Single-Tenant Bank
301 ASHCAKE RD, Ashland, VA 23005
For Sale
Contact for pricing
Freestanding bank facility leased on a long-term NNN structure with corporate-backed tenancy.
Property Size7,074 SF
Price / SF$330.71
Days on Market98
Property Features for 301 ASHCAKE RD
General Information
Standard status
Size
Property subtype
Occupancy
Lease Type
Investment Type
Net Operating Income
Site & Location
Traffic Count
Highway Access
Building Details
Year Built
Units
Tenancy
Listing Agency:
The Boulder Group
Listed By:
Jimmy Goodman · License IL #471007006
(847) 562-8500
Source:
Crexi
Added: Aug 5
Changed: Nov 8
Last Checked: Nov 10 at 6:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Boulder Group
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Investment Insights
Based on property information with market context.
This 7,074-square-foot bank building was constructed in 1984 and is occupied by Atlantic Union Bank under a long-term NNN lease extending through September 2040. The lease provides 1.50% annual rent increases during the primary term, includes three 5-year renewal options with 2.00% annual increases, and assigns no landlord responsibilities. Atlantic Union Bankshares Corporation (NYSE: AUB) provides the corporate guarantee, and the tenant carries a KBRA: A- investment grade credit rating.
The property sits along Ashcake Road at Washington Highway (US-1), a corridor carrying approximately 36,000 vehicles per day. It is adjacent to Ashland Hanover Shopping Center, a 226,000+ square-foot Food Lion-anchored retail center with Starbucks, Petco, Ace Hardware, Family Dollar, and Subway. I-95 is approximately one mile away, providing access to a major East Coast interstate route.
The property sits along Ashcake Road at Washington Highway (US-1), a corridor carrying approximately 36,000 vehicles per day. It is adjacent to Ashland Hanover Shopping Center, a 226,000+ square-foot Food Lion-anchored retail center with Starbucks, Petco, Ace Hardware, Family Dollar, and Subway. I-95 is approximately one mile away, providing access to a major East Coast interstate route.
Key Highlights
- 7,074‑square‑foot bank building constructed in 1984
- Atlantic Union Bank occupies the property under an NNN lease through September 2040
- Lease includes 1.50% annual increases and three 5‑year renewal options with 2.00% annual increases
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$91,393
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,827,860
$1.8M
Cap Rate 7%
$1,305,614
$1.3M
Cap Rate 9%
$1,015,478
$1.0M
Market Conditions
NOI Build-Up for 7,074 SF
Gross rent
$127.3K $18.00/SF
− Vacancy
−$5.5K −$0.77/SF
EGI
$121.9K $17.23/SF
− OpEx
−$30.5K −$4.31/SF
NOI
$91.4K $12.92/SF
Area
Hanover County, VA
Vacancy
4.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,827,860
Cap Rate 7%
$1,305,614
Cap Rate 9%
$1,015,478
Alternative Uses
Best Use
Specialty Retail
$1.31M
$1.14M – $1.52M
NOI $91,393 @ 7.0% cap · market cap 3.91%
Second Best
Retail
$1.04M
$909.9K – $1.21M
NOI $72,791 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,100 @ 7.0% cap · market cap 6.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
36,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
322
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Apparel 11%
Sheetz
Shops & Services
34,128 visits/mo
0.1 miles
Goodwill
Apparel
5,542 visits/mo
0.3 miles
Union Bank
Shops & Services
5,076 visits/mo
0.0 miles
Exxon
Shops & Services
3,358 visits/mo
0.1 miles
Caliber Collision
Shops & Services
2,005 visits/mo
0.5 miles
Demographics for 23005, VA
17,818
Population
7,639
Households
2.3
Avg Household Size
41
Median Age
41%
College-Educated
93%
High-School Grad
69.3 sq mi
ZIP Area
257
Density / Sq Mi
$90,049
Median Household Income
$43,623
Median Earnings
$1,236
Median Rent
$376,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Bank - Freestanding bank facility leased on a long-term NNN structure with corporate-backed tenancy.
Where is this bank located?
The property is located at 301 ASHCAKE RD Ashland, VA.
What is the asking price?
The asking price for this property is $2,339,472.
What are key features of this property?
This property features: 7,074‑square‑foot bank building constructed in 1984; Atlantic Union Bank occupies the property under an NNN lease through September 2040; Lease includes 1.50% annual increases and three 5‑year renewal options with 2.00% annual increases
