203 Stuart Ave Elkton, VA 22827-1564

Property Details for 203 Stuart Ave

Lot size

0.48 lot acres

Zone code

RURAL BUSINESS SERV DIST

Property type

Retail space

APN

131B1-(A)- L51

APU

131B1AL51

Description

This exceptional investment opportunity presents a 2,227 square foot 7-Eleven gas station located at 203 S Stuart Ave, Elkton, VA 22827. The property sits on a 0.842-acre lot in a high-traffic, hard corner location offering excellent visibility. The current tenant, 7-Eleven (S&P rating "A"), holds an absolute NNN lease with zero landlord responsibilities, providing significant passive income. The lease commenced December 1, 2022, and has a remaining term of 8.4 years, extending to April 30, 2033, with two additional five-year renewal options and 10% rent increases every five years. The property boasts a strong Net Operating Income (NOI) of $64,999, resulting in a 5.25% cap rate. This established location benefits from a 40-year operating history at the site and significant bonus depreciation benefits. The property enjoys proximity to State Route 33 and is conveniently located just eight miles from Massanutten Resort and a 30-minute drive from downtown Harrisonburg. Nearby businesses include Family Dollar, Subway, Pizza Hut, El Paso Mexican Grille, McDonald's, Elkton Family Pharmacy, USPS, Dairy Queen, and Ace Hardware, further enhancing the location's appeal. The asking price for this turnkey investment is $1,238,000.