115 Main StCorbin, KY 40701

Property Details for 115 Main St

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Property size (Sq ft)

14,400 SF

Zone code

COMMERCIAL

Property type

Retail properties

Property subtype

Other retail properties

APN

137-32-16-004.00

APU

137321600400

Description

This exceptional opportunity presents the chance to acquire the renowned Moonbow Building, a historic landmark in vibrant downtown Corbin, KY. This 11,450 square foot property sits on a 0.14-acre lot and is offered at $979,000. Currently generating consistent income from fully leased spaces, this investment boasts multiple revenue streams. The building features a recently installed (3-year-old) solar panel array valued at $50,000, significantly reducing utility costs, which range from $200 to $1,200 monthly (included in tenant rent). A modern HVAC system and dedicated mechanical room ensure efficient and comfortable operation. The first floor comprises approximately 5,000 square feet of adaptable commercial space, perfect for retail, events, or various business uses. This flexible layout includes two open mezzanines, ADA-compliant restrooms, a full kitchen, and substantial storage. The building's prime downtown location guarantees exceptional visibility and accessibility. This is a rare chance to own a piece of Corbin's history and secure a profitable, low-maintenance investment property with significant upside potential. The open layout of the first floor allows for a variety of uses, making it an attractive option for a wide range of businesses. The building's features, including the solar panels and modern HVAC system, contribute to its efficiency and appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $3,631,818

  6.5%

  $3,352,447

  7%

  $3,112,987

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,084,588

  Geo Method

  $3,123,671

• Alternative Use

  Use

  Valuation

  Residential

  $2,827,915

  Hospitality

  $2,590,355

  Educational

  $2,155,145

  Medical

  $2,229,264

  Retail

  $3,352,447

Location Insight

City

Corbin

County

Whitley

State

Kentucky

Latitude

36.9466

Longitude

-84.096

CBSA code

30940

CBSA name

LONDON, KY MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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