For Sale
$725,000

175 Central StBroadway, VA 22815

Sports/Entertainment Venue, 6.4% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 4,800 square foot sports/entertainment venue in Broadway, VA, presents a compelling investment opportunity. Built in 2021 and renovated in 2022, the property boasts a 100% occupancy rate with a five-year lease commencing June 30, 2022, and expiring June 30, 2027, leaving 2.6 years remaining. The current tenant, a well-established and popular local business, has an excellent rental history. The property features 2 units, each with 2,400 square feet, a 12-foot ceiling height, and 21 parking spaces. Situated on a 0.51-acre lot with B-1 zoning, the property offers ample on and off-site parking options. The building includes upgraded mechanical, HVAC, and flooring systems. The property's strong financial performance is reflected in its current NOI of $46,392 and a pro-forma NOI of $50,462, resulting in a 6.4% cap rate and a pro-forma cap rate of 6.96%. The asking price is $725,000, or $362,500 per unit, and the property is priced at $151.04 per square foot. Located 13 miles north of Harrisonburg, this property benefits from low real estate taxes and borders both residential and commercial areas, making it an ideal investment for those seeking a stable, high-performing asset in a thriving community. The property is offered as a 1031 exchange opportunity.

Highlights

  • Low property taxes.
  • Modern construction with upgraded systems.
  • Ample on-site and off-site parking.
  • Prime location bordering residential and commercial areas.
  • Creditworthy tenant with strong rental history.
  • Five-year lease in place.

Property Details for 175 Central St

Property type
Specialty properties
Square Feet
4,800 SF
Year Built/Renovated
2021/2022
Buildings
1
Stories
1
Lot Size (sq. ft)
22,216 SF
Units
2

Location Insight

City
Broadway
County
Rockingham
State
Virginia
Latitude
38.614767610187
Longitude
-78.79749281984
175 Central St, Broadway, Virginia

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175 Central St
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