700 Monmouth St. Newport, KY 41071
Investment opportunity awaits in Newport! Blocks from Newport On The Levee and The Ovation Project.
Call or text Joel Cecil at 502-296-0458
4,600 SF
$95/sq. ft. (Comps currently at 120-160/ sq. ft.)
Assignment of contract at $440k (including assignment fee)
Built in 1865, recently remodeled commercial space in 1st level (2020) with current tenant on a 5 year lease.
2nd and 3rd Floor need renovation
Architectural drawings for 4 apartments on 2 & 3 floors available
Currently rented for $1,750/Month
5 Year Term Started on October 1,2020
Rent goes to $1,800/Month on Year 3 and then up 3% each year until end of term.
Tenant does have a 5 year option to extend after the end of their term of 5 years.
Rent increase of 2% each year for the 5 year period.
Rentometer estimates for future units:
3/1 $1,360
2/1 $1245
1/1 $1077 x2
Commercial space: $12-15/ sq. ft. $1500-1875/month
$75100 estimated future gross annual rent
See google drive link above for more photos!
No Seller Financing/Land Contracts on this one. Cash or hard money only.
Newport Comprehensive Plan:
http://newportky.gov/City-Government/NewportComprhensivePlan.pdf
“Monmouth Street is the centerpiece of Downtown Newport, and attention should also be given to York Street and the connecting streets between these two ‘spines.’ There has been some sentiment to intentionally incorporate the Main Street methodology as a revitalization strategy. This can be applied to the entire Downtown area.”
Economic Development Incentives:
http://newportky.gov/City-Government/Economic-Development.aspx
Pace funding for energy efficiency improvements:
http://www.newportky.gov/City-Government/ENERGIZE_KENTUCKY_InitialEligibilityForm_Digital_20170906.pdf.pdf
Catalytic Fund for Newport, KY
https://www.thecatalyticfund.org
Comps:
910 Roberts St, Newport, KY 41071
3450 sq. ft.
3 unit (all rent-ready)
$126/ sq.ft.
sold for 435k
500 Monmouth St.
6516 sq. ft.
1st floor restaurant, 2nd floor event space, 3rd floor unfinished
$169/sq. ft. – $1,100,000 Active Listing
115 E. 9th Street, Newport, KY 41071
4206 sq. ft. also includes 2 extra parking lots.
2nd story apt needs renovation
$124/ sq. ft. – $525,000 Active Listing
Call or Text Joel Cecil at 502-296-0458