Unique Investment Opportunity - Bar/Tavern + 2 Multifamily Units

Retail-Commercial for Sale
Catylist Listing ID: 30643674
Property Subtypes: Mixed Use, Tavern/Bar/Nightclub, Other
Building Size (RSF): 1,486 SF
Gross Building Area: 2,972 SF
Gross Land Area: 7,100 SF
Sale Price: $550,000
Unit Price: $370.12 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/26/2020

Overview / Comments

Don't miss your chance to own a piece of Lincoln's history!

Sale includes Commercial Building(Business included), and two Multifamily Units located on the property.

The Bar/Tavern, built in 1950, was reroofed in 2009. Both Multifamily Units have vinyl siding(2009) and new composite shingles(2018).

Potential additional income opportunity if you convert the unfinished UNIT B(400 sqft) into a coin operated laundry facility for both Multifamily Units to utilize.

There are 7(1 Bedroom) total rental units between the two Multifamily Buildings. Three units are currently leased until 12/31/20($375/month, $550/month,$630/month). The other two vacant efficiency units(400 sqft) could easily be rented with minimal improvement/investment. There are currently two unfinished units(UNIT B & UNIT 200).

The Bar/Tavern area is currently vacant but could easily be leased.

The BikeLNK Hub located on the corner of the property is one of the busiest locations in the city. Analytics for BikeLNK can be provided upon request.

Two occupied units(UNIT A, UNIT 218) will not be available for in person tours however video walk-throughs are available upon request.

The other occupied UNIT 220 is available for in person touring with 24 hour notice.

Properties cannot be divided and sold separately.

Please follow current guidelines for all showings during COVID-19 using face masks, hand sanitizer and do not enter if you or someone you know has symptoms of COVID-19.

Property to be sold as-is. Any COC violations are sole responsibility of the buyer. Unfinished units will need to be finished by the buyer according to COC standards for final approval. Sale not contingent on the COC final approval.

Additional Details

Nearest MSA: Lincoln
County: Lancaster
Tax ID/APN: 1025110008000
Zoning: B-4
Retail Clientele: General, Business, Traveler, Tourist, Other
Property Visibility: Good
Largest Nearby Street: M St
Feet of Frontage: 50
Tenancy: Multiple Tenants
Total Number of Buildings: 3
Number of Stories: 2
Property Condition: Fair
Year Built: 1930
Year Renovated: 2009
Roof Type: Flat
Construction/Siding: Other
Exterior Description: Brick Veneer Exterior-Bar 1312 sqft patio space
Total Parking Spaces: 3
Parking Type: Surface
Parking Description: Plenty of off street and paid parking located within walking distance from bar.
Heat Type: Electricity, Natural Gas, Other
Heat Source: Baseboard, Central
Air Conditioning: Window Unit, Other
Interior Description: Main level bar, Lower level bar and ample patio space.
Zoning Description: B-4 Lincoln Center Business District
Lot Frontage: 50'
Lot Depth: 142'
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LAVENDERS ADDITION, BLOCK 19, Lot 6, LLCN

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 31,872 127,967 229,813
Median Age: 27 31.31 34.28
Households: 11,793 51,581 93,087

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