Opportunity Zone Commercial Property For Sale

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Opportunity Zone Commercial Property For Sale

5960 Dr Martin Luther King Drive, St. Louis, Missouri 63143

Property Description

Status Active
  • Space Available:
  • Gross Building Area: 27000
  • Maximum Contigious:
Price Total $495,500 Total
Property Type Commercial, Loft, Office, Restaurant, Retail, Warehouse
Virtual Tour Aerial Video

Overview/Comments

Opportunity Zone Commercial Property For Sale

Opportunity Zone Commercial Property For Sale with Unlimited Opportunities for the entrepreneur on Dr. Martin Luther King Dr. This Opportunity Zoned Commercial Property For Sale is located in an Opportunity, Enterprise, Promise, and Hub Zone! The 3-story 27,000 SF full masonry structure is situated on 2-land parcels approximately .38 aces. This Opportunity Zone Commercial Property For Sale property is surrounded by other properties owned by the LRA, creating the opportunity for business expansion.

 

New Neighborhood Commercial Development on the Horizon

All successful projects hinge on Location, Timing, Building Strength, and Incentives.  All four of these are present in this location and property.  The Easton Development Corporation is planning for a groundbreaking in 2022 of a $7.4 million-dollar 16,000 SF mix-use development including storefronts, residences, and community space with a completion date of 2025.  This proposed development is directly across the street from 5960 Dr. Martin Luther King Dr, where over $1,000,000 was invested in 2008 in building improvements, including a sprinkler system, sewer, water, electrical and more.  5960 Dr. Martin Luther King Dr is already constructed.  The basic operating systems have been improved or are in place for expansion, making this an attractive development opportunity for any investor in this community.  There are numerous tax incentives and funding mechanisms available to the developer.  The purchaser of this 27,000 SF building will have a leg up on the new development by purchasing a solid structure ready for floor improvements for various uses, including retail, restaurant, meeting space, residential, offices, and so much more.

Recent Building Improvements/Upgrades

In 2008 the building underwent major improvements/upgrades including but not limited to;

  • Sewer Lateral
  • Water Service
  • New Electrical Service-Single and Three Phase
  • Wet Sprinkler System (Occupied Area Only)
  • Front Exterior Windows
  • Membrane Roof
  • Paved Rear Lot
  • Fire Escapes from Mezinane
  • Basement Concrete Stair Emergency Exits
  • Water Proofing-Basement
  • Fire Alarm System
  • Security Cameras
  • And so much more…..

Over $1,000,000 in improvements were made in 2008 to redevelop the property with an occupancy capacity of 1070 patrons.

Description of Floors
Occupied Area

The First Floor is mostly open except for a front entrance lobby.  The First Floor is surrounded on three sides by a 3,000 SF mezzanine. The ceiling height of the first floor is over 17 feet, and the mezzanine is 8 feet. The First Floor, Mezzanine, and Lower Level each have a dedicated 200 Amp Electrical Panel. There is an accessible restroom on the first floor with the main building restrooms located on the Lower Level. Metal Stairs lead to the Mezzanine and Basement.

Unfinished Upper Floors

Access to the upper 2-floors is via a concrete staircase. The 2nd and 3rd floors are wide-open with an interior demission of 117 feet X 47 feet. The upper floors are raw with concrete floors and ceilings, and no utilities or amenities. The front exterior windows on the upper two floors have newer aluminum frame windows. Ceiling heights vary from 10 feet on the 2nd floor, and on the 3rd floor with tapered roof, ceiling height varies from 15 feet at the front of the building to 11 feet at the rear of the building. A freight Elevator once went from the ground floor to the third floor but has been removed.

This  Opportunity Zone Commercial Property For Sale is ideal as a “Turn-Key” Night club or converted to a variety of other uses; office, church, meeting space, banquet facility, storage, housing, retail, and more. The city has paved, stripped, and lighted a 200-car parking lot across the street from this property for its use. Virtually the entire city block can be acquired for business expansion with the LRA currently owning the majority of the property.

Tax Credits/Incentives Available

Opportunity Zone Commercial Property For Sale

5960 Dr. Martin Luther King Dr is located within an Opportunity Zone, Promise Zone, Urban Enterprise Zone, and HubZone all offering tax incentives to own and operate a business in the neighborhood.

Opportunity Zones encourage long-term investment and job creation in low-income areas of the state, by allowing investors to reinvest unrealized capital gains in designated census tracts.

Urban Enterprise Zone is an area in which policies to encourage economic growth and development are implemented. Urban enterprise zone policies generally offer tax concessions, infrastructure incentives, and reduced regulations to attract investments and private companies into the zone. Urban Enterprise Zone provides tax and regulatory relief to entrepreneurs and investors who launch businesses in the area.

Urban Enterprise Zone is an area in which policies to encourage economic growth and development are implemented. Urban enterprise zone policies generally offer tax concessions, infrastructure incentives, and reduced regulations to attract investments and private companies into the zone. Urban Enterprise Zone provides tax and regulatory relief to entrepreneurs and investors who launch businesses in the area.

Promise Zones is a Federal program that partners with local leaders to give communities proven tools to rebuild and put people back to work. The goal is to increase economic activity, improve educational outcomes, reduce serious and violent crime, invest in transformative development, and improve health and wellness.

HubZone is a United States Small Business Administration program for small companies that operate and employ people in Historically Under-utilized Business Zones. The program benefits include that it limits competition for government contracts to a business located in a HubZone and also gives preferential consideration to those businesses in full and open competition.

Historic Tax Credits are tax incentives for the historic preservation of buildings through the US Department of the Interior (National Park Service), and the Missouri Department of Economic Development. The Federal Government offers a 20% rehabilitation tax credit equal 20% of the amount spent in a certified rehabilitation of a certified historic structure and 10% rehabilitation tax credit in non-historic buildings built before 1936. This in addition to Missouri law provides an investment tax credit equal to 25 percent of approved costs associated with qualified rehabilitation making this a very attractive program to invest in older properties. Missouri tax credits can be carried back three years and forward ten years.

How Cardinal Realty Group Can Help You and Your Business

When searching for commercial retail space for rent, call the Home-town Team at Cardinal Realty Group. The Cardinal can-do attitude gets results as a Realtor and CCIM for Tenants, Owners, Buyers, and Sellers of Commercial Real Estate St Louis since 2004. Our motto is unseen, is untold is unsold! Call Today to tour this property or to discuss your needs for Commercial Real Estate St Louis further.

General Information

  • County: St. Louis City
  • Tax Id Number APN: 38370001200 & 38370001100
  • Zoning: G-Local Commercial and Office
  • Building Name: Euforia Nightclub & Lounge
  • Gross Building Area: 27000
  • Building Size RSF: 27000
  • Land Area: .38 Acres

Area and Location

  • Market Type: Large
  • Property Located Between: Hodiamont Ave & Hamilton Ave.
  • Side of Street: South
  • Road Type: Paved
  • Property Visibility: Excellent
  • Highway Access: From Downtown St. Louis, go West on I-70 to Jennings Station Rd in Pine Lawn (Exit 242). Turn left on Jennings Station Rd 2,4 miles to Dr Martin Luther King Dr. Turn left on Dr Martin Luther King Dr. to property .2 miles on the right.
Area Description: Located on the Historic Dr. Martin Luther King Dr, between Hodiamont Ave and Hamilton Ave a once-bustling commercial avenue in St. Louis. The opportunities available to an entrepreneur are endless.
Transportation:
  • bus
  • highway
  • taxi

Building Related

  • Tenancy: Single Tenant
  • Number of Stories: 3
  • Total Number of Buildings: 1
  • Property Condition: Excellent
  • Year Built: 1923
  • Year Renovated: 1923
  • Roof Type: Flat
  • Construction/Siding: Brick
  • Parking Type: Surface
  • Total Parking Spaces: 25
  • Parking Ratio: -
  • Parking Description: 25 Parking spaces located behind building with over 200 parking spaces in lots across the street from this property.
  • Ceiling Height: -
  • Loading Docks: -
  • Loading Doors: -
  • Drive-in Doors: -
  • Exterior Description: 3-Story Full Masonry with all-new aluminum Windows on the 2nd and 3rd Floor
  • LEED Certified No
Internet Access:
  • cable
  • gigabit

Land Related

  • Lot Frontage: 75
  • Lot Depth: 223
  • Topography: Level
  • Easements: Ingress/Egress
  • Utilities
  • Zoning Description: The purpose of the G-local commercial and office district is to establish and preserve areas that accommodate a wide range of businesses catering to the personal and home needs of the general public and to provide for employment activity and service to the public, which does not detract from nearby residential uses.

Location

  • Street Number: 5960
  • Street Name: Dr Martin Luther King Drive
  • City: St. Louis
  • State: Missouri
  • Zip Code: 63143

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