2426 Lee Hwy Bristol, VA 24202

Property Details for 2426 Lee Hwy

Year built

1996

Lot size

4.01 lot acres

Property size

29,073 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

Exceptional investment opportunity: Preston Square, a 29,073 square foot, two-story medical office building in Bristol, VA, is offered for sale. This fee-simple property boasts 100% occupancy with nine tenants, generating a strong net operating income (NOI) of $465,727 and an 8.35% cap rate. Built in 1996, the building sits on a 4.01-acre lot with 194 parking spaces and features direct grade-level access for all tenants. The property enjoys a prominent location on Lee Highway (U.S. Route 19), across from The Falls retail development, offering excellent visibility and accessibility. Zoned B-3, this multi-tenant building presents a compelling investment opportunity, particularly given the presence of a Veterans Affairs clinic occupying 33.25% of the square footage. The asking price is $5,575,000, translating to $191.76 per square foot. The property is available for sale individually or as part of a portfolio that includes a nearby Social Security Administration building. This offering presents a rare chance to acquire a high-performing, well-located medical office building with a strong tenant base and significant residual value. The building's quality construction and prominent location on a major highway contribute to its long-term stability and investment potential.

Location Insight

City

Bristol

County

Scott

State

Virginia

Longitude

-82.1499

Latitude

36.6294