3153 Chapman Rd Wytheville, VA 24382

Property Details for 3153 Chapman Rd

Year built

2024

Lot size

1.48 lot acres

Property size

2,500 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a newly constructed (2024), 2,500 square foot Starbucks located at 3153 Chapman Rd, Wytheville, VA 24382. The property sits on a 1.48-acre lot and boasts a 100% occupancy rate with a strong, credit-rated corporate guarantee from Starbucks. The current lease, commencing July 5th, 2024, and expiring July 31st, 2039, offers a substantial remaining term of 14.7 years, followed by six 5-year renewal options. Ten percent rent bumps are built into the lease every five years, providing a hedge against inflation and increasing revenue streams. The property generates a significant net operating income (NOI) of $175,000, resulting in a compelling 6.25% cap rate. This prime location benefits from exceptional visibility due to its proximity to Interstate 77/81, a 65-foot pylon sign, and its placement near major roadways and other commercial establishments including Circle K, Speedway, Flying J, Pilot, and Exxon. The property's strategic location within a thriving commercial corridor, coupled with the strength of the Starbucks brand and the favorable lease terms, makes this an attractive investment opportunity. The area boasts significant traffic counts exceeding 73,300 vehicles daily on I-81/77, and a strong demographic profile with over 7,400 people residing within a 5-mile radius, exhibiting an average household income of $102,669. The property's proximity to large distribution centers and Wytheville Community College further enhances its appeal. The asking price for this exceptional investment is $2,800,000.

Location Insight

City

Wytheville

County

Wythe

State

Virginia

Longitude

-80.996

Latitude

36.9365