Atlantic Union Bank
New
For Sale
Contact for pricing
450 W MAIN ST, Covington, VA 24426
Single-tenant branch leased on an NNN basis with corporate backing.
Property Size10,234 SF
Price / SF$481.59
Days on Market7
Property Features for 450 W MAIN ST
General Information
Standard status
Active
Size
10,234 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$312,968
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1979
Stories
2
Units
1
Tenancy
Single
Listing Agency:
The Boulder Group
(888) 737-2264
Listed By:
Jimmy Goodman · License #IL 471007006
Source:
Crexi
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 10 at 12:36PM
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
Investment Insights
Based on property information with market context.
The 10,234-square-foot bank building was constructed in 1979 and is occupied by Atlantic Union Bank under a long-term NNN lease extending through September 2040. The agreement provides approximately 14 years of remaining primary term, 1.50% annual rent increases, and two 5-year renewal options with 2.00% annual escalations. Landlord responsibilities are stated as zero, and the lease carries a corporate guarantee from Atlantic Union Bankshares Corporation.
The property occupies 450 W Main St. along U.S. Route 60 in downtown Covington, Virginia, within the area’s primary commercial and government services corridor. I-64 Exit 16 is less than 1 mile away. Smurfit WestRock’s Covington paper mill is three blocks from the branch, while LewisGale Hospital Alleghany is approximately 3 miles away. The hospital has 204 beds, and the paper mill employs approximately 900 workers.
The property occupies 450 W Main St. along U.S. Route 60 in downtown Covington, Virginia, within the area’s primary commercial and government services corridor. I-64 Exit 16 is less than 1 mile away. Smurfit WestRock’s Covington paper mill is three blocks from the branch, while LewisGale Hospital Alleghany is approximately 3 miles away. The hospital has 204 beds, and the paper mill employs approximately 900 workers.
Key Highlights
- 10,234‑square‑foot bank building constructed in 1979
- NNN lease extends through September 2040 with approximately 14 years remaining
- 1.50% annual rent escalations during the primary lease term
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
1k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 44%
Home Improvements & Furnishings 41%
Shops & Services 15%
Quality Inn
Hotels & Casinos
593 visits/mo
0.1 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
562 visits/mo
0.1 miles
Fisher Auto Parts
Shops & Services
205 visits/mo
0.5 miles
Demographics for 24426, VA
13,695
Population
7,249
Households
1.9
Avg Household Size
47
Median Age
13%
College-Educated
91%
High-School Grad
363.7 sq mi
ZIP Area
38
Density / Sq Mi
$51,841
Median Household Income
$34,937
Median Earnings
$808
Median Rent
$113,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Single-tenant branch leased on an NNN basis with corporate backing.
Where is this bank located?
The property is located at 450 W MAIN ST Covington, VA.
What is the asking price?
The asking price for this property is $4,928,635.
What are key features of this property?
This property features: 10,234‑square‑foot bank building constructed in 1979; NNN lease extends through September 2040 with approximately 14 years remaining; 1.50% annual rent escalations during the primary lease term
