709 Main St Floyd, VA 24091

Property Details for 709 Main St

Lot size

0.54 lot acres

Property size

7,700 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple ownership of a 7,700-square-foot CVS Pharmacy in Floyd, Virginia. The property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $71,200. The current lease, with a credit-rated, corporate guarantor, has a remaining term of 6.9 years, extending to October 31, 2031, and includes six three-year renewal options with 5% rent bumps at the beginning of each option. The property, built in 2017 and renovated the same year, sits on a 0.54-acre lot at 709 E Main St, Floyd, VA 24091, enjoying high visibility on East Main Street with an average daily traffic count of 11,000 vehicles. The lease is a triple-net (NNN) lease, minimizing landlord responsibilities to roof, structure, HVAC, and electrical systems. The tenant is responsible for all other maintenance and expenses, including CAM, taxes, and insurance. This location benefits from proximity to other major retailers such as Food Lion, Dollar General, and NAPA Auto Parts. The property's strong tenant, long lease term, and built-in rent increases make it an ideal, low-management investment. The average household income within a 10-mile radius exceeds $71,505, and the area has a daytime employee count of 3,675 and a population of 12,031. The asking price is $1,017,000, translating to $132.08 per square foot.

Location Insight

City

Floyd

County

Floyd

State

Virginia

Longitude

-80.3116

Latitude

36.9155