4916 Plank Rd, North Garden, VA 22959-1613
- Strip malls
- 22,055 SF
- 2.51 lot acres
Current Use by Public Records
- Strip malls
Property Details for 4916 Plank Rd
- Year built
- 2007
- Lot size
- 2.51 lot acres
- Zone code
- C1 COMMERCIAL
- Property type
- Strip malls
- Property subtype
- Shopping centers
- APN
- 09900-00-00-00500
- APU
- 9900000000500
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Apr 26, 2024 | — | Central Virginia Services INC | North Garden Ventures LLC | Deed | — |
| Oct 5, 2022 | $4,457,475 | North Garden Ventures LLC | North Garden Crossroads INC | Deed | $3.2M · Scott D Stolte |
| Oct 5, 2022 | — | North Garden Ventures LLC | — | Deed · related | $500k · North Garden Ventures LLC |
Description
This exceptional retail investment opportunity presents Crossroads Corner Shops, a two-story, 22,055 square foot Class B storefront property located at 4916 Plank Rd, North Garden, VA 22959. Built in 2007, this landmark location boasts a prime position just 10 minutes south of Charlottesville, with excellent road frontage on Route 29, ensuring high visibility and accessibility. The property currently features 16 units, with 87% occupancy, anchored by strong, long-term tenants including Old Dominion National Bank, Crossroads Store, Dr. Ho's Humble Pie, and UVA Crossroads Family Medicine. A new Taphouse Restaurant is slated to open in November 2024, further enhancing the property's appeal and income potential. Twelve of the sixteen spaces are currently occupied, with seven suites available. Two spaces remain unbuilt, offering build-to-suit opportunities for potential tenants. The property benefits from tenants paying CAM charges and attractive annual rent increases, contributing to a robust 8% capitalization rate. The asking price is $4,999,900. This is a rare chance to acquire a well-established, high-performing retail center in a thriving location. The property is zoned for commercial use.
Value Estimations
-
Alternative Use
- Use
- Estimation
- NEIGHBORHOOD: SHOPPING CENTER
- $1,165,000 Current use
- RESTAURANT
- $1,325,000 Change: +14% Conversion: Difficult
- RETAIL STORES
- $1,270,000 Change: +9% Conversion: Easy
- MEDICAL BUILDING
- $1,105,000 Change: -5% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- North Garden
- County
- Albemarle
- State
- Virginia
- Longitude
- -78.6576
- Latitude
- 37.9567
- CBSA code
- 16820
- CBSA name
- CHARLOTTESVILLE, VA METROPOLITAN STATISTICAL AREA
