Current Use by Public Records
- Lifestyle centers
Property Details for 6762 Main St
- Year built
- 1986
- Lot size
- 4.24 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a stabilized, 49,109 square foot medical office and shopping center in Gloucester, Virginia. The property boasts a 7.62% cap rate and a strong NOI of $609,771, supported by a diverse tenant mix including a major anchor tenant, Fresenius Kidney Care, under a new 10-year lease extending to August 2036. The two-building complex, constructed in 1986 and renovated in 2024, features Class B construction with attractive brick and shingle roofing. The 100% occupancy rate is further enhanced by corporate guaranteed leases. Situated on a 4.242-acre lot with B-2 zoning, the property offers significant upside potential. The existing 16,000 square feet of new medical office space, along with an additional 9,500 square feet of readily convertible retail space, presents a compelling opportunity to capitalize on the growing demand for medical office space in the area. The property's convenient location near Riverside Hospital and Gloucester's retail shopping district adds to its appeal. The asking price is $8,000,000, representing a price per square foot of $162.90. This is a fee simple ownership with a triple net (NNN) lease structure. Rent bumps are included in the lease agreements. The property consists of nine tenants.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Gloucester
- County
- Gloucester
- State
- Virginia
- Longitude
- -76.5214
- Latitude
- 37.4126
