1121 Mem Blvd Martinsville, VA 24112
- Retail properties
- 2,096 SF
- 0.75 lot acres
Current Use by Public Records
- Retail properties
Property Details for 1121 Mem Blvd
- Year built
- 1985
- Lot size
- 0.75 lot acres
- Property size
- 2,096 SF
- Property type
- Retail properties
- Property subtype
- Restaurants
Description
This 2,096 square foot freestanding fast-food restaurant, a former Biscuitville location, presents a compelling investment opportunity in Martinsville, VA. Situated on a 0.751-acre lot at 1121 S Mem Blvd (zip code 24112), this Class B property boasts a prominent location on a heavily trafficked corridor with an average daily traffic count of 8,000 vehicles. Currently leased under a NNN (Triple Net) lease to Biscuitville until March 31, 2026 (approximately 1.4 years remaining), the property offers a strong 11.75% cap rate and a net operating income (NOI) of $64,508. The asking price is $549,000, translating to $261.93 per square foot. The property features 29 parking spaces and is zoned C-C Corridor Commercial. Built in 1985, this single-story building offers potential for repositioning, redevelopment, or user/owner occupancy. Biscuitville is open to a lease buyout. Some existing furniture, fixtures, and equipment are negotiable. The property is surrounded by a variety of retail and service businesses, including AutoZone, O'Reilly Auto Parts, and several restaurants. This is an excellent opportunity for investors seeking a high-yield, short-term lease with redevelopment potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Martinsville
- County
- Martinsville City
- State
- Virginia
- Longitude
- -79.8775
- Latitude
- 36.6747
