Tremendous investment opportunity in the heart of historic Newport, Kentucky!
There is currently a huge demand for small, ready-to-go office space, as well as private salon/spa suites. And Newport Executive Offices & Spa Suites fills both needs, while being a diversified investment.
Newport Executive Offices provides all-inclusive, fully furnished private offices on the first floor, and all-inclusive, fully furnished salon/spa suites on the second floor.
Completely renovated, this building offers brand new plumbing, electric, and HVAC. And we created a sophisticated, yet comfortable, modern feel, while maintaining the historic fabric of the building. This building is virtually maintenance-free for the next decade.
With an NOI of $72,936, and an asking price of just $799,000, that’s a 9.1% annual return on your investment.
Drive around Newport… both residential and commercial development is booming near the riverbank. Just minutes from Newport on the Levee, which is currently undergoing a $100M redevelopment, significant appreciation is expected in the area for the next 5-10 years.
——>Building value at 8 CAP is $911,700
——>Asking price: $799,000, 9.1% CAP rate
NOTE: Renovation was just completed on the second floor, with two of the nine suites leased pre-construction. Anticipate the building to be completely occupied within the next 60-90 days, which will tally to the $72,936 NOI. The first floor has had 92% occupancy since April 2018.
We are offering the building at a discount because we need the capital for several new projects. But as leasing efforts continue, the asking prince will increase based on stabilization.
No owner financing, cash offers preferred. And as previously pledged, 5% of our profits from the sale of this building will be donated to the Cincinnati Children’s Hospital Heart Institute.
Financials available upon request. For more information, call Dave!
do NOT contact me with unsolicited services or offers