63 Depot AveEminence, KY 40019

Property Details for 63 Depot Ave

Year built

2007

Lot size

0.46 AC

Property size (Sq ft)

9,100 SF

Property type

Retail properties

Property subtype

Outlet malls

APN

030-30-02-002.00

APU

30300200200

Description

This exceptional investment opportunity presents a 9,100 square foot Family Dollar storefront located at 63 Depot Ave, Eminence, KY 40019. The property sits on a 0.45-acre lot and boasts a strong 9.51% cap rate, generating a net operating income (NOI) of $73,700. Built in 2007, this single-tenant property benefits from a Net Net (NN) lease structure with minimal landlord responsibilities, placing the burden of most property expenses on the tenant. Family Dollar, a credit-rated tenant (BBB with S&P and baa2 with Moody's), holds a lease with a remaining term of approximately 2.6 years, expiring June 30, 2027, and includes two 5-year renewal options. Rent increases by 10% every five years. The property enjoys a prime location with high visibility, experiencing over 7,000 vehicles daily on S Main St and over 4,000 on E Broadway. The surrounding area shows positive population growth, with over 2,000 residents within a 1-mile radius and over 3,500 within 3 miles. The asking price is $775,000, translating to $85.16 per square foot. The lease includes a tenant option to terminate with 180 days' notice, commencing July 1, 2023. This property offers a compelling combination of strong tenant, favorable lease terms, and a high-yield return, making it an attractive addition to any investment portfolio. 100% occupancy ensures immediate cash flow.

• CAP approach

  CAP return

  Valuation

  6%

  $2,388,103

  6.5%

  $2,204,402

  7%

  $2,046,945

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,973,986

  Geo Method

  $1,973,986

• Alternative Use

  Use

  Valuation

  Residential

  $1,859,496

  Hospitality

  $1,703,288

  Educational

  $1,417,116

  Medical

  $1,465,853

  Retail

  $2,204,402

Location Insight

City

Eminence

County

Henry

State

Kentucky

Latitude

38.3703

Longitude

-85.1813

CBSA code

31140

CBSA name

LOUISVILLE-JEFFERSON COUNTY, KY-IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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