3298 Crater Rd Petersburg, VA 23805-9217

Property Details for 3298 Crater Rd

Year built

2005

Lot size

1.68 lot acres

Property size

14,770 SF

Zone code

B-1

Property type

Retail space

APN

88010814

APU

88010814

Description

This exceptional investment opportunity presents a fee-simple interest in a 14,820-square-foot Walgreens located at 3298 S Crater Rd, Petersburg, VA 23805. The property sits on a 1.68-acre lot and boasts an absolute NNN lease with zero landlord responsibilities, ensuring a passive investment experience. Built in 2005, the building is currently 100% occupied under a 25-year lease (originally commencing October 1, 2005, and expiring September 30, 2030), with a remaining term of six years and ten 5-year renewal options. The property generates a substantial net operating income (NOI) of $235,000, resulting in an attractive 8.00% cap rate. The asking price is $2,937,500. This prime retail location benefits from its proximity to a major 300-bed hospital and Fort Gregg-Adams (Fort Lee) U.S. Army Command Post, ensuring high traffic and strong demographics. The property's location within a primary retail and healthcare corridor in Petersburg, within the Richmond MSA, further enhances its investment appeal. The parcel's APN is 088-01-0814. This is a rare opportunity to acquire a below-market-rent, high-performing Walgreens in a desirable location.

Location Insight

City

Petersburg

County

Petersburg City

State

Virginia

Longitude

-77.3685

Latitude

37.1846

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments