6460 Boydton Plank Rd Petersburg, VA 23803

Property Details for 6460 Boydton Plank Rd

Year built

1997

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a thriving retail center in Petersburg, Virginia, featuring a Shell gas station, Jiffy Mart convenience store, and Subway restaurant. The property boasts a 35-year lease (expiring June 30, 2036), with 11.6 years remaining on the primary term and three 5-year renewal options. The lease is a triple-net (NNN) agreement, meaning the tenant is responsible for all operating expenses, minimizing landlord responsibilities. The property sits on three acres of land and includes six gasoline dispensers, one diesel car dispenser, and six high-speed fueling positions. Additional amenities include ample truck parking, large restrooms, an ATM, and the sale of truck parts and accessories within the Jiffy Mart. The property benefits from a strong location, with high visibility directly off Interstate 85 (AADT 30,000 in 2022) and an average annual daily traffic count of 9,400 (AADT 2024) on Boydton Plank Road. The property was recently rebranded with Shell and enjoys a 100% occupancy rate, generating a substantial net operating income (NOI) of $283,752, resulting in a 6.75% cap rate. Rent escalations of 10% every five years are built into the lease, providing consistent income growth throughout the lease term and option periods. Built in 1997, this property offers a compelling investment opportunity with significant upside potential. The property is located approximately 30 miles from Richmond, VA. The asking price is $4,203,733. This is a rare opportunity to acquire a well-established, high-performing retail center with a long-term lease and significant income potential.

Location Insight

City

Petersburg

County

Dinwiddie

State

Virginia

Longitude

-77.4868

Latitude

37.1838