3715 Mechanicsville Tpke Richmond, VA 23223-1331

Property Details for 3715 Mechanicsville Tpke

Year built

1999

Lot size

1.42 lot acres

Property size

13,783 SF

Zone code

B-2

Property type

Retail space

APN

803-735-0044

APU

8037350044

Description

This exceptional investment opportunity presents a fee-simple ownership of a 13,905 square foot Walgreens located at 3715 Mechanicsville Tpke, Richmond, VA 23223. The property sits on a 1.42-acre lot, boasting a prime hard corner location at the signalized intersection of Mechanicsville Turnpike (Hwy 360) and Laburnum Ave, benefiting from high daily traffic counts. Built in 1891 and renovated in 2018, this single-story building features 69 parking spaces and offers an absolute NNN lease with Walgreens, a tenant with an investment-grade credit rating (BBB with a stable outlook from Standard & Poor's). The current lease, commencing August 1, 1998, and expiring February 28, 2050, provides a remaining term of 25.3 years. The property generates a strong net operating income (NOI) of $246,400, resulting in a 6.37% cap rate. The asking price is $3,860,000, translating to a land value of $17.72 per square foot. This represents a below-average rent per square foot for a Walgreens location. An assumable CMBS loan with a 5.33% interest rate and approximately 5 years remaining is available. The property benefits from strong demographics, with over 222,000 people and an average household income exceeding $82,000 within a five-mile radius. Nearby developments, including a 300+ unit multifamily complex, further enhance the property's long-term value. This is a 100% passive investment with no rent bumps scheduled. Walgreens has operated successfully at this location for over 25 years, demonstrating a consistent operational history.

Location Insight

City

Richmond

County

Henrico

State

Virginia

Longitude

-77.3955

Latitude

37.5768

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments