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    780 Martin Luther King Jr Way Harrisonburg, VA 22801

    For Sale
    $3,220,000

    Long-term CVS lease with renewal options and rental increases.

    Property size:
    10,336 SF
    Lot size:
    1.15 Acres

    Property Features for 780 Martin Luther King Jr Way

    General Information

    Size
    10,336 SF
    Lot size
    1.15 Acres

    Source: SRS Real Estate Partners | McLean Agent Andrew Fallon

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Established CVS Pharmacy Investment Opportunity

    This property features a CVS Pharmacy that has been operating at the location for 27 years. The current lease has 3.5+ years remaining, with options to extend for two additional 5-year periods. The lease includes rental increases of 3% at the beginning of each option period. CVS Pharmacy, a retail division of CVS Health, operates 9,165 retail locations, over 900 walk-in medical clinics, and more than 225 primary care medical clinics. The tenant is responsible for CAM, taxes, insurance, and all aspects of premises maintenance. Landlord responsibilities are limited to the roof, structure, foundation, and plumbing. The property is an ideal, low-management investment for a passive investor. The building has a size of 10336 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Terry Simmons, CVS Pharmacy, Jonni K. Cooley, RPh, Laura K. Chew, RPh, Laura A. Kerns, PharmD

    Location Insight

    • Map
    • Local Demand
    City
    Harrisonburg
    County
    Harrisonburg
    State
    Virginia
    Longitude
    -78.8579298
    Latitude
    38.4411349

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    FAQs

    What type of property is this?
    Drug store - Long-term CVS lease with renewal options and rental increases.
    Where is this drug store located?
    The property is located at 780 Martin Luther King Jr Way Harrisonburg, VA.
    What is the asking price?
    The asking price for this property is $3,220,000.
    What are key features of this property?
    This property features: - Long-term tenant (CVS) with 27 years of operating history at this location.; - Passive investment opportunity with minimal landlord responsibilities (roof, structure, foundation, and plumbing).; - Tenant handles CAM, taxes, insurance, and all premises maintenance.
    (202) 286-1542
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    Harrisonburg, VA 22801
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    780 Martin Luther King Jr Way Harrisonburg, VA 22801
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