218 Broadway St Danville, KY 40422
- Retail properties
- 43,581 SF
Current Use by Public Records
- Moda Beauty Bar / Hair Salon
Property Details for 218 Broadway St
- Year built
- 1900
- Property size
- 43,581 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional investment opportunity presents a 26-unit multifamily portfolio in historic downtown Danville, Kentucky. The portfolio comprises a diverse mix of property types, including apartment buildings, single-family rentals, retail spaces, mixed-use buildings, and warehouse space, totaling 43,581 square feet across 21 buildings. Currently boasting 90% occupancy, the property generates a net operating income (NOI) of $235,075, representing a 4.5% capitalization rate. However, a pro-forma analysis projects a significant increase in NOI to $344,954 and a 6.61% cap rate through strategic value-add improvements. The portfolio is priced at $5,219,698, or $119.77 per square foot, and $200,757.62 per unit. Built between 1900 and 1980, with renovations completed within the last 1-10 years, the property features two-story buildings and ample parking (50 spaces total). The property benefits from a modified lease structure with a one-year lease term and rent bumps in place. Zoned for Highway Commercial and R1, this portfolio offers significant upside potential through lease restructuring, property enhancements, and potential expansion. The seller is open to considering seller financing with a 35% down payment. This is a rare opportunity to acquire a long-held portfolio in a growing market with strong rental demand and potential for significant appreciation. Financial details and rent rolls are available upon request.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Danville
- County
- Boyle
- State
- Kentucky
- Longitude
- -84.7713
- Latitude
- 37.6473
