2219 Wilborn Ave South Boston, VA 24592
- Lifestyle centers
- 173,244 SF
- 17.33 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 2219 Wilborn Ave
- Year built
- 1980
- Lot size
- 17.33 lot acres
- Property size
- 173,244 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
Hupps Mill Plaza Shopping Center presents a compelling value-add opportunity in South Boston, Virginia. This 173,244 square foot neighborhood shopping center boasts 19 units situated on a 17.33-acre lot at 2219 Wilborn Ave, 24592. Currently operating at 76.58% occupancy, the property offers significant upside potential with approximately 40,572 square feet of vacant space. Built in 1980 and renovated in 2018, the center features a mix of long-term and short-term leases, with a majority being NNN leases providing approximately 50% expense recapture even with a 23% vacancy rate. The average rent is currently $5.41 per square foot, significantly below market value, presenting an opportunity to increase rental income. A key anchor tenant, Belk, has occupied a space within the center for over 20 years. The property's strong historical occupancy (averaging 77% over 13 years) and low deferred maintenance further enhance its investment appeal. The asking price is $6,600,000, representing an attractive 8.10% cap rate based on a net operating income (NOI) of $534,840. The center's location offers convenient access to major population centers, including Greensboro, NC (1 hour), Raleigh (1.5 hours), and Richmond, VA (2 hours). This property is priced well below replacement cost, making it an ideal investment for those seeking a strong return on investment with significant upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- South Boston
- County
- Halifax
- State
- Virginia
- Longitude
- -78.9134
- Latitude
- 36.7147
