Catylist ID:
#30872576
Boutique STR + Bourbon Bar // Near Buffalo Trace
Hospitality
for Sale
Also listed as Multi-Family, Retail-Commercial
| Catylist Listing ID: | 30872576 |
| Property Subtypes: | Hotel, Other |
| Number of Units: | 4 Units |
| Building Size (RSF): | 8,898 SF |
| Gross Building Area: | See Agent |
| Sale Price: | $2,995,000 |
| Unit Price: | $748,750 Per Unit |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment, Business |
| Building Name: | Mason & Hoge Building |
| Sale Terms: | Cash to Seller |
| Last Updated: | 9/5/2024 |
Overview / Comments
|
Welcome to the epicenter of Bourbon Country! Situated minutes from World-Renowned distilleries, this Boutique Short-term Rental + Bourbon Bar has quickly become a thriving and trustworthy destination for Distillery-Tour Groups, Bourbon Lovers and Thoroughbred Enthusiasts from across the USA. Most recognizable as the "Mason & Hoge" Building, this memorable landmark of the Central Business Historic District easily justifies why its facade is featured on the front of the State Capital’s tourism guide: “Visit Frankfort”. A remarkable 3-yr, multi-million dollar restoration project was completed in 2023 that exudes the perfect harmony of a modern, luxurious grandeur with a quirky twist. The layout offers versatile booking flexibility (up to 28 guests) which has helped it garner high-dollar bookings. :: Stabilized, Class A Asset :: CB Zoning | Corner Lot | High Visibility :: 8,898 Gross SQFT: 8,088 FIN + 810 UF :: Central Elevator + Stairwell 1 Commercial Tenant :: Bourbon Bar leased til Aug ‘28 :: 4.8-star Google Rating 3 Short-Term Suites // 12 BRs, 17 Beds // 11.5 BAs :: 6 Bed + 5 Bath (sleeps 16) :: 5 Bed + 5 Bath (sleeps 10) :: 1 Bed + 1.5 Baths (sleeps 2) :: 3 Full Kitchens + 3 Laundry Hookups :: $175,000 +/- furnishings for turn-key approach :: $127,000 +/- confirmed future bookings (as of Sept 1st) The city is undergoing a rebirth known as the “Downtown Frankfort Revitalization Project” - a master plan near the riverfront consisting of outdoor retail, restaurants and office to further capitalize on the exploding bourbon industry and tourism within the Louisville/Bardstown/Frankfort triangle. ––- PROXIMITY ––- Situated along the Bourbon Trail, guests can easily walk/shuttle to flagship distilleries: Distilleries < 10 mins: :: Buffalo Trace (1.6 mi) :: J. Mattingly 1845 :: Glenns Creek :: Old Crow < 20 mins: :: Castle & Key :: Whiskey Thief :: Woodford Reserve < 30 mins: :: Wild Turkey :: Four Roses :: Bulleit :: Jeptha Creed Major Cities: Louisville, Lexington & Cincinnati Keeneland (30m) + Churchill Down (50m) Lexington Blue Grass Airport LEX (30m) Louisville Inter’l Airport SDF (60m) Cincinnati International Airport CVG (80m) ––- UPDATES ––- Enjoy low future CapEx due to the extensive list of upgrades following redevelopment down to the original foundation/shell. Interior: :: New Electric (wiring/panels/service/fixtures) :: New Plumbing (PVC/pex, fixtures, W/D, tankless WH) :: New Steel Framing, Double-Drywall, Insulation, Doors :: New Paint + Wallpaper :: New Elevator + Block Shaft + Voice/Data system :: New Gyp-Crete between levels (sound & fire retardant) :: New Eng. Hardwood + Sound-Damping Underlay :: New HVAC: Units, Spiral Duct, Thermostats :: New In-Unit Speaker Systems :: New Cabinets, Cambria Quartz Countertops :: GE Cafe Series Appliances :: New Tile + Glass Surrounds + Bath Vanities :: Custom Millwork & Trim Carpentry Exterior: :: Restored Front Facade w/ Mahogany Doors :: New Aluminum Clad Windows :: New Roofing + Gutters (TPO roofing) :: New Exterior Paint & Doors :: Foundations Reinforced + Metal I-Beam Joists (1st Fl) :: Commercial Space Buildout: Bar + Bar Equipment Utilities: :: Low utilities - energy efficient fixtures :: Gas, Electric + Water/Sewer separately metered (4) :: Tankless Gas Water Heaters (2nd & 3rd Fl) ––- HISTORY ––- Built in 1888, the Mason & Hoge building has its ties to two prominent business and construction leaders at the time: C.R. Mason and S. French Hoge. Today, known as Mason & Hanger, it is the oldest American Architectural Engineering firm and has been renowned for its work on the Virginia Railroad, the Chicago River Reversal, the Kentucky River Lock & Dam, the New York Lincoln Tunnel, and the Nevada Nuclear Weapons Test Site (to name a few). |
Attachments & Media
Financials
| Finance Data Year | 2024 |
|---|---|
| Real Estate Taxes - Annual($) | $17,000 (Annual) |
| Tax Value Personal Property | $175,000 |
| Potential Rental Income | $381,000 (Annual) |
| Gross Operating Income | $302,681 (Annual) |
| Net Operating Income | $225,538 (Annual) |
| Actual or Proforma Year | Actual |
Additional Details
| Nearest MSA: | Frankfort |
| County: | Franklin |
| Tax ID/APN: | 061-24-14-011.00 |
| Zoning: | CB CENTRAL BUSINESS HISTORIC DISTRICT |
| Retail Clientele: | Business, Traveler, Tourist |
| Property Located Between: | Main St. & St. Clair |
| Property Visibility: | Excellent |
| Highway Access: | I-64 |
| Airports: | Blue Grass Airport (LEX) & Louisville International Airport (SDF) |
| Site Description: | Flat, City |
| Total Number of Buildings: | 1 |
| Number of Stories: | 3 |
| Property Condition: | Excellent |
| Year Built: | 1888 |
| Year Renovated: | 2023 |
| Roof Type: | Flat |
| Construction/Siding: | Block, Brick, Stone |
| Parking Type: | Other |
| Parking Description: | Nearby parking garage $5/day |
| Passenger Elevators: | 1 |
| Sprinklers: | None |
| Laundry: | In Each Unit |
| Heat Type: | Natural Gas |
| Heat Source: | Central, Heat Pump |
| Zoning Description: | CB - Central Business District |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
| Land Ownership: | Fee Simple |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 4,045 | 28,026 | 40,416 |
| Median Age: | 38.69 | 37.81 | 38.92 |
| Households: | 2,012 | 12,073 | 17,134 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Kentucky Commercial Real Estate Alliance nor Moody's assume any liability for errors or omissions. |
