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 |
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