7335 Lee Hwy Fairlawn, VA 24141-8501

Property Details for 7335 Lee Hwy

Lot size

1.37 lot acres

Zone code

CM1

Property type

Commercial real estate

APN

038-001-0000-142D

APU

0380010000142D

Description

This exceptional investment opportunity presents a 5,675 square foot Sheetz convenience store located at 7335 Lee Hwy, Fairlawn, VA 24141. The property sits on a 1.37-acre lot and benefits from a highly visible corner location at the intersection of Lee Hwy and Peppers Ferry Rd, providing excellent access and high traffic counts due to its proximity to major retailers like Lowe's and Walmart. The absolute NNN ground lease features a corporate guarantee from Sheetz, one of the largest privately-owned convenience store chains in the US, ensuring strong tenant creditworthiness. The lease commenced September 3, 2020, with a remaining term of approximately 10.8 years, extending to August 30, 2035. Three 5-year lease options are included, each with a 10% rent increase. Built in 2007 and renovated in 2020, the property boasts a strong net operating income (NOI) of $184,746, resulting in a 5.75% cap rate and a price per square foot of $591.03. The asking price is $3,208,278. The property's location within the growing Fairlawn suburb, near Radford University and major employers, contributes to its strong investment potential. This offering represents a secure, passive income stream with significant long-term growth prospects. The property is situated in a dense retail corridor with numerous national retailers, further enhancing its value and appeal.

Location Insight

City

Fairlawn

County

Pulaski

State

Virginia

Longitude

-80.5868

Latitude

37.1473

CBSA code

13980

CBSA name

BLACKSBURG-CHRISTIANSBURG-RADFORD, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments