185 Old Courthouse Rd Appomattox, VA 24522
- Commercial real estate
- 8.54 lot acres
Current Use by Public Records
- G2 Auction Services / Trade Show Venue / (Bike/Boat/Book/etc) Store
Property Details for 185 Old Courthouse Rd
- Lot size
- 8.54 lot acres
- Property type
- Commercial real estate
- APN
- 64A2 A 31
- APU
- 64A2A31
Description
Triangle Plaza Shopping Center, located at 185 Old Courthouse Rd, Appomattox, VA 24522, presents a compelling investment opportunity. This 79,000 square foot, Class B shopping center sits on a 9.6-acre lot at a high-traffic four-way intersection (Oakville Road and Old Courthouse Road), boasting over 16,000 vehicles passing daily. The property, built between 1970 and 1980 and renovated in 2024, features a single, two-story building with 17 units and 78,000 net rentable square feet, currently 95% occupied by 18 tenants, including Family Dollar. The asking price is $3,200,000, representing a price per square foot of $40.51 and a pro-forma cap rate of 3.17%. The property generates a pro-forma NOI of $101,301. The existing leases are modified, offering potential for increased revenue through conversion to standard market leases. The B2 zoning allows for a wide range of commercial uses. Ample parking is provided at a ratio of 5 spaces per 1,000 square feet. The property includes a prominent roadside pylon sign and benefits from a ground lease. This offering comprises two tax parcels: an 8.535-acre parcel containing the retail building and a separate 1.115-acre undeveloped parcel. The property's strong occupancy and location make it an attractive investment with significant upside potential.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $505,000
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Location Insight
- Map
- Local Demand
- City
- Appomattox
- County
- Appomattox
- State
- Virginia
- Longitude
- -78.8341
- Latitude
- 37.3647
- CBSA code
- 31340
- CBSA name
- LYNCHBURG, VA METROPOLITAN STATISTICAL AREA
