215 State Route 34Hurricane, WV 25526

Property Details for 215 State Route 34

Lot size

1.04 AC

Property type

Retail properties

Property subtype

Retail space

APN

40-10-223G-0087.0011

APU

4010223G00870011

Description

This exceptional investment opportunity presents a recently extended, absolute net lease retail property located at 215 State Route 34 in Hurricane, West Virginia. The property boasts a highly visible hard corner lot at the intersection of Highway 34 and Mount Vernon Road, benefiting from significant traffic exposure with over 27,500 vehicles passing daily. The tenant, Walgreens, is an investment-grade tenant with a BBB S&P credit rating, providing strong financial stability and security. This is an essential business that demonstrated its commitment to remaining operational even during the COVID-19 pandemic. The property features a four-year remaining lease term, offering long-term income potential. The building itself was previously a Rite Aid and underwent a conversion to a Walgreens location, a process that typically involves a $300,000 investment by Walgreens. The asking price for this turnkey retail investment is $2,255,344. Situated in Putnam County, WV, zip code 25526, the property benefits from its proximity to Teays Valley Hospital, a 70-bed facility with over 100 doctors, further enhancing its desirability and potential for future growth. This is a rare opportunity to acquire a stable, high-traffic retail property anchored by a creditworthy tenant in a growing West Virginia market. The property is zoned for commercial use and includes land.

• CAP approach

  CAP return

  Valuation

  6%

  $11,591,959

  6.5%

  $10,700,270

  7%

  $9,935,965

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,678,624

  Geo Method

  $10,678,624

• Alternative Use

  Use

  Valuation

  Residential

  $9,026,078

  Hospitality

  $8,267,839

  Educational

  $6,878,745

  Medical

  $7,115,316

  Retail

  $10,700,270

Location Insight

City

Hurricane

County

Putnam

State

West Virginia

Latitude

38.4505

Longitude

-81.9405

CBSA code

26580

CBSA name

HUNTINGTON-ASHLAND, WV-KY-OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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