706 Main St Leitchfield, KY 42754-1055

Property Details for 706 Main St

Property type

Commercial real estate

APN

084-07-00-063.0A

APU

08407000630A

Description

This exceptional investment opportunity presents a fee-simple ownership of a 2,789 square foot Class A retail property located at 706 S Main St, Leitchfield, KY 42754. The property boasts 100% occupancy with two established tenants: Little Caesars and Jimmy John's. Little Caesars operates under a 20-year absolute NNN lease (commencing March 31, 2025, and expiring March 30, 2045), including four five-year renewal options, with 2% annual rent escalations. Jimmy John's recently signed a new 10-year lease in 2023, offering an additional 8.75 years remaining plus three five-year renewal options. The property sits on a 0.77-acre lot in a high-traffic area, with 13,467 vehicles passing daily on S Main Street and 13,317 vehicles daily near Exit 107 of the Western Kentucky Parkway. Its prime location is further enhanced by proximity to Southgate Mall (851,100 annual visitors), major retailers (Ace Hardware, Hardee's, IGA), and Owensboro Health Twin Lakes Medical Center. The property's strong tenant mix, long-term leases, and strategic location in a growing community (4.60% population growth from 2010-2020 within a three-mile radius, projected 1.70% growth by 2028 within a five-mile radius) contribute to a compelling investment profile. The asking price is $1,292,307, representing a price per square foot of $463.36 and a 6.50% cap rate, with a current NOI of $84,000. The property features one single-story building constructed in 1978 and is zoned for commercial use. This is a sale-leaseback investment with a strong tenant base and significant upside potential.