218 Broadway StDanville, KY 40422

Property Details for 218 Broadway St

Year built

1900

Property size (Sq ft)

43,581 SF

Property type

Investment properties

Property subtype

Other retail properties

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.

Location Insight

City

Danville

County

Boyle

State

Kentucky

Latitude

37.6473

Longitude

-84.7713

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