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2927 Broadway Street, Paducah, KY

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2927 Broadway Street

Paducah, KY 42001-9997

Property Type:Specialty Sub Type:Post Office Status:Existing Year Built:-
Stories:- Typical Floor:5,577 SF Building Size:4,608 SF
For Sale Price:$423,000 Price/SF:$91.80
Cap Rate:8.00 %

Sale Notes:
The US Postal Service has been at this location since 1964 and recently exercised an early option to renew this lease for an additional 5 years extending the term to May 31, 2022. Within the past 90 days the current Landlord has replaced the roof (with warranty), painted the interior/exterior, replaced all 3 HVAC units (in process), repaired/sealed/striped the parking lot (in process), repaired the flooring (in process) and various other minor repairs to the tune of approximately $50,000. The combination of recent commitment from the USPS, recent and significant capital improvements, and positioning within the trade area provide for a stable investment opportunity.
The property is prominently positioned along Broadway Street and is just blocks from the Western Baptist Medical Center providing substantial traffic and daytime population to the area. The immediate trade area consists of numerous medical offices, professional offices, retail, and surrounding residential neighborhoods. The current below market rents, daily traffic counts, and centralized location in Paducah allow for ownership flexibility on a property of this size and condition.
The combination of southern charm and hospitality that originated with Paducah’s founding in 1827 is still alive and well in the river city today. Blending a rich history with a stable economy, healthy business climate, and outstanding schools and neighborhoods, Paducah is an excellent place to raise a family or start a business. Located at the junction of the Ohio and Tennessee rivers, Paducah comprises a 15-county region encompassing 4,396 square miles and is home to more than 250,000 people.

Occupied - 1964
Building Size - 4,608 sq ft Site Size - 21,006 square feet
Lease Term - From June 1, 2012 through May 31, 2017 with annual rent at $40,000/year, or $8.68/sq ft. The USPS has executed the next renewal from June 1, 2017 through May 31, 2022. The rent will be $43,000.
Renewal Options: None remain as the USPS has recently executed the last renewal option remaining in the lease.
Maintenance - Landlord Maintenance. USPS pays for custodial services and all utilities. USPS pays for landscaping expenses. The Landlord is responsible for normal repairs and maintenance to the building.
Taxes - Landlord is responsible for the payment of property taxes. The USPS does not reimburse for the paid taxes.
Termination Option - Yes. The USPS can terminate with 365 days notice.
Purchase Option - None

Real Estate Asset Counseling
Keith LaShier
(303) 470-1198

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