219 Arch Ave Waynesboro, VA 22980-4623
- Commercial real estate
- 3,800 SF
- 0.43 lot acres
Jun 11, 2021
Current Use by Public Records
- Virginia ABC / (Bike/Boat/Book/etc) Store
Property Details for 219 Arch Ave
- Lot size
- 0.43 lot acres
- Property size
- 3,800 SF
- Zone code
- C-B
- Property type
- Commercial real estate
- APN
- 45 1 1- 16
- APU
- 451116
Description
This exceptional investment opportunity presents a 3,800 square foot freestanding retail building situated on a 0.43-acre lot in downtown Waynesboro, Virginia. Currently leased to Virginia ABC under a Net Lease agreement, the property boasts a strong 6.00% cap rate with a substantial remaining lease term of approximately 5.3 years, extending to February 28, 2030, with two 5-year renewal options. The building underwent a complete renovation in 2019 and features ample parking (17 spaces). Tenant reimbursements for operating expenses are approximately $3.28 per square foot. The property benefits from a prime location, shadow-anchored by Kroger and surrounded by a high-density residential area. Its convenient access to West Main Street and proximity to Interstate 64 (less than 3 miles) further enhance its appeal. The asking price is $1,040,000, offering a compelling return on investment for discerning buyers seeking a stable, net-leased property with a reputable tenant in a thriving market. The property's strong tenant, favorable lease terms, and strategic location make it an ideal addition to any portfolio. The Net Operating Income (NOI) is $62,700.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,370,000
- ML approach
- $1,250,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Waynesboro
- County
- Waynesboro City
- State
- Virginia
- Longitude
- -78.8877
- Latitude
- 38.0671
- CBSA code
- 44420
- CBSA name
- STAUNTON-WAYNESBORO, VA MICROPOLITAN STATISTICAL AREA
