Property profile

869 Lee Hwy Lexington, VA 24450

OFF-MARKET
Commercial real estate
Property ID
US87-2613746
1,592 SF 0.8 ac lot Built 1997
Entity Owned 4-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

This 1,600 square foot building, situated on a 0.8-acre lot in Lexington, Virginia, presents a unique opportunity for lease. Previously a bank branch, this property features a three-lane drive-thru and is zoned B-1 (General Business District), allowing for a variety of uses including retail, restaurants, offices, and auto services. The building, constructed in 1997, is currently vacant and offers the chance to renovate or build to suit. Located on N. Lee Highway, a four-lane divided highway, the property benefits from high traffic counts (20,000 vehicles daily) and excellent visibility, enhanced by a pylon sign. Its strategic location offers easy access to I-64 and I-81, placing it near two major universities (Virginia Military Institute and Washington & Lee University), numerous hotels, and popular restaurants such as Applebee's, Chick-fil-A, and Dunkin'. The property includes 18 parking spaces. The square-shaped lot provides ample space for development and expansion. This is an exceptional opportunity to establish a business in a thriving college town with strong demographics and high traffic volume. The property's existing infrastructure, including the drive-thru, offers significant advantages for various commercial ventures. The property's address is 869 N Lee Hwy, Lexington, VA 24450, and the APN is 61A1-1-5C1.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Year built 1997
Total area 1,592 SF
Lot 0.8 ac (34,848 SF)
Zoning code B-1
APN 61A1 1 5C1
UPID US87-2613746

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

869 Lee Hwy Lexington, VA 24450-3725
Lexington metro Census 930101
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$780k
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$740k

Owner & transaction history

since 2021
Last sale
$650,000
2 recorded transactions
2021
Price N/A
2021
Price N/A

Zoning & alternative use

B-1 · Lexington, VA

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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