1029 M (The Alley)

Retail-Commercial for Sale
Catylist Listing ID: 30178611
Property Subtypes: Free-Standing Building, Restaurant, Tavern/Bar/Nightclub, Other
Building Size (RSF): 5,130 SF
Gross Building Area: See Agent
Gross Land Area: 0.16 - 0.02 Acres
Sale Price: $549,000
Unit Price: $107.02 PSF
Property Use Type: Net Leased Investment (NNN), Vacant/Owner-User
Building Name: The Alley
Sale Terms: Cash to Seller
Cap Rate: 8.4%
Last Updated: 4/10/2018

Overview / Comments

Bar/restaurant opportunity in downtown Lincoln. The space is current leased to the Alley Bar. Large main bar area with additional rooms for seating, games, or other functions. Large wraparound deck/beer garden with service bar. A second could be easily configured. Two bathroom areas provide the opportunity to split the building for use by two tenants. At one time, there was a retail shop operating from the front side of the building. The deck/beer garden could be removed to provide up to ten on-site parking spaces. This building could be easily converted to other uses such as retail or office space.

Additional Details

Nearest MSA: Lincoln
County: Lancaster
Taxing Authority: Lancaster County
Tax ID/APN: 10-26-214-001-000
Zoning: B-4 - LINCOLN BUSINESS DISTRICT
Retail Clientele: General
Property Located Between: 10th and 11th Street
Property Visibility: Good
Largest Nearby Street: 10th Street
Feet of Frontage: 50
Traffic/Vehicle Count: 9,800
Highway Access: 4 mi to I-80 via 10th St & I-180; 2.3 mi to US 77; 0.3 mi to US 6 & 34; 2 miles to Nebr Hwy 2
Airports: 5 miles to Lincoln Municipal Airport (LNK)
Site Description: Interior lot on major downtown street. Short alley adjacent to building.
Area Description: On the south side of downtown Lincoln and part of the South of Downtown Community Development area (see links). Opposite the Latitude student apartment building.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Good
Year Built: 1900
Roof Type: Flat
Construction/Siding: Brick
Parking Description: Street parking and nearby garages. The wraparound deck/beer garden can be removed to uncover 10 on-site parking spots.
Sprinklers: None
Heat Source: Central
Interior Description: Finished for bar/restaurant. Main bar area with "atrium" windows. Three additional rooms plus office and service bar for deck.
Zoning Description: B-4 Lincoln Business District
Lot Frontage: 50 feet
Lot Depth: 142 feet
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LINCOLN ORIGINAL, BLOCK 87, LOT 3

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,238 120,567 232,969
Median Age: 26.77 31.06 34.18
Households: 8,693 47,869 94,116

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