Block+Lot Real Estate is pleased to present this Investment Opportunity in Richmond, KY that is 100% occupied. Southern Hills Plaza is a highly visible site and conveniently located along Richmond’s Eastern Bypass and boasts significant traffic counts. The building is approximately 25,775 SF and the large site size offers ample parking for the retail tenants. The property, purchased in 2006, has maintained stable occupancy. The property holds tremendous value-add potential with an average rental rate below the current market rate and the opportunity to restructure the leases.
- Retail investment property located on the highly traveled Eastern Bypass in Richmond, KY
- Historically stable occupancy with current occupancy at 100%
- Low Cost PSF ($91 PSF)/ Below replacement cost
- Commercial Zoning
- Cash on Cash potential, Current (9.85%), Potential (26.33%) based on 20% down
- Large site size with significant parking
- Tremendous value-add potential, current below market avg. rate of $8.12 PSF as Gross Lease Structure
- Richmond is one of KY’s fastest-growing cities with approximately 33,000 residents
- Eastern Kentucky University boasts a population of over 14,000 students
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Southern Hills Plaza is located on Commercial Drive directly off the Eastern Bypass in Richmond, KY. It is located 4.5 miles from Interstate 75 and 2 miles from Eastern Kentucky University (EKU). The property can be accessed via Commercial Drive or Gibson Bay Drive, a signalized intersection. It is in close proximity to Lake Reba Park and Gibson Bay Golf Course. The site boasts significant residential support.