480 E University Dr - Flex FOR SALE


Somerset, KY 42503
$5,985,900 USD
859-421-8959
480 E University Dr, Somerset, KY for Sale
$5,985,900 USD
Flex - FOR SALE
1/43
null | 7.1% Cap Rate

480 E University Dr
Somerset, KY 42503


HIGHLIGHTS

  • Approximately $425,000 NOI / $545,000 Gross Rent.
  • Diversified terms ranging from 1-5 years, at rents of $3.80 PSF - $4.20 PSF + Utilities, with a diverse Tenant mix.
  • Multiple tenancies are paying rent with increases based on higher rents that include amortized LL reimbursements for LL improvements.
  • Current prepaid rent from one tenant totaling $143,000 as of June 1, 2025. Will be issued to Buyer at closing based on date of settlement.

OVERVIEW

Rare performing investment opportunity with further value add potential. The 13 buildings were constructed in 2016 and are in excellent condition, offering a variety of uses, tenant mixes, and lease terms (ranging from 1-5 years, at approx. $3.80 PSF - $4.20 PSF). Leases are structured as Modified Gross with Tenant paying rent + utilities. Heating and Air Landlord responsibilities are limited to replacement, with Tenants paying repair and routine maintenance. Each of the eleven 12,000 SF buildings are either already furnished with restroom(s) or are plumbed with rough ins in place ready for build outs as needed. Each building is separately metered with its own dumpster. Buildings 12 and 13 are storage units but specifically designed for boats and RV’s. Buyer will enjoy prepaid rent upon closing among several tenants, currently totally approximately $143,000. Smartly configured with horse shoe shaped configuration offering ample room for truck deliveries within the center of the property. Access to I-75 via Hwy 80 and Hwy 461; access to I 65 via Cumberland Pkwy and access toI-64 via Hwy 27 and Hwy 150. Each of the 12,000 SF Warehouse buildings (1-11) offer clear span, 15-20 ft clear height, restroom(s) or at minimum plumbing rough ins in place, dock and drive-in doors (some offer multiples, all offer at least one). The two smaller buildings (#12 and #13) are 4,224 SF and 5,544 SF and offer multiple, smaller individual storage rooms that are separately leased for $150-$175/month each. They are 14’ X 44’ with 12’ roll up doors and several have RV hookups for electric.

FOR SALE DETAILS

PRICE

$5,985,900 USD

PRICE/SF

$1,496 USD /SF

CAP RATE

7.1%

% LEASED

-

TENANCY

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Industrial Warehouse Investment Portfolio

PROPERTY TYPE

Flex

ADD'L SUBTYPES

Warehouse

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2016

UTILITIES

-

CLEAR CEILING HT

20 Ft

DOCKS

-

DRIVE INS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

8.26

LAND SF

359,806

ZONING

I-1

APN/PARCEL ID

060-6-3-01

ASK ABOUT THIS PROPERTY

Greg LeveridgeBlock + Lot Real EstateMore Info
859-421-8959

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Greg LeveridgeBlock + Lot Real EstateMore Info
859-421-8959

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.