611 Mt Clinton Pike Harrisonburg, VA 22802-2549
- Banks
- 2,275 SF
- 0.76 lot acres
Mar 06, 2025
Current Use by Public Records
- Faded tobacco and Vape / Tobacco Shop
- BB&T ATM / Atm
Property Details for 611 Mt Clinton Pike
- Year built
- 1985
- Lot size
- 0.76 lot acres
- Property size
- 2,275 SF
- Zone code
- GENERAL BUSINESS
- Property type
- Banks
- APN
- 047 M 7
- APU
- 047M7
Description
This exceptional investment opportunity presents a fee-simple ownership of a 2,275 sq ft storefront in Harrisonburg, VA, currently leased to Faded Tobacco & Vape under an absolute NNN lease with 2.7 years remaining. The property boasts a strong 6.00% cap rate and a substantial NOI of $84,048, with built-in annual rent increases of 3%. Situated on a 0.76-acre lot with 16 parking spaces, the single-story building, constructed in 1995 and renovated in 2022, benefits from excellent visibility at a signalized, hard corner intersection with multiple access points and drive-thru capabilities. The tenant, operating since July 2022, enjoys a prime location just 1.5 miles from downtown Harrisonburg, across from East Mennonite University (958 students), and 1.9 miles from James Madison University (21,000 students). This location serves a robust trade area encompassing over 66,000 residents and 46,000 employees, boasting an average household income of $79,179. The below-market rent and long-term lease provide a secure and appreciating investment, offering a hedge against inflation. The property features a single tenant occupancy at 100% and is offered at an asking price of $1,400,000.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Harrisonburg
- County
- Harrisonburg City
- State
- Virginia
- Longitude
- -78.8718
- Latitude
- 38.4682
- CBSA code
- 25500
- CBSA name
- HARRISONBURG, VA METROPOLITAN STATISTICAL AREA
