I seem to be obsessed with politics these days.
I for one have been a little perplexed at the debate over Voter ID laws for several reasons. For one, I would think that it would be a nonpartisan issue. Also, I have been perplexed that the reporting on these laws seems biased. You might object to that conclusion but every article I have seen about this issue seems to make some sort of claim that some group is trying to deny another group its right to vote. You may say that is exactly what is happening, but with the exact same set of facts, another valid conclusion is that one group opposes any reasonable measures to prevent voter fraud. And I have NOT seen that being written.
If you haven't already left in a huff, I propose the following thought experiment.
For the sake of argument, suppose I was a zealous supporter of one candidate or party and suppose that this zeal overcame my usual sense of decorum and led me to believe that victory was really more important than another person's right to vote. If I want more votes for my candidate, I could perhaps go to the graveyards and try to register deceased citizens and vote under their names. OR even more effectively, I could vote under the names of people I know support the other candidate! The second option allows a double benefit, so I choose that option.
I get up early and go to the voting place of a friend I know who supports the other party and cast his vote for my candidate. No one is allowed to ask me for a voter ID. I simply promise that is who I am.
Now, my friend later goes to the same poll and tries to sign in for his vote. He however, is turned away because, according to their records he has already voted. He has an ID and shows the poll workers the ID. Still they can't let him vote because he has already voted. He swears that is not him but how are they to know for sure? The vote is already cast and there is no guarantee that this person is simply trying to vote twice.
Here is my question - Would you argue that the state has an obligation to protect my friend's right to vote? .....
(pausing here for you to think on this a little)
If so, how would you propose the state accomplish this. If they are not allowed to check ID's, I don't think they can.
Another way to look at this is to say that it is more important to protect the rights to vote of those of one group than another. But if that is the case, who gets to decide which group should have more say?
I cannot support this idea. In my opinion, if one voter shows up with a valid ID identifying himself as who he claims to be and another shows up without an ID, the person with the ID should clearly get to be the one who votes. Also, if we are going to continue to be a democracy, I don't think we can start claiming that one person's vote is more important than another's.
I know it is not perfect, but I do think it is reasonable. It is not as though people don't know in advance and have plenty of time to get things in order before Election Day.
Just my opinion. Thanks for reading and I promise that I will do some more on real estate. Lately I've just had politics on my mind.
Have a great day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
BTW - I am sure that my managing broker would appreciate me clarifying that the opinions expressed here are my own and do not necessarily reflect the opinions of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course). If you have another opinion, you are free to express it in the comments. You are not free however, to make inappropriate, obscene or hateful comments. Should I see any such comments, I will exercise my right to delete these.
ALSO - If you would like an opinion regarding real estate, I would love to help. I am a broker licensed in Indiana and Kentucky and I specialize in Commercial Real Estate. I work with sellers and buyers, landlords and tenants, and investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential real estate. In any case, give me a call or send me an e-mail. I would love to help.
Tuesday, September 25, 2012
Friday, September 14, 2012
Fair Taxes
Well I've been sitting on my hands and biting my tongue for about 3 months and finally I decided to weigh in.
We hear a lot from our President and in his campaign about instituting fairness in taxation. Some of my young friends have expressed nearly rabid opinions to me about how unfair things are. As I mentioned in a previous post, fairness is a difficult thing to define or measure. So instead of doing that, let's have a simple case study - me.
It is no secret that the last several years have been extraordinarily difficult for real estate. Homeowners, real estate brokers, builders, people in the construction industries have all suffered tremendously in this economy. I for one have been barely scraping by for the last 4 years. My job has no base salary. I am only paid if there is a lease or sale by commission only and there is no guaranteed minimum wage.
During that period of time, I never recieved any government assistance of any kind. And in fact, being considered self employed, I would not even be considered eligible for unemployment benefits unless I was unable to make any money at all for an extended period (which I beleive is one year.) To survive the economic calamity, I had to exhaust my savings and I had to borrow to the maximum amount possible against my home. Still I was luckier than many. I never had to declare bankruptcy and I never had to have my home in foreclosure.
Now, I am thankful to be having my first good year in four years. Still, I am a long way from recovering. I have much larger debts to pay off and I would need probably another 4 good years to be back where I was before all of this began.
With this good fortune also comes an increase in taxes. In a way, I am grateful that I am back to where I can even consider taxes a problem BUT my issue is that taxes should be reasonable. Although I am having a good year, I definitely cant be considered one of the wealthiest in the country. Say whatever you want, but I am telling you from my personal experience that our current tax structure kills growth.
Getting past the rhetoric and into some hard numbers to illustrate my point. Consider the following taxes, I have to pay:
Next there is 6% sales tax. There is tax on my energy bills. There is tax on my phone bills. There is tax on gasoline. There is tax on my insurance bills. There is tax for licensing my car. There is a tax for having a pet. There is a tax on healthcare. Now with Obamacare, there is tax for not only healthcare but also for health insurance.
The bottom line here is that it is EASY to get to 60% of your income going to taxes. In fact, it really isn't too hard to get to 70% when you consider all the ways that the government(s) tax(es) you.
How is it fair to have to send two thirds of your income to the government and only be allowed to keep one third for your family? How can we claim that we are promoting growth when someone has to make three times the amount that they lost just to break even?
I am not an anarchist. I beleive that the government serves an important purpose. So I am not advocating no government or no taxes. HOWEVER, there is something wrong when the government wants to cry foul and vilify people who are paying taxes. If the government is having to take 60 to 70% of a citizens income and STILL can't balance its budget, that government is spending too much.
I hear the news and the current administration attacking the Tea Party movement. I would not identify myself as a member of this movement but I have to come to their defense. For all of the President's talk about fairness, I would say that the very underlying principle of the Tea Party is really about fairness. There ought to be a reasonable limit on government spending and there ought to be a reasonable limit on the maximum amount of taxes (all taxes) that an individual should have to pay.
Stepping off my soapbox. Just my opinion.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
BTW - I also offer advice and opinions on Real Estate. In fact, I am a Commercial Real Estate Broker and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Commercial Land properties. I help Landlords, Tenants, Buyers, Sellers and Investors in Sales and Leasing properties. I would love to help you as well.
ALSO - I am sure that my Managing Broker would appreciate me stressing that the opinions expressed here are my own and do not necessarily represent the opinions of Commonwealth Commercial Real Estate, its employees or brokers. I am happy to hear comments either pro or con and you may feel free to post them if you would like. I am not however happy to have hateful or inappropriate comments and I will exercise my right to delete those which I deem so.
We hear a lot from our President and in his campaign about instituting fairness in taxation. Some of my young friends have expressed nearly rabid opinions to me about how unfair things are. As I mentioned in a previous post, fairness is a difficult thing to define or measure. So instead of doing that, let's have a simple case study - me.
It is no secret that the last several years have been extraordinarily difficult for real estate. Homeowners, real estate brokers, builders, people in the construction industries have all suffered tremendously in this economy. I for one have been barely scraping by for the last 4 years. My job has no base salary. I am only paid if there is a lease or sale by commission only and there is no guaranteed minimum wage.
During that period of time, I never recieved any government assistance of any kind. And in fact, being considered self employed, I would not even be considered eligible for unemployment benefits unless I was unable to make any money at all for an extended period (which I beleive is one year.) To survive the economic calamity, I had to exhaust my savings and I had to borrow to the maximum amount possible against my home. Still I was luckier than many. I never had to declare bankruptcy and I never had to have my home in foreclosure.
Now, I am thankful to be having my first good year in four years. Still, I am a long way from recovering. I have much larger debts to pay off and I would need probably another 4 good years to be back where I was before all of this began.
With this good fortune also comes an increase in taxes. In a way, I am grateful that I am back to where I can even consider taxes a problem BUT my issue is that taxes should be reasonable. Although I am having a good year, I definitely cant be considered one of the wealthiest in the country. Say whatever you want, but I am telling you from my personal experience that our current tax structure kills growth.
Getting past the rhetoric and into some hard numbers to illustrate my point. Consider the following taxes, I have to pay:
- Federal Income Tax - rate approximately 28%
- Medicare, FICA, SSA taxes PLUS self employment tax - approximately 15.5%
- State Income Tax - rate approximately 6%
- Local Income Tax - rate approximately 2.2%
- State Sales Tax - 6%
- Property Tax - Approximately 1% of the assessed value (this is low because these taxes just increased)
Next there is 6% sales tax. There is tax on my energy bills. There is tax on my phone bills. There is tax on gasoline. There is tax on my insurance bills. There is tax for licensing my car. There is a tax for having a pet. There is a tax on healthcare. Now with Obamacare, there is tax for not only healthcare but also for health insurance.
The bottom line here is that it is EASY to get to 60% of your income going to taxes. In fact, it really isn't too hard to get to 70% when you consider all the ways that the government(s) tax(es) you.
How is it fair to have to send two thirds of your income to the government and only be allowed to keep one third for your family? How can we claim that we are promoting growth when someone has to make three times the amount that they lost just to break even?
I am not an anarchist. I beleive that the government serves an important purpose. So I am not advocating no government or no taxes. HOWEVER, there is something wrong when the government wants to cry foul and vilify people who are paying taxes. If the government is having to take 60 to 70% of a citizens income and STILL can't balance its budget, that government is spending too much.
I hear the news and the current administration attacking the Tea Party movement. I would not identify myself as a member of this movement but I have to come to their defense. For all of the President's talk about fairness, I would say that the very underlying principle of the Tea Party is really about fairness. There ought to be a reasonable limit on government spending and there ought to be a reasonable limit on the maximum amount of taxes (all taxes) that an individual should have to pay.
Stepping off my soapbox. Just my opinion.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
BTW - I also offer advice and opinions on Real Estate. In fact, I am a Commercial Real Estate Broker and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Commercial Land properties. I help Landlords, Tenants, Buyers, Sellers and Investors in Sales and Leasing properties. I would love to help you as well.
ALSO - I am sure that my Managing Broker would appreciate me stressing that the opinions expressed here are my own and do not necessarily represent the opinions of Commonwealth Commercial Real Estate, its employees or brokers. I am happy to hear comments either pro or con and you may feel free to post them if you would like. I am not however happy to have hateful or inappropriate comments and I will exercise my right to delete those which I deem so.
Thursday, June 28, 2012
ObamaCare
A side road through a political mine field -
Today is a historic day because the Supreme Court released its opinion that ObamaCare is constitutional. Honestly I have mixed emotions about this. I am somewhat taken aback that the Supreme Court has ruled that the federal government has the right to require us to purchase something. While you might argue that this was a necessity to get healthcare under control, the fact is that this precedent has now been set and one has to wonder what else the government can now require us to do.
I am already hearing outcries that since the Supreme Court has ruled it constitutional, that it must be repealed. Perhaps so. As one friend opined, just because a law is constitutional, does not necessarily mean that it is a good law. But, suppose the law is repealed. What would it then be replaced with? Given the decision of the Supreme Court, it would seem to me that there is a more prudent way to proceed.
First of all, I think all of the arguments regarding the constitutionality of the law should now stop. We have a decision from our Supreme Court and accordingly, we should recognize its ruling and accept it. That is the way our government is designed. It is no more acceptable to show contempt for the US Supreme Court, than it is to show contempt for Congress or contempt for the Office of President. Like it or not, ObamaCare is constitutional.
Secondly, since it is constitutional, I think that we (all of us) should examine what is acceptable to us all and agree to accept it. Then let's work on the parts that are objectionable and find reasonable compromises. In my humble opinion, we will end up with a better law by this method than by having alternating parties in power completely starting from scratch every few years.
Just my opinion.
Speaking of opinions, if you need some advice regarding real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I works with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with a residential realtor. Anyway, I would love to help.
Thanks for reading and have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: 502-379-6005
cel: 502-905-5274
dmccoy@ccre.biz
Today is a historic day because the Supreme Court released its opinion that ObamaCare is constitutional. Honestly I have mixed emotions about this. I am somewhat taken aback that the Supreme Court has ruled that the federal government has the right to require us to purchase something. While you might argue that this was a necessity to get healthcare under control, the fact is that this precedent has now been set and one has to wonder what else the government can now require us to do.
I am already hearing outcries that since the Supreme Court has ruled it constitutional, that it must be repealed. Perhaps so. As one friend opined, just because a law is constitutional, does not necessarily mean that it is a good law. But, suppose the law is repealed. What would it then be replaced with? Given the decision of the Supreme Court, it would seem to me that there is a more prudent way to proceed.
First of all, I think all of the arguments regarding the constitutionality of the law should now stop. We have a decision from our Supreme Court and accordingly, we should recognize its ruling and accept it. That is the way our government is designed. It is no more acceptable to show contempt for the US Supreme Court, than it is to show contempt for Congress or contempt for the Office of President. Like it or not, ObamaCare is constitutional.
Secondly, since it is constitutional, I think that we (all of us) should examine what is acceptable to us all and agree to accept it. Then let's work on the parts that are objectionable and find reasonable compromises. In my humble opinion, we will end up with a better law by this method than by having alternating parties in power completely starting from scratch every few years.
Just my opinion.
Speaking of opinions, if you need some advice regarding real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I works with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with a residential realtor. Anyway, I would love to help.
Thanks for reading and have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: 502-379-6005
cel: 502-905-5274
dmccoy@ccre.biz
Wednesday, June 27, 2012
Another Commercial Real EstateTax Trick
Seems like there is always more to learn. I attended a conference on Monday and learned a new accounting trick for commercial real estate. There is a procedure known a Cost Segregation which can allow you to reallocate some of the cost of the building in a way that can allow you to accelerate the depreciation.
Actually this trick has been around for a while but it is not widely known. It is the result of a decision regarding HCA from I believe 1997. The IRS then clarified the decision with a ruling in 2004 that specified what was necessary and acceptable to make these determinations. Until this time, it was only practical for very expensive real estate transactions.
Bottom line here is that this can lead to big tax savings.
If you want to know more about Cost Segregation or other Commercial Real Estate issues, give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Retail, Land and Investment properties. I work with Landlords, Tenants, Buyers, Sellers and Investors.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
dmccoy@ccre.biz
Ofc: (502) 379-6005
Cel: (502) 905-5274
Actually this trick has been around for a while but it is not widely known. It is the result of a decision regarding HCA from I believe 1997. The IRS then clarified the decision with a ruling in 2004 that specified what was necessary and acceptable to make these determinations. Until this time, it was only practical for very expensive real estate transactions.
Bottom line here is that this can lead to big tax savings.
If you want to know more about Cost Segregation or other Commercial Real Estate issues, give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Retail, Land and Investment properties. I work with Landlords, Tenants, Buyers, Sellers and Investors.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
dmccoy@ccre.biz
Ofc: (502) 379-6005
Cel: (502) 905-5274
Monday, June 4, 2012
Forecasting Commercial Real Estate - Watching the Economy
Of late, it would seem that we have a case of market schizophrenia. On one hand, these last few weeks I have noticed that the calls have been down again and the deals that I have been working on have slowed considerably. Clients that were in a big hurry to find new space have been much less aggressive and have delayed their deadlines by weeks or months.
On the other hand, I have been working with some clients looking for some property to buy in a certain area of town and we have been having a difficult time finding something for them. One property sold with multiple offers on the table and prices in that area are up considerably for the first time in years.
At this point, I am guessing that everyone is again looking to the economy. With extremely disappointing economic news released last Friday, the stock markets took their biggest loss of the year. I would say that at least as far as commercial real estate goes, the most significant issue was jobs. Businesses with fewer people do not need as much space, whether that is for office, industrial or retail use.
With some many people and businesses having gotten burned in this recession, it is understandable that people would want to be cautious. Still, we have seen better market activity this year than in the last 4 years, so hopefully, businesses will be able to take it in stride.
Have a great day, everyone.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: 502-379-6005
cel: 502-905-5274
e-mail: DMcCoy@ccre.biz
If you would like some help with real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Land. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck I can even set you up with a Residential specialist if you need one. Give me a call. I would love to help.
On the other hand, I have been working with some clients looking for some property to buy in a certain area of town and we have been having a difficult time finding something for them. One property sold with multiple offers on the table and prices in that area are up considerably for the first time in years.
At this point, I am guessing that everyone is again looking to the economy. With extremely disappointing economic news released last Friday, the stock markets took their biggest loss of the year. I would say that at least as far as commercial real estate goes, the most significant issue was jobs. Businesses with fewer people do not need as much space, whether that is for office, industrial or retail use.
With some many people and businesses having gotten burned in this recession, it is understandable that people would want to be cautious. Still, we have seen better market activity this year than in the last 4 years, so hopefully, businesses will be able to take it in stride.
Have a great day, everyone.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: 502-379-6005
cel: 502-905-5274
e-mail: DMcCoy@ccre.biz
If you would like some help with real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Land. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck I can even set you up with a Residential specialist if you need one. Give me a call. I would love to help.
Thursday, May 31, 2012
Thought for the Day
I'm beginning to recognize the wisdom in some things that used to seem corny. I realize now that "Do a Good Deed Daily" isn't really about being nice or even helping others. It's more about the importance of working daily to become a better man and the importance of others to that task. I'm working on that.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
dmccoy@ccre.biz
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
dmccoy@ccre.biz
Monday, February 27, 2012
New Industrial Listing in Bullitt Co - 3601 Coral Ridge Rd
3601 Coral Ridge Rd
Newly Listed Industrial Property in Bullitt County
I have a new listing in Bullitt County close to I-65 in Brooks, KY. Details follow -
Approximately 2 acres zoned Light Industrial on Coral Ridge Rd approximately 1/2 mile from I-65. Property has a small approximately 3,300 square foot office structure and a small approximately 5,000 square foot warehouse structure.
Property available for sale. Priced at $350,000.
If you know of someone who might have an interest, please give me a call!
Thanks so much everyone and have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
disclaimer: Information presented is based upon sources deemed to be reliable although Commonwealth Commercial Real Estate, its brokers, agents and employees cannot warrant this information. Offerings on this property are subject to change or withdrawal at any time without notice. Confirmation of this information is the responsibility of the purchaser in the inspection process.
Thursday, February 23, 2012
Could it be that the Recession is Over?
Earlier this week, I told some buddies that it has been so long since I saw a crane, I wasn't sure I could recognize one. One responded, "What's a crane?" The other told him, "It's a bird with long legs that lives near marshes."
We've been burned before thinking that the Great Recession was over. Technically, I guess from its true economic definition, the recession has been over for nearly 3 years but this has been a recession without a recovery, so far.
Perhaps, in Louisville at least, the recovery we have been waiting for is finally here. We have had several indicators -
Hope you have a great day!
BTW - If you need some Real Estate help, give me a call! I specialize in commercial real estate and work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with help for residential properties.
ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed here are my own and do not necessarily reflect those of Commonwealth Commercial Real Estate, its brokers, agents, or employees, other than me, of course. Should you like to make a comment or offer another point of view, you may feel free to do so in the comments or you may contact me directly. You should not feel free however to make any comments which are inappropriate or offensive. Should I see any such comments, I will exercise my right to delete them.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
We've been burned before thinking that the Great Recession was over. Technically, I guess from its true economic definition, the recession has been over for nearly 3 years but this has been a recession without a recovery, so far.
Perhaps, in Louisville at least, the recovery we have been waiting for is finally here. We have had several indicators -
- Town Center retail center - known by most as the home of Tinseltown sold in late 2011 for close to twice as much as its purchase price just a few years before
- Cabela's, a large outdoor retailer, announced plans to build a new store by Lowes and Costco at Brownsboro Crossing.
- Central Station retail center, close to Churchill Downs recently sold to an out of state investor
- River Ridge, in Jeffersonville, Indiana, has a new 1,000,000 SF warehouse being built by a so far undisclosed company
- Bullitt County has another still undisclosed company presently looking for land to build another 1,000,000 SF warehouse.
- The new North Hurstboure Parkway Class A Office building built by Faulkner, the only spec Class A Office building I can think of for the last several years, is nearly completely leased after only being officially open for a few weeks.
- We have been getting inquiries from businesses that are suppliers to some of our larger employers, saying that they need more space to gear up for new contracts and increased activity.
- Whereas last year I would sometimes ask friends to call my phone to be sure that it was working, now our phones are ringing again.
- Several companies are now at least looking at new space. Much of this is taking advantage of better lease rates while they are still down and long term leases are expiring. Still, there is more activity than there has been in quite a while.
Hope you have a great day!
BTW - If you need some Real Estate help, give me a call! I specialize in commercial real estate and work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck I can even set you up with help for residential properties.
ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed here are my own and do not necessarily reflect those of Commonwealth Commercial Real Estate, its brokers, agents, or employees, other than me, of course. Should you like to make a comment or offer another point of view, you may feel free to do so in the comments or you may contact me directly. You should not feel free however to make any comments which are inappropriate or offensive. Should I see any such comments, I will exercise my right to delete them.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Sunday, February 12, 2012
The Fairness Issue
In President Obama's State of the Union Address, the President called for fairness. How could any of us oppose fairness? To do so would seem almost anti-American. My question to Mr. Obama is, "who gets to decide what is fair?"
Several years ago, my first wife and I had dinner with 2 other couples. One of the couples ordered very expensive dinners with appetizers, desserts, drinks before dinner and fairly expensive wine. We on the other hand had no alchohol, no appetizers, no dessert and modest entrees. When the check came, the other two couples decided that we should all split the check evenly. Our bill was more than $100 more than it would have been. Was that fair?
At one point or another, I would bet that you have been in a similar situation. Certainly, I think that we need to consider the fairest way to divide expenses BUT there is also the issue about whether or not it is fair to have certain expenses in the first place. It is pretty easy to be generous when you are spending someone else's money. We should be wary of those who would run up expenses for which they know they will not be personally responsible. It is equally unfair to spend way beyond the budget and then cry foul because those who have to pay it object when you demand a payment way beyond what was expected .
If you think that the issue of fairness only applies to the wealthy, you should think again. Consider energy costs. Right now, the United States has large reserves of oil and gas, which our government will not allow us to mine. Instead we are reliant on imported oil and gas. Is it fair to expect our citizens to pay more for fuel? Is it fair to send these jobs to other countries when we have millions out of work here?
My point is that one should be careful claiming a superior moral position on fairness. We should be wary of anyone making policy which by definition creates a preference of one group at the expense of another.
Just my opinion. Have a great day.
BTW - If you would like an opinion on real estate, I provide opinions on that as well. I specialize in Commercial Real Estate and help Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up with someone to help with residential real estate. Give me a call. I would love to help.
ALSO - I am sure that my managing broker would appreciate me clarifying that the opinions expressed here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents, or employees (other than me, of course.) If you would like to offer a different point of view, or even a supporting point of view, you may feel free to make a comment. You should not however feel free to make inappropriate or offensive remarks. Should I see any such remarks, I will exercise my right to delete them.
Thanks for reading!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Several years ago, my first wife and I had dinner with 2 other couples. One of the couples ordered very expensive dinners with appetizers, desserts, drinks before dinner and fairly expensive wine. We on the other hand had no alchohol, no appetizers, no dessert and modest entrees. When the check came, the other two couples decided that we should all split the check evenly. Our bill was more than $100 more than it would have been. Was that fair?
At one point or another, I would bet that you have been in a similar situation. Certainly, I think that we need to consider the fairest way to divide expenses BUT there is also the issue about whether or not it is fair to have certain expenses in the first place. It is pretty easy to be generous when you are spending someone else's money. We should be wary of those who would run up expenses for which they know they will not be personally responsible. It is equally unfair to spend way beyond the budget and then cry foul because those who have to pay it object when you demand a payment way beyond what was expected .
If you think that the issue of fairness only applies to the wealthy, you should think again. Consider energy costs. Right now, the United States has large reserves of oil and gas, which our government will not allow us to mine. Instead we are reliant on imported oil and gas. Is it fair to expect our citizens to pay more for fuel? Is it fair to send these jobs to other countries when we have millions out of work here?
My point is that one should be careful claiming a superior moral position on fairness. We should be wary of anyone making policy which by definition creates a preference of one group at the expense of another.
Just my opinion. Have a great day.
BTW - If you would like an opinion on real estate, I provide opinions on that as well. I specialize in Commercial Real Estate and help Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up with someone to help with residential real estate. Give me a call. I would love to help.
ALSO - I am sure that my managing broker would appreciate me clarifying that the opinions expressed here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents, or employees (other than me, of course.) If you would like to offer a different point of view, or even a supporting point of view, you may feel free to make a comment. You should not however feel free to make inappropriate or offensive remarks. Should I see any such remarks, I will exercise my right to delete them.
Thanks for reading!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Friday, February 10, 2012
Bowling Green Field Trip
Yesterday, I took a field trip to Bowling Green, KY, about 2 hours down the road. Bowling Green is much closer to Nashville than to Louisville and is one of the only areas in Kentucky that has continued to grow during the recession. I am told that while Bowling Green also had housing prices decline and foreclosures increase, it did not suffer the loss of jobs common to most of the rest of the country. This leaves a healthy market of people who really cannot afford to buy a house but who would like to rent.
My field trip was to work with a client interested in finding rental properties. My client had found a house about 2000 square feet for sale at about $35,000. The house was built around 1960 and was situated in a low income area of town. It had been through the foreclosure process and was owned by Fannie Mae.
Stop there. Before going any further, Let me warn you, not to get too excited about finding a 2000 square foot home for $35,000. Here is why -
In evaluating a property like this, THE MOST IMPORTANT CONSIDERATION is how much rent can you expect to get for this property. We were told that the average home in this area would rent for between $500 and $600 per month. So the questions becomes, how much would it take just to make this place livable? Then the follow-up question is, would a rent of $500 to $600 per month be enough to justify your investment?
There were a number of things that I would have to do to this property if I was going to live in it. However, those are not necessarily the same concerns of your potential tenant pool. But if the budget cannot even cover the necessities, there is no reason to spend any time or money on this project.
In this particular case, although the property was inexpensive, we estimated that it would take $20,000 to $30,000 in additional expenses just to make the property livable. With those additional expenses, the annual debt service would be about $3800. Then you would have insurance and taxes and other maintenance expenses for the property. With an expected rent of about $6000 per year, you would likely be making less than $2000 per year on this property.
Thanks for reading. Hope you have a great day.
BTW - If you know someone needing assistance with real estate, have them give me a call. I specialize in Commercial Real Estate and work with Buyers, Sellers, Landlord, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up with some help on residential real estate, if you need it.
ALSO - I am sure that my managing broker would appreciate me clarifying that the opinions expressed here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course.) Should you wish to offer an opinion, feel free to call me or to put one here in the comments sections. You should not feel free however to post anything inappropriate or objectionable. Should I see any such comments, i will exercise my right to delete them.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
Ofc: (502) 379-6005
Cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
My field trip was to work with a client interested in finding rental properties. My client had found a house about 2000 square feet for sale at about $35,000. The house was built around 1960 and was situated in a low income area of town. It had been through the foreclosure process and was owned by Fannie Mae.
Stop there. Before going any further, Let me warn you, not to get too excited about finding a 2000 square foot home for $35,000. Here is why -
- All of the carpet needs to be replaced.
- The main floor may have rotted away and was replaced with decking strips instead of plywood, so that there was no solid barrier between the house and the crawl space.
- Water runs under the house.
- Although the shingles look fairly new, the roof appears to sag and it would appear that the attic either is not properly ventilated or the shingles were installed incorrectly because the shingles were popping up.
- The gas lines were not installed correctly.
- The water heater wasn't vented correctly.
- The kitchen really needs to be completely reconfigured to work correctly because the only outlet for the stove would block almost all of the cabinets.
- The house does not have central heat or A/C. There is a furnace of some sort sitting in the middle of a family / living room that doesn't appear to be safe.
- The vinyl siding had moss or perhaps mildew on it and had several spot where it was cracked or had holes in it.
- The gutter on one side of the house had apparently been crushed when a tree had fallen on it.
- The upstairs bathroom is leaking into the downstairs bathroom.
- All of the windows need to be replaced.
- A deck on the back of the house has a roof that is leaking and needs to be taken down.
- Previous owners or tenants had run panelling over existing windows.
- The ceilings all appear to be old asbestos tile.
- The utility room may have asbestos floor tile.
In evaluating a property like this, THE MOST IMPORTANT CONSIDERATION is how much rent can you expect to get for this property. We were told that the average home in this area would rent for between $500 and $600 per month. So the questions becomes, how much would it take just to make this place livable? Then the follow-up question is, would a rent of $500 to $600 per month be enough to justify your investment?
There were a number of things that I would have to do to this property if I was going to live in it. However, those are not necessarily the same concerns of your potential tenant pool. But if the budget cannot even cover the necessities, there is no reason to spend any time or money on this project.
In this particular case, although the property was inexpensive, we estimated that it would take $20,000 to $30,000 in additional expenses just to make the property livable. With those additional expenses, the annual debt service would be about $3800. Then you would have insurance and taxes and other maintenance expenses for the property. With an expected rent of about $6000 per year, you would likely be making less than $2000 per year on this property.
Thanks for reading. Hope you have a great day.
BTW - If you know someone needing assistance with real estate, have them give me a call. I specialize in Commercial Real Estate and work with Buyers, Sellers, Landlord, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up with some help on residential real estate, if you need it.
ALSO - I am sure that my managing broker would appreciate me clarifying that the opinions expressed here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course.) Should you wish to offer an opinion, feel free to call me or to put one here in the comments sections. You should not feel free however to post anything inappropriate or objectionable. Should I see any such comments, i will exercise my right to delete them.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
Ofc: (502) 379-6005
Cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Wednesday, February 8, 2012
Upcoming Foreclosures in Louisville
Today, I spent some time reviewing the newspaper ads for upcoming foreclosures scheduled for auction. You can typically find these in the Courier Journal on Wednesdays in the Metro / Classified Section under the Heading of Commissioners Sale / Master Commissioner.
Since the meltdown of the housing markets about 4 or 5 years ago, you have no doubt heard about the vast number of foreclosures across the country. Recently, the news has reported that these are beginning to subside. But we are not out of the woods just yet.
Today's ad listed about 168 properties scheduled to be sold at auction on February 21, 2012 at the Old Jail Building at 514 W Liberty Street in downtown Louisville. If you review these listings, you can get some idea of the properties. Usually I am first looking to see if anything Commercial appears to be on the list. Then I am often looking to see if there are any high priced items on the list. And usually then I am just looking to see if there is anything that looks interesting.
The newspaper lists the address of the property, the amount to be raised and the amount of the deposit necessary to place on the property if you have the winning bid. If something piques my interest, I usually then do some research on various sites on-line to see what other information I might find. Sometimes, this is a simple Google search. Sometimes, I check to see if the property is currently listed by a real estate broker. I might want to check the zoning or whether the taxes are paid.
Today's ads list river front property on Beachland Beach Rd with the amount to be raised at $1,373,998. Another river front property is listed at Transylvania Beach Rd with the amount to be raised at $702,872. And an Anchorage property on Little Hills Lane has $726,646 to be raised. These initially caught my eye because of the large amounts, which may signal a Commercial property. These however are all residential properties.
If you are curious about these sales and cannot attend the auction, usually 2 or 3 days following the auction, the Commission will post the auction results on their website.
I don't look at the listings every week. I know that these are difficult times for those people involved and take no pleasure in their misery. However, I do find that this information is interesting. It provides a snapshot of part of the real estate market which I think provides insight useful to understanding the local real estate market as a whole.
Have a great day, everybody!
By the way, if you need some help with real estate, give me a call. I specialize in Commercial Real Estate and work with Buyers, Sellers, Landlord, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up with some help on residential real estate, if you need it. Anyway, give me a call or leave a comment. I would love to help
BTW - The opinions in these pieces are my own and do not necessarily reflect the opinions of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course.) If you have a different opinion, you are free to express it in the comment section. What you are not free to do, however, is to post comments which are inappropriate or objectionable. Should I see any such comments, I will exercise my right to delete them.
David
David W. McCoy'
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
Since the meltdown of the housing markets about 4 or 5 years ago, you have no doubt heard about the vast number of foreclosures across the country. Recently, the news has reported that these are beginning to subside. But we are not out of the woods just yet.
Today's ad listed about 168 properties scheduled to be sold at auction on February 21, 2012 at the Old Jail Building at 514 W Liberty Street in downtown Louisville. If you review these listings, you can get some idea of the properties. Usually I am first looking to see if anything Commercial appears to be on the list. Then I am often looking to see if there are any high priced items on the list. And usually then I am just looking to see if there is anything that looks interesting.
The newspaper lists the address of the property, the amount to be raised and the amount of the deposit necessary to place on the property if you have the winning bid. If something piques my interest, I usually then do some research on various sites on-line to see what other information I might find. Sometimes, this is a simple Google search. Sometimes, I check to see if the property is currently listed by a real estate broker. I might want to check the zoning or whether the taxes are paid.
Today's ads list river front property on Beachland Beach Rd with the amount to be raised at $1,373,998. Another river front property is listed at Transylvania Beach Rd with the amount to be raised at $702,872. And an Anchorage property on Little Hills Lane has $726,646 to be raised. These initially caught my eye because of the large amounts, which may signal a Commercial property. These however are all residential properties.
If you are curious about these sales and cannot attend the auction, usually 2 or 3 days following the auction, the Commission will post the auction results on their website.
I don't look at the listings every week. I know that these are difficult times for those people involved and take no pleasure in their misery. However, I do find that this information is interesting. It provides a snapshot of part of the real estate market which I think provides insight useful to understanding the local real estate market as a whole.
Have a great day, everybody!
By the way, if you need some help with real estate, give me a call. I specialize in Commercial Real Estate and work with Buyers, Sellers, Landlord, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up with some help on residential real estate, if you need it. Anyway, give me a call or leave a comment. I would love to help
BTW - The opinions in these pieces are my own and do not necessarily reflect the opinions of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course.) If you have a different opinion, you are free to express it in the comment section. What you are not free to do, however, is to post comments which are inappropriate or objectionable. Should I see any such comments, I will exercise my right to delete them.
David
David W. McCoy'
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
Thursday, January 19, 2012
Louisville 2011 Retail Real Estate Review
If you are reading this and thinking that this looks very familiar, you may have already read one of my entries on 2011 Land, Office or Industrial activity. I admit that I use almost the exact same format and even wording in order to make them a little faster to get out. That said, I promise that you are not reading the same thing under a different title. In that these reports are some of the most labor intensive reports I produce, I am simply trying to be as efficient as possible. That said, let's get down to business.
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Retail Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 128 Leases for approximately 459,803 SF of Retail space. The median lease space was 1935 SF while the average lease was for 3,592 SF. Retail leases in 2011 ranged for spaces from 500 SF to 38,068 SF.
Regarding Retail Property Sales, KCREA reported 53 Retail Buildings sold in 2011 consisting of 291,022 SF selling for $14,289,750. The median building size was 4,200 SF while the median transaction size was $200,000. The average selling price per square foot was $50.70 and the average building size was 5,491 SF. The average sale was for $269,618. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Retail sales transaction was a 30,000 SF Building in Louisville which sold for $1,069,000. The smallest unit sold was a 718 SF unit which sold for $109,000. The smallest transaction in terms of price was a 1,756 SF unit in the CBD which sold for $14,000.
What this says to me -
At 128 leases and 53 sales for the year, we are seeing about 2.4 leases and 1.0 sales per week. Half of the leases are for less than 1,935 SF. It is interesting to note that the Retail market is far more uniform than the Office or Industrial market. This tells me that in 2011, there were few larger leases to dominate the statistics. While information on the term of the leases is not provided in the KCREA stats, conversations with other brokers leads me to believe that we are continuing to have shorter term leases.
For Retail Property Sales, more has been selling although again, mainly smaller properties at lower prices. It is worth noting that although there were more Retail Property sales, that the total dollar amount of the Retail Sales was much less than that for either Office or Industrial properties.
Recommendations -
The figures for Retail indicate that Retail Property is continuing to struggle. There was very little big box activity in Louisville in 2011 which you would expect when Retail Sales are down nationally. The improvement in Retail sales in late 2011 should bode well for 2012. If the economy continues to improve and especially locally if unemployment continues to improve, we can expect Retailers to begin to test the waters for expansion again.
That said, it may be a while for this to happen and so my recommendations remain the same. I would say that things are looking better. My retail colleagues in the office tell me that December was a very good month. Still, we continue to have a lot of inventory and downward pressure on pricing.
Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Retail Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 128 Leases for approximately 459,803 SF of Retail space. The median lease space was 1935 SF while the average lease was for 3,592 SF. Retail leases in 2011 ranged for spaces from 500 SF to 38,068 SF.
Regarding Retail Property Sales, KCREA reported 53 Retail Buildings sold in 2011 consisting of 291,022 SF selling for $14,289,750. The median building size was 4,200 SF while the median transaction size was $200,000. The average selling price per square foot was $50.70 and the average building size was 5,491 SF. The average sale was for $269,618. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Retail sales transaction was a 30,000 SF Building in Louisville which sold for $1,069,000. The smallest unit sold was a 718 SF unit which sold for $109,000. The smallest transaction in terms of price was a 1,756 SF unit in the CBD which sold for $14,000.
What this says to me -
At 128 leases and 53 sales for the year, we are seeing about 2.4 leases and 1.0 sales per week. Half of the leases are for less than 1,935 SF. It is interesting to note that the Retail market is far more uniform than the Office or Industrial market. This tells me that in 2011, there were few larger leases to dominate the statistics. While information on the term of the leases is not provided in the KCREA stats, conversations with other brokers leads me to believe that we are continuing to have shorter term leases.
For Retail Property Sales, more has been selling although again, mainly smaller properties at lower prices. It is worth noting that although there were more Retail Property sales, that the total dollar amount of the Retail Sales was much less than that for either Office or Industrial properties.
Recommendations -
The figures for Retail indicate that Retail Property is continuing to struggle. There was very little big box activity in Louisville in 2011 which you would expect when Retail Sales are down nationally. The improvement in Retail sales in late 2011 should bode well for 2012. If the economy continues to improve and especially locally if unemployment continues to improve, we can expect Retailers to begin to test the waters for expansion again.
That said, it may be a while for this to happen and so my recommendations remain the same. I would say that things are looking better. My retail colleagues in the office tell me that December was a very good month. Still, we continue to have a lot of inventory and downward pressure on pricing.
Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Wednesday, January 18, 2012
Louisville 2011 Industrial Review
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Industrial Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 127 Leases for approximately 1,127,191 SF of Industrial space. The median lease space was 3924 SF while the average lease was for 41,748 SF. The largest Industrial Lease reported for 2011 was 162,000 SF while the smallest lease reported was 475 SF.
Regarding Industrial Sales, KCREA reported 38 Industrial Buildings sold in 2011 consisting of 1,635,993 SF selling for $37,115,500. The median building size was 24,960 SF while the median transaction size was $487,000. The average selling price per square foot was $22.96 and the average building size was 42,535. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Industrial sales transaction was a 248,400 SF Building in Louisville which sold for $7,760,000. The smallest unit sold was a 2,400 SF unit which sold for $130,000.
What this says to me -
At 127 leases and 38 sales for the year, we are seeing about 2.4 leases and 0.73 sales per week. Half of the leases are for less than 3,924 SF. When the average space leased exceeds the median by such a large margin, this screams that there are very few large transactions in the market place. The vast majority of the transactions are very small spaces. While information on the term of the leases is not provided in the KCREA stats, conversation with other brokers leads me to believe that we are continuing to have shorter term leases.
For Industrial Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the top 5 sales transactions amounted to more than half of the total dollar volume of the reported sales.
Recommendations -
Louisville has had a fair amount of good economic news in 2011, with expansions planned at Ford and GE, among others. As these lines begin to come on-line and as suppliers and other companies also begin to expand, it looks as though things in Louisville will continue to improve.
My recommendations remain the same. Like the Office, I would say that things are looking better - number of calls and showing are up and unemployment is improving. Also, while I cannot quantify this, I am beginning to see a willingness of companies to consider longer terms in their leasing.
We continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 127 Leases for approximately 1,127,191 SF of Industrial space. The median lease space was 3924 SF while the average lease was for 41,748 SF. The largest Industrial Lease reported for 2011 was 162,000 SF while the smallest lease reported was 475 SF.
Regarding Industrial Sales, KCREA reported 38 Industrial Buildings sold in 2011 consisting of 1,635,993 SF selling for $37,115,500. The median building size was 24,960 SF while the median transaction size was $487,000. The average selling price per square foot was $22.96 and the average building size was 42,535. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property or had invalid numbers entered.)
The largest Industrial sales transaction was a 248,400 SF Building in Louisville which sold for $7,760,000. The smallest unit sold was a 2,400 SF unit which sold for $130,000.
What this says to me -
At 127 leases and 38 sales for the year, we are seeing about 2.4 leases and 0.73 sales per week. Half of the leases are for less than 3,924 SF. When the average space leased exceeds the median by such a large margin, this screams that there are very few large transactions in the market place. The vast majority of the transactions are very small spaces. While information on the term of the leases is not provided in the KCREA stats, conversation with other brokers leads me to believe that we are continuing to have shorter term leases.
For Industrial Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the top 5 sales transactions amounted to more than half of the total dollar volume of the reported sales.
Recommendations -
Louisville has had a fair amount of good economic news in 2011, with expansions planned at Ford and GE, among others. As these lines begin to come on-line and as suppliers and other companies also begin to expand, it looks as though things in Louisville will continue to improve.
My recommendations remain the same. Like the Office, I would say that things are looking better - number of calls and showing are up and unemployment is improving. Also, while I cannot quantify this, I am beginning to see a willingness of companies to consider longer terms in their leasing.
We continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Tuesday, January 17, 2012
2011 Louisville Office Review
I'm continuing my review of Louisville Commercial Real Estate for 2011. Today, I am looking at the Office Market. Here is what I found -
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 141 Leases for approximately 504,846 SF of Office space. The median lease space was 1746 SF. The largest Office Lease reported for 2011 was 101,000 SF at the call center on Lakefront Place. The smallest lease reported was 150 SF.
Regarding Office Sales, KCREA reported 46 Office Buildings / Condos sold in 2011 consisting of 352,687 SF selling for $18,092,309. The median building size was 2782 SF while the median transaction size was $195,000. The average selling price per square foot was $49.47. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property.)
The largest transaction in both size of building and dollar value was a 140,826 SF office building in the Louisville CBD. The smallest unit sold was a 1000 SF Office Condo. The smallest transaction was a 2942 SF Office building in Henry Co which sold for $31,000.
What this says to me -
At 141 leases and 46 sales for the year, we are seeing about 2.7 leases and 0.9 sales per week. It is interesting to note that 50% of the leases are for space less than 1800 SF. Also, one single lease (the call center mentioned above) comprised 20% of the leased space reported for the year.
Given the number of showings I had for companies looking for 30,000 SF and up last year, it is telling that of all of the leases reported on KCREA, there were only 2 recorded for more than 20,000 SF. That seems to validate the feeling that many of my colleagues and I shared that there was a lot of activity looking at space but not nearly as much actually going to lease. Most of the space being leased, continues to be smaller space.
For Office Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the one 140,826 SF building sold comprised approximately 40% of the Square Footage of Office property sold.
Recommendations -
My recommendations remain the same. While I would say that things are looking better - number of calls and showing are up and unemployment is improving, I would also have to say that we continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
The Numbers -
According to KCREA (Kentucky Commercial Real Estate Alliance), the Louisville metro area had 141 Leases for approximately 504,846 SF of Office space. The median lease space was 1746 SF. The largest Office Lease reported for 2011 was 101,000 SF at the call center on Lakefront Place. The smallest lease reported was 150 SF.
Regarding Office Sales, KCREA reported 46 Office Buildings / Condos sold in 2011 consisting of 352,687 SF selling for $18,092,309. The median building size was 2782 SF while the median transaction size was $195,000. The average selling price per square foot was $49.47. (note: if you are checking my math, to get this figure, I had to make some adjustments because some transactions did not disclose the square footage of the property.)
The largest transaction in both size of building and dollar value was a 140,826 SF office building in the Louisville CBD. The smallest unit sold was a 1000 SF Office Condo. The smallest transaction was a 2942 SF Office building in Henry Co which sold for $31,000.
What this says to me -
At 141 leases and 46 sales for the year, we are seeing about 2.7 leases and 0.9 sales per week. It is interesting to note that 50% of the leases are for space less than 1800 SF. Also, one single lease (the call center mentioned above) comprised 20% of the leased space reported for the year.
Given the number of showings I had for companies looking for 30,000 SF and up last year, it is telling that of all of the leases reported on KCREA, there were only 2 recorded for more than 20,000 SF. That seems to validate the feeling that many of my colleagues and I shared that there was a lot of activity looking at space but not nearly as much actually going to lease. Most of the space being leased, continues to be smaller space.
For Office Sales, the activity remains somewhat light. Things being sold are tending to be smaller properties at lower price points. Like the leasing, it is interesting to note that the one 140,826 SF building sold comprised approximately 40% of the Square Footage of Office property sold.
Recommendations -
My recommendations remain the same. While I would say that things are looking better - number of calls and showing are up and unemployment is improving, I would also have to say that we continue to have a lot of inventory and downward pressure on pricing. Successful Landlords and Sellers will keep their properties in top condition and price them competitively.
Notes, Disclaimers and Such -
BTW - If you would like me to evaluate your particular property, give me a call. Also if you need any help on any real estate needs, I would love to help. I am licensed in Kentucky and Indiana and specialize in Commercial Real Estate. I work with Buyers, Sellers, Landlords, Tenants and Investors. I handle Office, Industrial, Land, Retail and Investment properties. Heck, I can even set you up if you need help with residential property.
ALSO - I am sure that my broker would appreciate me clarifying that the views here are my own and do not necessarily represent those of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course) If you would like to make a comment or offer another opinion, you may feel free to do so in the comments sections. What you should not feel free to do though is make comments which are inappropriate or offensive. Should I see any such comments, I will delete them.
Finally - The information gathered for this analysis comes from KCREA (Kentucky Commercial Real Estate Alliance). This information reflects the activity of the members and participants of KCREA and therefore should not be considered a complete census of commercial activity. It is also dependent on the individual brokers to enter and maintain their information. As such it is subject to some error. Never-the-less, it presents a picture of the commercial real estate activity and I believe it is useful for review and analysis.
Let me know if you have any questions or if I can be of some help. Thanks for reading. Hope you have a good day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
Monday, January 16, 2012
2011 Review of Louisville Commercial Land Sales
As I begin my planning for 2012, I am taking a final look at 2011. Today, I analyzed Commercial Land Sales for last year. Here is what I found:
The Numbers
For all of 2011, KCREA recorded 30 land sales for a total of 1020.25 Acres selling at $9,811,546. The average parcel size was 34 acres and average sales price per acre was $9,683. The average transaction size was $338,329. Median parcel size was 4.86 acres and median dollar value of a transaction was $226,250.
The largest transaction in terms of dollar value and also tract size was a 410 acre parcel in New Washington, Indiana which sold for $1,300,000. The smallest transaction in terms of dollar value and tract size was a 0.06 acre tract in downtown Louisville which sold for $10,000.
This amounts to 8 transactions totaling $1,990,000 in 4th Quarter 2011 for an average transaction of $248,750.
What this means
If you are looking at the numbers alone, 2011 was another draught for Commercial Land and Development, in general. With only 30 total transactions recorded for the year, one would expect only 2.5 land sales in any given month. Looking at the average price of property sold, you would also conclude that the vast majority of the land sold was unimproved land which was not ready for development.
Development is a highly leveraged business so that when it goes well, the payoff is great but if it doesn't go well, the possibility of loss is also magnified. It is well known that many Developers went out of business in this recession and that many remain under water. The Developers remaining are far more cautious, both because of their risk aversion as well as that of their lenders. In this environment, we should expect the recovery for Land to progress slowly.
Still, as I mention in November, there are beginning to be some encouraging signs. The number of calls on land is up. And although these transactions did not go through, I had respectable offers on three separate parcels of land I have listed in the last quarter of 2011. I am also aware of some new plans for some decent sized developments that are in the works for 2012.
The things that I expect to move in 2012 are parcels that are competitively priced, already zoned properly and have infrastructure in place.
Anyway, I am looking forward to a good year in 2012. Have a great day, everyone. Thanks for reading.
Notes and Disclaimers and such -
If you know of anyone who would like help with real estate, give me a call. I am licensed in Kentucky and Indiana. I specialize in Commercial Real Estate and handle Office, Industrial, Land, Investment and Retail properties. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck, I can even set you up with some help for residential property if you need it.
The Information presented here comes from KCREA (Kentucky Commercial Real Estate Alliance) data base. This information is dependent on the individual members keeping it current and accurate. It is not a census of all commercial transactions. It contains only the information of the members of KCREA and other who contribute. As such, I cannot guarantee its accuracy. Still I believe that it is a good indicator of activity and is useful to examine.Also, I am sure that my broker would appreciate me clarifying that the views represented here are my own and do not necessarily represent the views of Commonwealth Commercial Real Estate, its brokers, agents, or employees (other than me of course). Should you wish to comment on this post or to offer another opinion, you may feel free to do so in the comments section. What you should not feel free to do however, is to make any inappropriate or offensive comments. Should I encounter any such comments, I will exercise my right to delete them.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
www.ccre.biz
The Numbers
For all of 2011, KCREA recorded 30 land sales for a total of 1020.25 Acres selling at $9,811,546. The average parcel size was 34 acres and average sales price per acre was $9,683. The average transaction size was $338,329. Median parcel size was 4.86 acres and median dollar value of a transaction was $226,250.
The largest transaction in terms of dollar value and also tract size was a 410 acre parcel in New Washington, Indiana which sold for $1,300,000. The smallest transaction in terms of dollar value and tract size was a 0.06 acre tract in downtown Louisville which sold for $10,000.
This amounts to 8 transactions totaling $1,990,000 in 4th Quarter 2011 for an average transaction of $248,750.
What this means
If you are looking at the numbers alone, 2011 was another draught for Commercial Land and Development, in general. With only 30 total transactions recorded for the year, one would expect only 2.5 land sales in any given month. Looking at the average price of property sold, you would also conclude that the vast majority of the land sold was unimproved land which was not ready for development.
Development is a highly leveraged business so that when it goes well, the payoff is great but if it doesn't go well, the possibility of loss is also magnified. It is well known that many Developers went out of business in this recession and that many remain under water. The Developers remaining are far more cautious, both because of their risk aversion as well as that of their lenders. In this environment, we should expect the recovery for Land to progress slowly.
Still, as I mention in November, there are beginning to be some encouraging signs. The number of calls on land is up. And although these transactions did not go through, I had respectable offers on three separate parcels of land I have listed in the last quarter of 2011. I am also aware of some new plans for some decent sized developments that are in the works for 2012.
The things that I expect to move in 2012 are parcels that are competitively priced, already zoned properly and have infrastructure in place.
Anyway, I am looking forward to a good year in 2012. Have a great day, everyone. Thanks for reading.
Notes and Disclaimers and such -
If you know of anyone who would like help with real estate, give me a call. I am licensed in Kentucky and Indiana. I specialize in Commercial Real Estate and handle Office, Industrial, Land, Investment and Retail properties. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck, I can even set you up with some help for residential property if you need it.
The Information presented here comes from KCREA (Kentucky Commercial Real Estate Alliance) data base. This information is dependent on the individual members keeping it current and accurate. It is not a census of all commercial transactions. It contains only the information of the members of KCREA and other who contribute. As such, I cannot guarantee its accuracy. Still I believe that it is a good indicator of activity and is useful to examine.Also, I am sure that my broker would appreciate me clarifying that the views represented here are my own and do not necessarily represent the views of Commonwealth Commercial Real Estate, its brokers, agents, or employees (other than me of course). Should you wish to comment on this post or to offer another opinion, you may feel free to do so in the comments section. What you should not feel free to do however, is to make any inappropriate or offensive comments. Should I encounter any such comments, I will exercise my right to delete them.
Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
e-mail: DMcCoy@ccre.biz
www.ccre.biz
Sunday, January 8, 2012
Delivering Bad News
Unfortunately for the last few years, I have had to deliver a lot of bad news to property owners. With the economy in a deep recession, I have often had to tell people that there property has declined in value often as much as 40%. Sometimes, however I get a little help.
A property owner recently contacted me to ask about some property he has had leased for several years. The present lessee has struggled to pay the rent and a potential buyer of the lessee's company contacted the owner to discuss a new lease.
After reviewing the market around this property, I concluded that the market rent had declined by nearly 33% since the last lease on this property. Although he would have liked to have heard that the market rate had not declined, actually the property owner was pretty happy with the news. It turns out that the new prospective tenants had asked him to reduce the rent by 70%.
The advice for this property owner was to try to hold onto the tenant if possible but to target the new rent at the current market conditions. Since the tenant was having problems paying the rent, I suggested that part of the rent could be done as a percentage of sales. By setting a floor and a percentage of sales, the owners does share some of the risk however, the owners can expect to get near market rates and perhaps better than market rates if the store can increase its sales.
Sometimes, fate steps in and makes things a little easier.
Have a great day, all.
Notes and Disclaimers and such -
BTW - If you know of anyone needing assistance with Real Estate, have them give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Land, Retail and Investment properties. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck I can even find you help with residential real estate.
ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed here are my own and do not necessarily represent the view of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course.) If you have a question or a comment on anything here, you are free to make a comment. However, you are not free to make inappropriate or offensive comments. Should I find any such comments, I will exercise my right to delete them.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
mailto:DMcCoy@ccre.biz
www.ccre.biz
A property owner recently contacted me to ask about some property he has had leased for several years. The present lessee has struggled to pay the rent and a potential buyer of the lessee's company contacted the owner to discuss a new lease.
After reviewing the market around this property, I concluded that the market rent had declined by nearly 33% since the last lease on this property. Although he would have liked to have heard that the market rate had not declined, actually the property owner was pretty happy with the news. It turns out that the new prospective tenants had asked him to reduce the rent by 70%.
The advice for this property owner was to try to hold onto the tenant if possible but to target the new rent at the current market conditions. Since the tenant was having problems paying the rent, I suggested that part of the rent could be done as a percentage of sales. By setting a floor and a percentage of sales, the owners does share some of the risk however, the owners can expect to get near market rates and perhaps better than market rates if the store can increase its sales.
Sometimes, fate steps in and makes things a little easier.
Have a great day, all.
Notes and Disclaimers and such -
BTW - If you know of anyone needing assistance with Real Estate, have them give me a call. I specialize in Commercial Real Estate and handle Office, Industrial, Land, Retail and Investment properties. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck I can even find you help with residential real estate.
ALSO - I am sure that my managing broker would appreciate me clarifying that the views expressed here are my own and do not necessarily represent the view of Commonwealth Commercial Real Estate, its brokers, agents or employees (other than me, of course.) If you have a question or a comment on anything here, you are free to make a comment. However, you are not free to make inappropriate or offensive comments. Should I find any such comments, I will exercise my right to delete them.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
mailto:DMcCoy@ccre.biz
www.ccre.biz
Price Reduced on Southern Indiana Car Shop
1414 Spring Street - Jeffersonville, IN
I am looking for some help finding a buyer for a property in Southern Indiana adjacent to Clark Memorial Hosptial in Jeffersonville.
This property, formerly Nationwide Auto Restoration, has approximately 7,700 square feet with nearly 4,000 additional square feet of storage in the basement. There is an office on Spring Street and an industrial shop with 3 drive in doors in the rear. It would be a great spot for a small auto shop or contractor's office and it is easily accessible from I-65. There is parking in front and in the rear.
The industrial part of the building has 16 foot ceilings and has 2 Ingersol Rand compressors running in tandem as well as air lines through out. The building has heavy power and there is a paint booth which can stay with the building.
The building was originally priced at $320,000. The owner is anxious to sell and has now lowered the asking price to $234,000.
If you know of anyone who might have an interest, give me a call.
Thanks for your help! Have a great day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
mailto:DMcCoy@ccre.biz
www.ccre.biz
I am looking for some help finding a buyer for a property in Southern Indiana adjacent to Clark Memorial Hosptial in Jeffersonville.
This property, formerly Nationwide Auto Restoration, has approximately 7,700 square feet with nearly 4,000 additional square feet of storage in the basement. There is an office on Spring Street and an industrial shop with 3 drive in doors in the rear. It would be a great spot for a small auto shop or contractor's office and it is easily accessible from I-65. There is parking in front and in the rear.
The industrial part of the building has 16 foot ceilings and has 2 Ingersol Rand compressors running in tandem as well as air lines through out. The building has heavy power and there is a paint booth which can stay with the building.
The building was originally priced at $320,000. The owner is anxious to sell and has now lowered the asking price to $234,000.
If you know of anyone who might have an interest, give me a call.
Thanks for your help! Have a great day.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: (502) 379-6005
cel: (502) 905-5274
mailto:DMcCoy@ccre.biz
www.ccre.biz
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