Redmond Building, 41 N Maysville St, Mount Sterling, KY 40353
Excellent Rehab/ Redevelopment opportunity in a great location in historic district in Downtown next to City Hall .
Sold on Warranty Deed with clear title
No back taxes- No liens.
Solid stone-faced brick apartment building with a lot of character.
18 TWO Bedroom Apartments
Alternatively, the property may be adapted to mixed retail and offices together with the apartments.
Gross Income potential of over $162,000 / year (when rehabbed)
Property is located in an area of strong population growth
Great potential and located in an area of strong demand in a beautiful historic district that’s been very well maintained. The building is surrounded by many character buildings and is walking distances to City Hall and many stores and amenities.
The stone-faced and red brick building was originally built as a hotel but then converted into residential units about 20 years ago.
Description
The property is a 4-story masonry (brick and stone) building of a total area of about 21,800 sq ft with each floor being around 5,450 SF. The property is situated on a lot of about 7875 sq ft . The property has additional attic space that can be converted and rehabbed in more units. It contains 18 Two Bedroom apartments. Each unit has a living room, a separate kitchen, two bedrooms, a bathroom and one or two large built-in closets. There are 108 rooms in total excluding the basement.
The entrance to the building is very impressive with a wide set of stairs leading to a stone archway with two wide columns and overhead decorative stonework.
The rooms are spacious, light and airy and the property features hardwood floors, spacious rooms, high windows, high ceilings, a fireplace with fireplace surrounds, panelled doors, washbasins with vanity units, wide skirting boards and large built-in closets with shelves.
There is a small alleyway accessed from the back that separates it from the building next door. On the other side and at the back there is large city owned parking lot which offers free parking.
Development Potential:
Zoning: currently zoned: B3 - Central business district -allowed uses: various commercial including offices, retails and stores, residential including apartments, institutional and educational uses, financial establishments, wholesale warehousing and storage, services, assembly, light manufacturing (as secondary use), hotel, and several other uses.
The property has is currently divided as residential units but has potential for others uses as allowed by zoning. To optimize or diversify income the property may be converted into mixed use with retail on the front of the first floor, and offices at the back and the rest remaining as apartments. Because of its location, strong demand is also expected from the retail units and offices as well as the apartments.
New Market Tax Credits (39% subsidy) and 20% historic tax credits may be available for the rehab of this property.
Property condition
The property is masonry brick and stone and is structurally sound. The exterior of the building is solid and in good shape except for the windows. The stone and brick looks nice and will just need some cleaning up.
Internally the property needs a full rehab. It has been subject to copper theft and there are holes in walls and copper pipes are missing. There were also roof leaks and some ceilings and plaster are falling off. The roof leaks are currently being repaired by the seller to avoid further water damage.
The main stairs are sturdy and generally in good condition. The basement level has a lot of trash and junk which will need to be cleared out.
Phase 1 environment report has been done and the summary of the findings were
• No Recognized Environmental Conditions were identified on this property.
• A Phase II Environmental Site Assessment is not recommended.
Location:
Mount Sterling is a small town full of rich history and charm and home to first class attractions. It is renowned for its historic and pleasant Downtown where the property is located.
The masonry Built historic building is on a neat and tidy tree-lined street located in historic Downtown Mount Sterling, two doors away from City Hall and across the street from the Police Station. It is surrounded by many beautiful character buildings and its is within walking distance of banks, City Hall and the public library and a unique selection of stores and restaurants.
The property is close to many excellent schools and comprehensive local facilities and amenities:
Restaurants
Tomatoes and Flames (.06mi, Berryman's Tastytreat (.2mi), El Rincon Latino (.3mi), Giovanni's Pizza (.5mi), China Wall (.7mi), Melini Cucina (.8mi), DQ GRILL & CHILL RESTAURANT (1.1mi), Papa John's Pizza (1.1mi), Asian Buffet Hibachi (1.2mi), Bojangles' Famous Chicken 'n Biscuits (1.2mi), Waffle House (1.2mi), Applebee's (1.2mi), Arby's (1.2mi), Subway (1.2mi), Burger King (1.3mi), Taco Bell (1.3mi), McDonald's (1.3mi), Hardee's (1.3mi), Long John Silver's (1.3mi), Wendy's (1.3mi), Pizza Hut (1.3mi), El Camino Real Mexican Bar & Grill (1.4mi), City King Buffet (1.4mi), Little Caesars Pizza (1.4mi), Lee's Famous Recipe Chicken (1.4mi), Don Senor (1.4mi), KFC (1.4mi), Cracker Barrel Old Country Store® (1.6mi), SUBWAY® Restaurants (C-Store / Gas Station) (1.7mi), Indian Creek Restaurant (1.9mi), E & T's Grill LLC (2.2mi), McDonald's (3.1mi), Subway (3.1mi), Arby's (4.6mi)
Coffee
Spoonful of Sugar Sweets & Such (.06mi), Buzz Cup Express (.8mi), Buzz Cup Donuts and Coffee (.8mi)
Bars
Walking Horse Saloon (.05mi)
Groceries
Toy's Kentucky Food Store (.2mi), Tienda Mexlcana La Omega (.6mi), Rayburn's Market (.7mi), Kroger (.7mi), ATM (By-Pass Food Mart) (.9mi), J R's Produce (1.1mi), Walmart Supercenter (1.2mi), Ollie's Bargain Outlet (1.4mi), Save-A-Lot (1.7mi), Fuel Station (3.3mi), Creech's Food Mart (4.5mi)
Parks
Woodland Park (historical) (1.5mi)
Schools
Gateway Juvenile Diversion Project Alternative School (.04mi), Christian Traditional School (.3mi), Mt Sterling Christian School (.6mi), Montgomery County Area Technology Center (.7mi), Montgomery County High School (.7mi), McNabb Middle School (1.2mi), Mapleton Elementary School (1.2mi), Mount Sterling Elementary School (1.4mi), Hillcrest Hall Treatment Center Alternative School (2.7mi), Camargo Elementary School (4.6mi)
Shopping
Oopsie Daisies (.03mi), Cintas Corporation (.08mi), Family Dollar Store (.6mi), Boot Ranch (.6mi), Special Occasions - Tuxedo Rentals Shop (.9mi), The Haute Pink Boutique (1mi), Cato Fashions (1.2mi), JCPenney (1.4mi), rue21 (1.4mi), Goody's (1.4mi), Eastside Food Mart (1.7mi), Express Mart (2mi), G&K Services - GKdirect™ (3.2mi)
Entertainment
Montgomery Historical Museum (.08mi), Tenth Frame Cinema (.7mi)
Errands
Traditional Bank (.08mi), Traditional Bank Inc (.08mi), Meyer's Dry Cleaners (.2mi), Shepherds Shelter & Ross Rehab (.6mi), Whitaker Pharmacy (.7mi), Kroger Pharmacy (.7mi), Tractor Supply Co. (.8mi), CVS Pharmacy (.9mi), Lowe's Home Improvement (1mi), Ross Drugs Inc (1mi), Direct Meds of Kentucky, Inc (1.2mi), Walmart Pharmacy (1.2mi), Northview Pharmacy (1.3mi)
(walkscore.com)
Demographics*:
1 mile 3 miles 5 miles
Total population 6,804 16,219 19,192
Population Growth 2010-2017 +9.18% +5.94% +5.96%
Projected Population Growth 2017-2022 +4.73% +4.19% +4.19%
% White alone 91.74% 93.47% 93.80%
% African American 5.83% 4.34% 4.09%
2017 Average Household Income $49,073 $55,591 $56,033
*Costar
Crime rate: low (Trulia.com)
Great Investment opportunity:
UNIQUE OPPORTUNITY FOR THE SAVVY BUSINESS OWNER, DEVELOPER OR INVESTOR TO OWN A SUBSTANTIAL HIGH-INCOME PROPERTY FOR A DISCOUNTED PRICE.
Median residential Listing Price for this neighborhood: $129,900
(Trulia.com)
Great income potential
Great rental demand with population growth.
Suitable for luxurious housing or for section 8 Housing with strong demand and shortage in supply which will ensure very low or no vacancies once rehabbed.
Once rehabbed the property offer excellent income potential with low vacancy
Estimated Monthly rent for a Two Bedroom apartment: $750/ month
(rentometer.com, Trulia.com, realtor.com & hotpads.com)
Based on the above figures, approximate projected gross income is:
Estimated Gross Income potential with current layout: $13,500/month (162,000 / year)
Real Estate Taxes:
Montgomery County, KY parcel ID: 23M-60-16-025.00
Real Estate Taxes:
City Taxes: $623/ year
County Taxes: $2,621/ year
PROPERTY IS SOLD AS IS, WHERE IS- Warranty deed- Clear title – No liens, No back taxes
Winning bidder must contact the seller within 24 Hours after the close of the auction with full details of the buyer.
There is no document preparation fee or auction premium for this auction.
10% non-refundable deposit, is due within 48 hours of auction close to be paid into escrow.
Final Payment to be made within 3 weeks of the Auction close.
All bidders to do their due diligence. No statement anywhere, whether express or implied, shall be deemed a warranty or representation by the Seller regarding these assets. Sale is ‘As IS’ and Buyers are responsible for fixing building code violations (if any). Buyers are bound by the Purchase Agreement which is attached under the Due Diligence section. All buyers are deemed to have relied entirely on their own information, judgments and inspections of the property in making the decision to purchase the property.
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