215 10th St

Property Details

Highlights

• LIST PRICE: $1,749,000
• FULLY RENOVATED DOWNTOWN PROPERTY
• YEAR 1 NOI $149,419 | 7.87% CAP RATE
• 2 RESTAURANTS/BARS | 3 APARTMENTS
• FULLY LEASED OUT: This investment property is fully leased out with two retail tenants on the bottom floor and three apartment units on the top. One of the apartment units is being used as a fully furnished Air Bnb which could easily be transitioned to a leased out apartment unit.
• BRAND NEW RETAIL LEASE: This property features a brand-new 5-year NNN lease occupied by Lennox of Broad. The lease features a pro rata share reimbursement of taxes and insurance along with 4% annual rent increases.
• STRONG RENTAIL INCREASES: Along with Lennox on Tenth’s rental increase of 4% annually, Manny’s off-Broad is paying 5% annual increases which provides a new owner a strong hedge against inflation.
• BEAUTIFUL APARTMENT UNITS: The second story features three large and beautiful apartment units. Two of them are fully furnished with one of them being operated as an Air Bnb. Each unit features beautiful hardwood floors and exposed brick.
• PREMIUM LOCATION: Both the retail and apartments benefit from this property's prime location. Being located in the heart of downtown Augusta, the retail spaces are in a high demand area due to the continued growth of new restaurants, bars, and businesses re-entering the area. Additionally, the apartment units benefit from being in close proximity to the medical district, the cyber center, and Augusta University which is a major hub for medical, dental, and nursing students.

Property Description

The Finem Group at Meybohm Commercial is proud to exclusively present this prime downtown Augusta investment opportunity for sale. The leased building is ±9,072 square feet of space located off Tenth Street. It is a mixed-use building that features two bottom restaurant spaces and three upstairs apartment units. Both the restaurant and the apartment spaces are in very good condition. In the last couple of years, the owner has repaired the roof (2018), AC units (3) replaced in the upstairs lofts, 35 exterior windows replaced (2019), and repainted the exterior (2021). The property features a brand new 5-year NNN lease for one of the restaurant spaces. This lease features 4% annual increases. The other restaurant space has 1.5 years left on its lease and has 5% annual increases. Two of the apartment units are fully furnished with one being used as an Air Bnb while the other is leased out to a tenant. Lastly, the other apartment unit is leased out to a tenant. This property makes the perfect opportunity for a real estate investor wanting cash flow day one and a premium building in a growing downtown located at one of the premiere trafficked intersections in all of downtown. * The seller currently has active lease-to-own agreements for restaurant equipment with two tenants. It may be in the buyer’s best interest to assume these contracts as a part of the acquisition. Additional details available upon request (Not included in shown sales price).

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