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    175 Central St Broadway, VA 22815

    Sponsored
    For Sale
    $725,000

    Sports/Entertainment Venue, 6.4% Cap Rate

    Property size:
    4,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional 4,800 square foot sports/entertainment venue in Broadway, VA, presents a compelling investment opportunity. Built in 2021 and renovated in 2022, the property boasts a 100% occupancy rate with a five-year lease commencing June 30, 2022, and expiring June 30, 2027, leaving 2.6 years remaining. The current tenant, a well-established and popular local business, has an excellent rental history. The property features 2 units, each with 2,400 square feet, a 12-foot ceiling height, and 21 parking spaces. Situated on a 0.51-acre lot with B-1 zoning, the property offers ample on and off-site parking options. The building includes upgraded mechanical, HVAC, and flooring systems. The property's strong financial performance is reflected in its current NOI of $46,392 and a pro-forma NOI of $50,462, resulting in a 6.4% cap rate and a pro-forma cap rate of 6.96%. The asking price is $725,000, or $362,500 per unit, and the property is priced at $151.04 per square foot. Located 13 miles north of Harrisonburg, this property benefits from low real estate taxes and borders both residential and commercial areas, making it an ideal investment for those seeking a stable, high-performing asset in a thriving community. The property is offered as a 1031 exchange opportunity.

    Property Features for 175 Central St

    General Information

    Property type
    Specialty properties
    Square Feet
    4,800 SF
    Lot Size
    22,216 SF

    Building Details

    Year Built/Renovated
    2021/2022
    Buildings
    1
    Stories
    1
    Units
    2

    We can help!

    Listing Contact
    Monica White
    Monica White

    Learn more

    HighLights

    • Low property taxes.
    • Modern construction with upgraded systems.
    • Ample on‑site and off‑site parking.
    • Prime location bordering residential and commercial areas.
    • Creditworthy tenant with strong rental history.
    • Five‑year lease in place.
    Property Profile Location Intelligence

    Current Use by Public Records

    Beards & Broads Broadway ... Restaurant Beards & Broads Axe ... Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Broadway
    County
    Rockingham
    State
    Virginia
    Longitude
    -78.79749281984
    Latitude
    38.614767610187

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    FAQs

    What type of property is this?
    Specialty property - Sports/Entertainment Venue, 6.4% Cap Rate
    Where is this specialty property located?
    The property is located at 175 Central St Broadway, VA.
    What is the asking price?
    The asking price for this property is $725,000.
    What are key features of this property?
    This property features: Low property taxes.; Modern construction with upgraded systems.; Ample on-site and off-site parking.
    Request Owner's contact information
    175 Central St Broadway, VA 22815
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    175 Central St Broadway, VA 22815
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    We can help!
    Listing Contact
    Monica White
    Monica White
    Real Estate License ID: 0225099620
    Learn more
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