20
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$1,170,000
2,600 SqFt
Active
1951 North Broadway Lexington, KY 40505
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 2,600 sqft
Price per Sqft $450
Subdivision Commercial
MLS Listing ID 24001239
Year Built 1968
Lot Size 1.300 Acres
Property 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.
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.
Location
State KY
County Fayette
Exterior
View Y/N N
Handicap Access No
Private Pool No
Listed by Block + Lot Real Estate