Current Use by Public Records
- Retail properties & Spaces
Property Details for 1209 Main St
- Lot size
- 0.69 lot acres
- Property type
- Retail properties & Spaces
Description
Fee-simple ownership of this 2,500 sq ft Starbucks, located at 1209 N Main St, Marion, VA 24354, offers a compelling investment opportunity. Built in 2022, this property boasts a 12.7-year remaining lease (with options to extend) and a strong corporate guarantee from Starbucks. The property sits on a 0.69-acre lot and benefits from a prime location near I-81 and other major retailers. The lease includes 10% rent bumps every five years, ensuring consistent income growth. The current NOI is $121,760, resulting in a 6.20% cap rate and a price per square foot of $786. The property includes a drive-thru for enhanced customer convenience. The strong tenant, favorable lease terms, and strategic location make this a low-management, high-yield investment. The surrounding area has a population exceeding 10,000 residents and 7,000 employees, with an average household income of $63,816 within a 1-mile radius. The property is situated near Marion High School, providing a consistent customer base. Starbucks' recent financial performance shows strong growth, further solidifying the investment's potential. The property is part of the Smyth Valley Crossing shopping center, anchored by Walmart and Ingles Markets, and is conveniently located off I-81, a major thoroughfare with a high volume of daily traffic.
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
- Marion
- County
- Smyth
- State
- Virginia
- Longitude
- -81.5
- Latitude
- 36.8455
