For Sale
$5,397,000

1515 Longwood AveBedford, VA 24523

High-Yield, Multi-Tenant Retail Property

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 43,684 square foot, multi-tenant retail center in Bedford, VA, boasting a 6.50% cap rate and a strong NOI of $350,774. The property, situated on a 9.7-acre lot at 1515 Longwood Ave, zip code 24523, features a 95% occupancy rate anchored by credit-rated tenants CVS Pharmacy and Food Lion. Food Lion, occupying 72% of the gross leasable area (GLA), recently signed a 5-year lease extension, demonstrating long-term commitment. CVS has also maintained a presence for nearly 40 years. The property benefits from a recent roof replacement (December 2023) and a newly redone parking lot (December 2022). This necessity-based retail center is strategically located in Bedford County, serving as the primary grocery and drug store shopping center for a significant portion of the county. Its location near US Highway 460 and proximity to other national retailers creates strong tenant synergy and increased consumer traffic. The property's fee simple ownership (land and building) and multi-tenant, net lease structure offer a stable and recession-resistant investment opportunity. Built in 1985, this property presents a compelling combination of established tenancy, recent improvements, and a prime location in a thriving community. The investment type is Net Lease, Multi-Tenant, with a Fee Simple ownership structure.

Highlights

  • 43,684 SF multi-tenant retail center in Bedford, VA.
  • 6.50% cap rate and $350,774 NOI.
  • 95% occupancy anchored by CVS and Food Lion (72% GLA, recently extended lease).
  • Located on a 9.7-acre lot at 1515 Longwood Ave, Bedford, VA 24523, near US Hwy 460.
  • Recent roof (Dec 2023) and parking lot (Dec 2022) improvements.
  • Fee simple ownership, net lease structure.

Property Details for 1515 Longwood Ave

Property type
Lifestyle centers, Power centers
Square Feet
43,684 SF
Year Built
1985
Lot Size (sq. ft)
422,532 SF

Location Insight

City
Bedford
County
Bedford
State
Virginia
Latitude
37.34811921
Longitude
-79.50633363
1515 Longwood Ave, Bedford, Virginia

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1515 Longwood Ave
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