175 N Central St Broadway, VA 22815

Built in 2021, this 4,800 sq ft building, known as "Broadway Bays", is located one block from Downtown Broadway and 13 miles north of Harrisonburg. Originally constructed as a 6-bay garage with 12' x 12' overhead doors, the property underwent restaurant buildout and HVAC upgrades in 2022, including flooring and mechanics to support the current tenant. The tenant has an excellent rental history and a 5-year lease that ends June 30, 2027, with 2% rent increases every 12 months. The lease intakes are scheduled as follows: $51,922.08 in 2024, $52,960.50 in 2025, $54,019.68 in 2026, and $27,277.26 (January - June) in 2027. The property is centrally located with easy access to residential and commercial districts. The tenant's business is well-known throughout the Central Shenandoah Valley and pivotal in Broadway's community. Broadway had a population of 4,255 in 2022 and is growing at a rate of 0.98% annually, with a population increase of 4.03% since the most recent Census. The median age in Broadway is 37, and the median household income was $62,123 in 2022, up from $57,878 in 2020. The area is known for its bucolic scenery, with industries focused on manufacturing and retail. The property is located on a 0.51-acre lot and is zoned B-1 Business General. Owner expenses for 2024 include $2269.84 for Rockingham taxes, $333.80 for Broadway taxes, $660.00 for insurance, and $84.00 for HVAC.