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Farm Stores, Louisville, KY

Farm Stores

Louisville, KY

Price $1,490,000
Cap Rate 6.00%
NOI $89,405
Lease Term 20 Years
Lease Type Absolute NNN Lease, with Tenant Responsible for All Taxes, Insurance, Maintenance, and Repair, Including Roof, Structure, and Parking Lot
Rental Increases 3% Annual Rental Increases
Year Built 2020
Building Size TBD
Lot Size 0.41 Acres (18,108 SF)
Status Available
Lead Broker Information Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

LONG-TERM ABSOLUTE NNN LEASE
» 20-year absolute NNN lease with 3% annual rental increases, providing an excellent hedge against inflation
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management, providing an ideal investment opportunity for an out-of-area investor

HIGH-TRAFFIC LOCATION WITH ROBUST DEMOGRAPHICS
» High-visibility location on U.S. Route 42/Brownsboro Road, with access to 14,920 vehicles per day directly in front of the property
» Located at the confluence of several highly trafficked Louisville thoroughfares, including Interstate 64 (82,800 AADT), Interstate 71 (55,600 AADT), and Interstate 65 (134,000 AADT)
» Average annual household income of $87,309 within three miles of the location
» Population of 240,519 within a five-mile radius of the location, creating a large customer base for the site
» Projected 11 percent average annual household income increase within a one-mile radius of the site in the next five years, poising Farm Stores and Louisville for significant concurrent growth

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Beneficial proximity to the University of Louisville (22,640 students, $1.8 billion annual economic impact)
» Immediately surrounded by several national retailers, including Kroger, McDonald’s, CVS, Domino’s Pizza, Pizza Hut, and many more
» Within a five-mile radius of six major shopping centers (334 stores, 3.4 million SF of retail space), promoting crossover shopping to the location
» Convenient access to downtown Louisville, the largest central business district in Kentucky

UNIQUE DRIVE-THRU GROCERY STORE CONCEPT IN ECO-FRIENDLY BUILDING
» Farm Stores is a drive-thru convenience store chain which sells the grocery and foodservice items that consumers purchase most frequently and delivers them in the most convenient way possible
» Stores are commuter-friendly and set up for people who need to pick up a few items on the way home from work, making Farm Stores a perfect fit for suburban areas
» Stores are built in repurposed shipping containers, providing a sustainable and eco-friendly building concept that is also easy to maintain



Property Description

Visibility to the property is increased by the site’s centralized location in a densely populated, affluent, and growing retail corridor. The site has an easily accessible location along U.S. Route 42/Brownsboro Road, with access to 14,920 vehicles per day directly in front of the property. The property is also located at the confluence of several highly trafficked Louisville thoroughfares, including Interstate 64 (82,800 AADT), Interstate 71 (55,600 AADT), and Interstate 65 (134,000 AADT). 240,519 residents live within a five-mile radius of the location, establishing an extremely large regular customer base for the site. The property resides in a robustly affluent area, with an average annual household income of $87,309 within three miles of the location. The location is also primed to grow along with the surrounding area, with a projected 11 percent average annual household income increase within one mile of the site in the next five years.

The property benefits from its prime location near large employers, retailers, and community hubs. The site has a beneficial proximity to the University of Louisville, which features 22,640 students and generates approximately $1.8 billion in annual economic impact. Additionally, the property is surrounded by several national retailers, including Kroger, McDonald’s, CVS, Domino’s Pizza, Pizza Hut, and many more. The site resides within a five-mile radius of six major shopping centers (334 stores, 3.4 million SF of retail space) and maintains convenient access to downtown Louisville, the largest central business district in Kentucky.

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