1525 Lexington Ave Winchester, KY 40391
- Retail properties
- 5,498 SF
- 2.25 lot acres
Current Use by Public Records
- Applebee's Grill + Bar / Diner / Family Restaurant
Property Details for 1525 Lexington Ave
- Year built
- 2003
- Lot size
- 2.25 lot acres
- Property size
- 5,498 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a 5,498 square foot Applebee's restaurant in Winchester, Kentucky, situated on a 2.25-acre lot. The property boasts an absolute NNN lease with a corporate guarantor, offering passive income and minimal landlord responsibilities. The lease, commencing November 6, 2013, has a remaining term of 8.1 years, extending to December 31, 2032, with 10% rent increases every five years. The current annual net operating income (NOI) is $115,809, yielding a 6.75% cap rate. The asking price is $1,715,690, translating to $312.06 per square foot. Built in 2003, the property is located at 1525 W Lexington Ave, Winchester, KY 40391, less than half a mile from I-64 exit 94, benefiting from high visibility and convenient access. The property's strategic location within a thriving retail corridor, alongside national brands like McDonald's and Starbucks, ensures strong tenant performance and long-term value. The B-3 zoning provides flexibility for future redevelopment. This property is an ideal 1031 exchange opportunity. The property's size and location offer significant long-term security, even beyond the current lease term. The high-performing location and low rent-to-sales ratio increase the likelihood of lease renewals.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Winchester
- County
- Clark
- State
- Kentucky
- Longitude
- -84.2126
- Latitude
- 38.0085
