1951 N Broadway,Lexington, KY 40505
Lexington, KY 40505
Description
We are excited to offer 1.3 acres of flat, retail land off of N. Broadway for sale. The property is conveniently located just off Interstates 75/64 and only 0.8 miles from Downtown Lexington, and is conducive to redevelopment or to be used as is. The 2,600 SF former restaurant is currently leased until September 31, 2028 on a NNN lease to a home delivery meal service (Tenant pays property insurance and common area maintenance, and 60% of the property tax bill), and the back portion of the property to a food truck which is on a month-to-month agreement. The total income is $55,200/year with increases each year. Landlord is only responsible for roof and structure, 40% of the property tax bill, and maintaining the parking lot area leased to food trucks. The existing restaurant features many recent improvements and is in excellent condition, fully equipped. This would be a great opportunity for a future owner occupant or developer looking to enjoy income until taking over, or a buyer looking for future value add potential through the current tenancies. Immediately surrounding the site is a Shell gas station, Marathon gas station, and Days Inn and Suites.
Details
| MLS # | 24001239 |
|---|---|
| Listing Type | For Sale |
| Style | Retail |
| Sub-Type | Resale |
| Status | Active |
| Year | 1968 |
| Days On Site | 322 |
| Listing Provided By | Block + Lot Real Estate | Gregory Leveridge |
Features
| SQ Feet | 2,600 |
|---|---|
| Building(s) | 1 |
| Zoning | B-5P |
| Acreage | 1.30 |
Area Information
| State | KY |
|---|---|
| County | Fayette |
| City | Lexington |
| Zip Code | 40505 |
| Area | 001 Fayette County NW |
| Subarea | Fayette County NW |
| Community Name | Commercial |
| Listing VS Median (in Commercial) | |
Price: $1,170,000 low | high Med: $84,450 sqft: 2,600 low | high Med: 1,968 $ / sqft: $450 low | high Med: $50 On site: 322 low | high Med: 208.5 | |
Market Activity 40505
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Learn More About This Property
| State | KY |
|---|---|
| County | Fayette |
| City | Lexington |
| Zip Code | 40505 |
| Area | 001 Fayette County NW |
| Subarea | Fayette County NW |
| Community Name | Commercial |
| Listing VS Median (in Commercial) | |
Price: $1,170,000 low | high Med: $84,450 sqft: 2,600 low | high Med: 1,968 $ / sqft: $450 low | high Med: $50 On site: 322 low | high Med: 208.5 | |
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