Current Use by Public Records
- Retail properties & Spaces
Property Details for 1008 Richmond Rd
- Year built
- 2024
- Lot size
- 1.14 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Retail space
Description
This exceptional investment opportunity presents a brand-new, 5,798 square foot Firestone Complete Auto Care center in Staunton, Virginia. Built in 2024, this Class A property sits on a 1.14-acre lot (APN 10338) in a high-traffic retail corridor boasting over 24,000 vehicles daily. The property benefits from a 15-year absolute NNN lease (commencing April 23, 2024, and expiring April 29, 2039) with a corporate guarantee from Bridgestone, a highly rated investment-grade tenant (S&P rating "A"). The lease includes 5% rent bumps every five years, ensuring consistent income growth. The property's strategic location is adjacent to major retailers like Walmart, Lowe's, and Martin's, and near significant apartment complexes, including Big Sky (135 units) and Frontier Ridge (100 units), providing a strong customer base. The current Net Operating Income (NOI) is $252,559, yielding a 5.35% cap rate, with a purchase price of $4,721,000 ($814.25/sq ft). The lease features five five-year options, further securing long-term returns. This is a fee-simple ownership opportunity with 100% occupancy. The property is zoned commercial and offers a secure, high-return investment in a thriving retail environment. This is a rare chance to acquire a newly constructed, high-quality asset with a strong tenant and excellent long-term prospects.
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
- Staunton
- County
- Staunton City
- State
- Virginia
- Longitude
- -79.0485
- Latitude
- 38.1388
