3298 Crater Rd Petersburg, VA 23805-9217
Property profile & analytics
3298 Crater Rd Petersburg, VA 23805-9217
- Retail space
- 14,770 SF
- 1.68 lot acres
Property ID
US87-1552875
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- Walgreens / Pharmacy
- Walgreens Pharmacy / Pharmacy
- FedEx OnSite / Postal Service / Courier Service
- Bitcoin Depot | BDCheckout / Atm
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.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- ML approach
- $430,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $844,000
Market price range: $296k - $844k -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $550,000 Current use
- RESTAURANT
- $940,000 Change: +71% Conversion: Easy
- MEDICAL BUILDING
- $515,000 Change: -6% Conversion: Difficult
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- 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
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2019
$31,894
$710,400
$1,652,100
$2,362,500
-
$710,400
$1,652,100
$2,362,500
