3130 Portland Ave Louisville, KY 40212

Property Details for 3130 Portland Ave

Year built

1962

Lot size

0.41 lot acres

Property size

9,300 SF

Zone code

C2-COMMERCIAL

Property type

Retail space

APN

01010B00210000

APU

01010B00210000

Description

This exceptional investment opportunity presents a 9,258-square-foot, free-standing retail building in Louisville, Kentucky, fully occupied by a CVS Pharmacy under a Net Lease agreement. The property, situated on a 0.4-acre lot at 3130 Portland Ave, boasts a strong 6.85% cap rate and a substantial Net Operating Income (NOI) of $117,806. Built in 1962 and operating continuously as a pharmacy, this asset offers a secure investment with a corporate guarantee from CVS Health Corporation. The current lease, expiring December 31, 2027, has approximately 3.1 years remaining, with five 5-year renewal options, each including a 5% rent increase. The asking price is $1,719,791, translating to $185.76 per square foot. The property benefits from its location in a densely populated area, with a significant concentration of residents aged 65-84 and children under 19 within a 5-mile radius, representing a substantial customer base for pharmaceutical services. Furthermore, its proximity to the University of Louisville adds to its appeal. This is a rare opportunity to acquire a stable, high-performing retail property with a long-term tenant and significant upside potential. The property's consistent performance and strong tenant history make it an attractive addition to any investment portfolio. Kentucky's low income tax environment further enhances the investment's attractiveness.

Location Insight

City

Louisville

County

Jefferson

State

Kentucky

Longitude

-85.7995

Latitude

38.2739

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments