{"id":5,"date":"2010-01-21T23:31:18","date_gmt":"2010-01-21T23:31:18","guid":{"rendered":"http:\/\/downtowncampbellsville.com\/main\/?page_id=5"},"modified":"2016-08-24T11:31:44","modified_gmt":"2016-08-24T15:31:44","slug":"downtown-campbellsville-historic-buildings","status":"publish","type":"page","link":"http:\/\/www.downtowncampbellsville.com\/main\/downtown-campbellsville-historic-buildings\/","title":{"rendered":"BUILDINGS"},"content":{"rendered":"

\"Downtown<\/a><\/p>\n

Real Estate<\/a> | Valuation<\/a> | Market<\/a> | Renaissance<\/a> |\u00a0Genuine<\/a><\/p>\n

Real Estate<\/h2>\n

Downtown Campbellsville is Main Street, USA — a century-old city with highly valued historic structures.<\/p>\n

In recent years, these buildings have been renovated to hold commercial and residential spaces (mixed-use space – office, retail, restaurant, and residential).<\/p>\n

A typical building in Downtown Campbellsville is a century-old structure that is 2-stories.\u00a0 It’s made of old fired brick, lime based mortar, and massive 2×12 oak timers up to 22 feet long.\u00a0\u00a0 It’s common to find the antique oak flooring in great shape.<\/p>\n

Building sizes range from 3,000 to 8,000 sq. ft.\u00a0 Although, the two biggest buildings are 22,000 and 17,000 sq ft and 3 stories tall.\u00a0 Merchant Tower<\/a> is uniquely Romanesque with its arches and turret.<\/p>\n

EXTERIORS – The building facades are mostly Italianate architecture.\u00a0\u00a0\u00a0 There are a variety of facades that have decorative ironwork, stone, or leaded glass transom windows.<\/p>\n

\"Downtown<\/a>
Downtown Campbellsville – Historic Buildings<\/figcaption><\/figure>\n

 <\/p>\n

INTERIORS – Several buildings including the Bank of Campbellsville<\/a> building, The Green Room<\/a> building, and\u00a0The Twisted Stem<\/a> building\u00a0have high-end residential lofts.<\/p>\n

\"JP
Downtown Campbellsville – Loft<\/figcaption><\/figure>\n

Valuation<\/h2>\n

These buildings are valuable because of their design, materials, craftsmanship, and age.<\/p>\n

Let’s look at a valuation example.<\/p>\n

Before the\u00a0renovation, Downtown Campbellsville buildings sold for around $20 per sq. ft. \u00a0\u00a0 That’s $80K for 4,000 sq ft.<\/p>\n

Adding a $75K ($18.75\/sq ft) renovation for windows, roofing, bathrooms, utilities, paint and finish work is common.\u00a0\u00a0 That brings the cost basis to $38.75 \/ sq ft or $155K for the entire project.\u00a0 The building is worth at least that even on a cold winter day.<\/p>\n

But, in general, a commercial building is valued based on the lease\/tenant.\u00a0 In these buildings, a lease ranges from $.50 to $1.00 per sq ft \/ monthly. \u00a0\u00a0 So, 4,000 sq ft leases for around $2,000\/mth.\u00a0 This should be enough to positive cash flow an investment of $155K.<\/p>\n

In some instances, an investor can apply for a tax credit to further reduce the cost basis.<\/p>\n

Market<\/h2>\n

Several buildings are for sale\/lease.\u00a0 Contact us<\/a> so we can put you in touch with our preferred agent.<\/p>\n

Or, check out properties on www.Zillow.com<\/a><\/p>\n

Looking forward, Downtown Campbellsville is ideal multi-use space for retail, restaurant, office, and residential in a commercial historic district.<\/p>\n

\"Downtown
Downtown Campbellsville, Main-Street, July 2012<\/figcaption><\/figure>\n

Renaissance In The Campbellsville Commercial Historic District<\/h2>\n

Collectively, a several block area of Downtown Campbellsville is registered on the National Historic Register.\u00a0\u00a0 This designation recognizes the historical importance of antique commercial buildings.<\/p>\n

Downtown Renaissance<\/h2>\n

The City of Campbellsville authorized a committee to oversee the preservation of the downtown buildings, the Renaissance Committee (RC).\u00a0\u00a0 One of the main responsibilities of the RC is to approve plans for renovations which affect a building’s outward appearance.\u00a0 Window\/Door replacement, paint color changes, and signage requires written approval by the RC.<\/p>\n

Modern Renaissance<\/h2>\n

As they say, “what’s old is new again”.\u00a0 Many new commercial construction projects in the US are going retro and borrowing the architectural traits of these buildings and their small town setting.\u00a0 One such development is the Southlake Town Square<\/a> in Texas.\u00a0 Another is Santana Row<\/a> in San Jose, California. And yet another is The Woodlands<\/a> in Houston, Texas.\u00a0 In general, the concept of a centralized area for retail, restaurant, office, and residential is a popular “new” concept that has already existed in Downtown Campbellsville for a century.<\/p>\n

Genuine America<\/h2>\n

There are a limited number of genuine century old historic downtowns in America.\u00a0 Investors have caught on and learned that investing in a downtown renaissance can pay off.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Real Estate | Valuation | Market | Renaissance |\u00a0Genuine Real Estate Downtown Campbellsville is Main Street, USA — a century-old city with highly valued historic structures. In recent years, these buildings have been renovated to hold commercial and residential spaces (mixed-use space – office, retail, restaurant, and residential). A typical building in Downtown Campbellsville is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":10,"comment_status":"open","ping_status":"open","template":"","meta":[],"_links":{"self":[{"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/pages\/5"}],"collection":[{"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/comments?post=5"}],"version-history":[{"count":60,"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/pages\/5\/revisions"}],"predecessor-version":[{"id":1609,"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/pages\/5\/revisions\/1609"}],"wp:attachment":[{"href":"http:\/\/www.downtowncampbellsville.com\/main\/wp-json\/wp\/v2\/media?parent=5"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}