For Sale
$4,203,733

6460 Boydton Plank RdPetersburg, VA 23803

High-Yield NNN Lease, 11+ Years Remaining

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a thriving retail center in Petersburg, Virginia, featuring a Shell gas station, Jiffy Mart convenience store, and Subway restaurant. The property boasts a 35-year lease (expiring June 30, 2036), with 11.6 years remaining on the primary term and three 5-year renewal options. The lease is a triple-net (NNN) agreement, meaning the tenant is responsible for all operating expenses, minimizing landlord responsibilities. The property sits on three acres of land and includes six gasoline dispensers, one diesel car dispenser, and six high-speed fueling positions. Additional amenities include ample truck parking, large restrooms, an ATM, and the sale of truck parts and accessories within the Jiffy Mart. The property benefits from a strong location, with high visibility directly off Interstate 85 (AADT 30,000 in 2022) and an average annual daily traffic count of 9,400 (AADT 2024) on Boydton Plank Road. The property was recently rebranded with Shell and enjoys a 100% occupancy rate, generating a substantial net operating income (NOI) of $283,752, resulting in a 6.75% cap rate. Rent escalations of 10% every five years are built into the lease, providing consistent income growth throughout the lease term and option periods. Built in 1997, this property offers a compelling investment opportunity with significant upside potential. The property is located approximately 30 miles from Richmond, VA. The asking price is $4,203,733. This is a rare opportunity to acquire a well-established, high-performing retail center with a long-term lease and significant income potential.

Highlights

  • $4,203,733 asking price for a Net Leased retail property.
  • NNN lease with Subway, Shell, and Jiffy Mart tenants.
  • 11.6 years remaining on a 35-year lease with 3 five-year renewal options and 10% rent bumps every 5 years.
  • 6.75% cap rate with a $283,752 NOI.
  • 100% occupancy.

Property Details for 6460 Boydton Plank Rd

Property type
Retail properties, Grocery and convenience stores
Year Built
1997

Location Insight

City
Petersburg
County
Dinwiddie
State
Virginia
Latitude
37.1837945
Longitude
-77.4867909
6460 Boydton Plank Rd, Petersburg, Virginia

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6460 Boydton Plank Rd
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