INVESTMENT OFFERING $1,266,000 FRANKFORT AVENUE RETAIL LOUISVILLE, KENTUCKY

Transcription

1 INVESTMENT OFFERING $1,266,000 FRANKFORT AVENUE RETAIL LOUISVILLE, KENTUCKY

2 EXECUTIVE SUMMARY The Offering Qualified investors are extended the opportunity to acquire a unique urban retail investment in the heart of Crescent Hill, a vibrant Louisville neighborhood. The offering includes five commercial condominium units of a mixed-use development completed in 2007 (two remaining commercial units are owned separately). Privately owned luxury residences are located above the street level retail condominiums; all are members of an operating condo association comprised of 17 units in two adjacent buildings. Featuring a limestone facade with striking black storefronts, the high end retail shops have become a landmark in Crescent Hill. The fashionable address provides tenants with maximum visibility, immediate street parking, and an attractive promenade, conforming to the walkable retail district of Frankfort Avenue. A large concentration of local/regional restaurants and bars, various retailers, churches, professional services, personal residences and multi-family complexes align historic Frankfort Avenue. The corridor provides a vibrant mix of daytime and evening businesses and is considered one of Louisville s best pedestrian trade areas. All five units are leased with tenants: The Urban Farmhouse, Jordan Clines, Willis Salon, and Summer Eliason Custom Jewelry. The condo association oversees much of the typical landlord responsibilities, making this an attractive real estate asset for passive investors. Sales Terms The units are being offered on an as-is basis with ownership making no representations or warranties with respect to the accuracy or completeness of the offering memorandum or any and all documents delivered to any acquisition prospect for the purpose of due diligence. Investment Highlights Iconic Mixed-Use Development The development was designed for and has been received as a luxury retail and residential destination Minimal Tenant Turnover The rent roll is comprised of long term tenants with successful operating history. The healthy mix of soft good and service retailers remain in demand and are well positioned for continued success. Frankfort Avenue Retail Trade Area Located in the heart of Crescent Hill and along Frankfort Avenue, the prime retail development is a Louisville landmark surrounded by local favorite eateries and businesses. The development provides customers and tenants a prominent location offering great accessibility and synergy with the surrounding mature neighborhood, featuring a very dense population with high household incomes Excellent Operating History Developed, owned, and managed by a local partnership, the center has enjoyed a successful operating history with one owner since 2007 Ideal 1031 or Private Equity Play Limited landlord responsibilities, diversified cash-flow, and sound real estate fundamentals make this an ideal 1031 replacement property or private equity investment Free and Clear Offering The property is not encumbered with existing debt. Investors are able to structure the acquisition most conducive to their debt and equity sources 5

3 PROPERTY DESCRIPTION Features Address Total Offered GLA 2830, 2836, 2842, 2846, 2850 Frankfort Ave 3,413 SF Year Built 2007 Number of Units Offered 5 Inline Retail Shop Sizes SF Occupancy 100% Zoning Condo Association C1 Lodge 820 Condominium Association, Inc. Total Association Units 17 Demographics Proximity 1 mile 3 miles 5 miles Total Population 14, , ,300 Median Age Households 7,445 54, ,585 6

4 SITE LOCATION MAP 7

5 PROPERTY PHOTOS 8

6 SITE PLAN * Second and Third Floor residential units are not represented in this image. Site Plan denotes first floor commercial units only. 9

7 TRADE AREA AERIAL 10

8 IMMEDIATE AREA AERIAL 11

9 HOGAN REAL ESTATE EXCLUSIVE AGENTS Justin Phelps D: M: F: Hunter Jacobs D: M: C: F: Brooks Mayer D: M: C: F: