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- LoopNet Team
221-239 W Short st
Lexington, KY 40507
221-239 W. Short St & 137-145 N. Upper St · Land For Sale
·
0.74 AC
INVESTMENT HIGHLIGHTS
- NOI of $342,075, contact agent for financial detail
- 136 Parking Spaces
- Loan Assumption possibility at 3.85% through 2030
- Value add potential through increased rents
- Opportunity to maintain stabilized parking income or to redevelop the site
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 0.74 AC |
| Property Subtype | Commercial | ||
| Zoning | B2B - Lexington Center Business | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Total Lot Size | 0.74 AC |
| Zoning | B2B - Lexington Center Business |
DESCRIPTION
Block + Lot is pleased to present this rarely available, high barrier for entry offering in the heart of downtown Lexington. This prime location serves as parking for the surrounding retail and office that serve downtown Lexington. Stabilized income, Modified Net Lease structure (Landlord paying property tax only, Tenant pays Insurance and all Operating Costs), strong credit serve this offering, with a recent expiration of a 5 year term currently on month to month with tenant eager to renew (potentially at increased rate) but lending opportunity for new owner to renew, lease to a similar/different professional parking business, or redevelop the site at buyer discretion. Tremendous value add potential given that the revenues today are approximately 55% of what they were in 2019, with the seller having executed the Lease just before the Covid pandemic. Buyer agent fee not included in offered price. -Located in the Designated Opportunity Zone for Lexington, Kentucky -Heart of Downtown Lexington, surrounded by retail, office, and residential -Rarely available purchase opportunity with multitude of possibilities for new owner
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $3,270,000 |
PROPERTY TAXES
