Property Description
37-41 Public Square is a +/-17,420 SF historic mixed-use investment on Shelbyville's Public Square, offered at a projected 10% cap rate at full occupancy and stabilization. The property combines three income streams: #37 - a ground-floor retail or office space, #39 - a bistro space of approximately +/-6,100 SF with a lower level of similar size, and #41- 6 upper-level apartments being renovated during marketing period and ready for occupancy soon. The bistro features a nice sized bar area separate from the main dining room, with its own entrance on Jackson Street, and potential for outdoor seating within the DORA zone. It is well suited for a restaurant, brewpub, or entertainment concept. The apartments (one 3BR, two 2BR, two 1BR and 1 Studio) are being updated with new appliances, cabinetry, countertops, flooring, fixtures, and paint, with projected rents up to $1700 per month. The seller is actively leasing the commercial and residential spaces during the marketing period. Located in Shelbyville's historic district and DORA zone, the property is steps from the square's festivals and community events, with plenty of free street parking, free public parking in the garage directly across the street and a paved lot for tenant parking on Jackson St. A planned data center project nearby is expected to bring increased activity to the area. See Broker Bay for showing instructions.