1860 Stoneridge Commerce Dr Powhatan, VA 23139
- Retail properties
- 1.30 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1860 Stoneridge Commerce Dr
- Year built
- 2023
- Lot size
- 1.30 lot acres
- Property type
- Retail properties
- Property subtype
- Auto shops
Description
This exceptional investment opportunity presents a 100% occupied, corporately guaranteed Strickland Brothers auto shop in Powhatan, Virginia. The property, built in 2023, sits on a 1.3-acre lot at 1860 Stoneridge Commerce Dr, Macon, VA 23139, boasting excellent visibility with 35,000 vehicles passing daily. The absolute NNN lease features a 14-year remaining term (15.3 years total) commencing August 16, 2023, and expiring November 29, 2038. The lease includes four 5-year renewal options, each with a 10% rent increase. Significant rent bumps are also built in, with a 10% increase every five years, starting September 1, 2028. The property generates a strong net operating income (NOI) of $154,000, resulting in a 6.25% cap rate. This prime location is adjacent to a Walmart Supercenter and near other major retailers, benefiting from a rapidly growing population with a 51.80% growth rate from 2010 to 2024 and an average household income exceeding $174,000. The asking price is $2,464,000. This is a rare opportunity to acquire a stable, high-performing asset in a thriving market with minimal landlord responsibilities. The tenant, Strickland Brothers, established in 2016, currently operates over 250 locations.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Powhatan
- County
- Powhatan
- State
- Virginia
- Longitude
- -77.7727
- Latitude
- 37.512
