For Sale
$2,950,000

245 Gate City HwyBristol, VA 24201

Turnkey Laundromat, High ROI, Casino District

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 3,321 sq ft laundromat in Bristol, VA, presents a lucrative investment opportunity. Located on Gate City Hwy, across from the Hard Rock Casino, this Class A property boasts a prime location with high visibility and over 25 parking spaces. Built in 2001, the single-story building sits on a 0.43-acre lot (18,208 sq ft) and benefits from B3 zoning, allowing for diverse uses. Currently operating at 100% occupancy, this turnkey operation features remote monitoring capabilities, high-grade equipment, and multiple revenue streams including coin machines and the VA lottery. Recent upgrades include 12 solar panels, newer HVAC units, and LED lighting. The property's strong cash flow, coupled with its strategic location and potential for expansion (dry cleaning, retail, etc.), makes it an ideal investment. The asking price is $2,950,000, representing a 5.50% cap rate. This is a rare opportunity to acquire a thriving business in a high-growth area. All information is deemed reliable but subject to buyer verification.

Highlights

  • $2,950,000 asking price for this Class A laundromat.
  • 3,321 square feet on a 0.43-acre lot (18,208 sq ft) with 25+ parking spaces.
  • Located near the Hard Rock Casino in Bristol, VA, with a high traffic count (9,200+ ADT).
  • B3 zoning allows for multiple uses.
  • Turnkey operation with remote monitoring capabilities and high efficiency.
  • 100% occupancy, 5.50% cap rate.

Property Details for 245 Gate City Hwy

Property type
Retail properties, Retail space
Square Feet
3,321 SF
Class
A
Year Built
2001
Buildings
1
Stories
1
Units
1

Location Insight

City
Bristol
County
Washington
State
Virginia
Latitude
36.5971199
Longitude
-82.2130522
245 Gate City Hwy, Bristol, Virginia

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245 Gate City Hwy
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