Fri, April 12, 2024

Deep pockets for downtown Augusta historic investment

A property steeped in history with a potential lucrative future is for sale, if you can pony up almost $2 million.

Almost 21 years ago, The Bees Knees helped pioneer modern dining in Downtown Augusta. Over the years, the space at 215 10th Street has been a gathering place for many seeking a unique culinary experience. Now, with Manny’s Off Broad and Lenox on Tenth, a new generation of restauranteurs has taken up the baton and an opportunity to invest in Augusta’s downtown has presented itself.

The property offers approximately 9,072 square feet of space and features two restaurant spaces at the bottom and three apartment units above, embodying a mix of the old and the new for future growth.

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Even better, meticulous care has been taken to maintain and upgrade the property, including crucial improvements such as roof repairs in 2018, the introduction of new AC units in the upstairs lofts, the replacement of 35 exterior windows in 2019, and a fresh coat of exterior paint in 2021.

With a new 5-year Triple Net Lease (NNN) for one of the restaurant spaces, featuring 4% annual increases, and another restaurant space with 1.5 years left on its lease, offering 5% annual increases, it is primed for investors seeking immediate returns. The residential units above provide additional revenue streams, with two fully furnished apartments, one being a sought-after Airbnb location and the other hosting long-term tenants.

“This property is a golden opportunity for investors wanting immediate cash flow and a premium asset in a bustling downtown area,” states Jonathan Aceves from The Finem Group at Meybohm Commercial. “Its location at one of the most trafficked intersections downtown, close to acclaimed restaurants and important institutions, makes it a promising
investment for the discerning buyer.”

Positioned at the 10th Block of Downtown Augusta, the property is a landmark, surrounded by establishments like Taco Cat and Pho Romen and in proximity to major institutions, reflecting the pulse and energy of the city.

The asking price is $1,899,000. For more details, contact The Finem Group at Meybohm Commercial, John Eckley, VP and Commercial Broker, jeckley@meybohm.com, 706.305.0054.

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