216 Park NE Ave Wise, VA 24293-5110

Property Details for 216 Park NE Ave

Year built

2015

Construction

STEEL FRAME

Property size

8,320 SF

Property type

Retail space

APN

R013307

APU

R013307

Description

This exceptional investment opportunity presents a fee-simple ownership of an 8,320 square foot, single-story retail building in Wise, Virginia. Built in 2016 as a build-to-suit for Family Dollar, this property boasts a strong, credit-rated corporate guarantee lease with Dollar Tree (which acquired Family Dollar in 2015), a leading discount retailer with over 16,000 locations. The current lease, a Net Lease (NN+) structure, commenced March 15, 2016, and has recently been extended to March 31, 2033, providing a remaining term of 8.5 years. Six five-year renewal options are included, each with a 10% rent increase. The property generates a substantial net operating income (NOI) of $127,000, resulting in a 7.50% cap rate. Situated on a 0.2-acre lot at 216 Park Ave NE, Wise, VA 24293, this location benefits from excellent visibility and proximity to major national retailers including Walmart, Harbor Freight Tools, Tractor Supply, Lowe's, GameStop, KFC, and Arby's. The strong demographics further enhance the investment appeal, with approximately 9,573 residents within a 3-mile radius and 16,159 within a 5-mile radius. This is a rare opportunity to acquire a well-performing, stable retail investment with a long-term lease and significant upside potential. The asking price is $1,693,333.

Location Insight

City

Wise

County

Wise

State

Virginia

Longitude

-82.572

Latitude

36.9763

CBSA code

13720

CBSA name

BIG STONE GAP, VA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments