Remarks

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

Details

MLS#: 25018584
Price: $4,150,000


County: Fayette
Subdivision: Commercial