtown New Albanys restaurants, retail, farmers market, community theater, government services, post office, legal and financial services, the Bi-Centennial Park, local ball park, various performing arts events, the YMCA, the riverfront and much more. The owner bought this property years ago and has taken what was a questionable property and has now completed a tremendous amount of work that will help kick-start the next owner into a more rapid finish. New roof (shingles, sheeting and underlayment) in 2017 with more than half of all trusses being replaced as needed, demo was done, partial floor reworked and completed, piers added for floor support, 90% of tuck-pointing completed, lots of great timbers still in place and much more was done by the owner who is passionate about restoration as that is his business.

Additional Details

Nearest MSA: Louisville/Jefferson County
County: Floyd
Tax ID/APN: 22-05-00-200-775.000-008
Retail Clientele: General, Family, Business
Property Located Between: Pearl and State St
Property Visibility: Good
Largest Nearby Street: State Street
Highway Access: Immediate to I-64, I-265 and I-65
Airports: Clark County Regional Airport, Louisville International Airport
Site Description: Facility sits on the corner lot at Pearl and Oak St. Building has some surrounding land that could be used as private parking. Near retail, restaurants, apartments, grocery and apartments. Has adjoining parking lot but buyer would need to pursue that owner for any interest in additional adjoin property.
Area Description: Downtown New Albany has experienced some of Southern Indianas greatest growth in over 30 years. Its the neat place to be with all of its performing arts and entertainment, restaurants, boutique shops and various events.
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 4,800 SF
Property Condition: Fair
Year Built: 1845
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Brick in the period of 1845 with exterior character that has drawn many to the restoration efforts of so many buildings downtown.
Parking Type: Surface
Parking Description: Though not currently laid out, there is an opportunity to surround the building with parking and there is some street parking nearby.
Interior Description: Ready for continuation of rehabilitation. The current owner bought the building years ago in an effort to save. Its been gutted and much work has been completed. You need to see and feel what this project could be.
Zoning Description: C-2 General Business- This district is designed for the central business district and other areas of concentrated heavy commercial activity including enclosed storage and some limited industrial operations. Also residential use as found in R-5 Districts may be permitted.
Water Service: Municipal
Sewer Type: Municipal
Legal Description: P122; E 1/2 Lts.7-8-9

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,960 80,658 179,902
Median Age: 34.95 36.52 36.53
Households: 5,056 33,081 74,846
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.