450 Church St Fincastle, VA 24090-5302

Property Details for 450 Church St

Lot size

1.08 lot acres

Zone code

B-1

Property type

Commercial real estate

APN

73-126

APU

73126

Description

This exceptional investment opportunity presents a 4,554 square foot, single-tenant building situated at 450 S Church St, Fincastle, VA 24090. The property, constructed in 1998, boasts a Class B rating and is currently 100% occupied by the Church of Jesus Christ of Latter-day Saints under a modified lease with a corporate guarantee. The lease commenced August 1, 2021, and expires September 30, 2026, leaving approximately 1.9 years remaining. The lease includes two five-year renewal options, providing long-term income stability. The building features 20 parking spaces and sits on a 1.08-acre lot zoned B-1. The current annual net operating income (NOI) is $50,254, yielding a 7.74% capitalization rate. Rent increases are built into the lease at 2% per year. The asking price is $649,500, translating to $142.62 per square foot. The property is highly visible along Route 220 N, just outside the historic town of Fincastle. Recent renovations were completed, with rent commencement in November 2021. This is a strong, stable investment with a proven track record and significant upside potential. The property is offered as a fee simple sale.