2482 Patterson AveRoanoke, VA 24016

Property Details for 2482 Patterson Ave

Year built

1974

Construction

TYPE NOT SPECIFIED

Lot size

1.56 AC

Property size (Sq ft)

9,497 SF

Zone code

I-2

Property type

Mixed-use properties

Property subtype

Other industrial properties

APN

141-0107

APU

1410107

Description

This fee-simple Roanoke, VA retail property offers a compelling investment opportunity. The 10,730 square foot building, situated on a 1.56-acre lot at 2482 Patterson Ave SW, 24016, is 100% occupied by a Corporate BIMBO Bakeries USA under a Net Lease (NN+) agreement with a corporate guarantee. Built in 1974 and extensively renovated in 2017, the single-story building serves as a regional distribution center. The lease, expiring January 31, 2033, includes a remaining term of 8.2 years with 2% rent bumps every three years and two 5-year lease options. The current NOI is $72,828, yielding a 6.50% cap rate, and the asking price is $1,120,431 ($104.42/sq ft). Landlord responsibilities are limited to specific roof and structural components. The tenant has a termination option for $130,000 within six months prior to January 31, 2028. This property presents a strong, stabilized investment with significant upside potential due to the long-term lease, corporate guarantee, and favorable location between Roanoke and Salem. The property is well-suited for investors seeking a low-maintenance, high-return investment with a strong tenant.

• CAP approach

  CAP return

  Valuation

  6%

  $1,291,996

  6.5%

  $1,192,612

  7%

  $1,107,425

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,868,498

  Geo Method

  $3,378,909

• Alternative Use

  Use

  Valuation

  Residential

  $1,192,612

  Hospitality

  $1,092,426

  Educational

  $908,886

  Medical

  $940,144

  Retail

  $1,413,822

Location Insight

City

Roanoke

County

Roanoke City

State

Virginia

Latitude

37.275

Longitude

-79.984

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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