For Sale
$1,013,471

2509 Richardson DrReidsville, NC 27320

8,000 SF Medical/Retail Complex, 7.75% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a 1-story, 8,000 square foot medical office and retail building located at 2509 Richardson Dr, Reidsville, NC 27320. The property boasts a 100% occupancy rate with four units, generating a strong net operating income (NOI) of $78,544 and a compelling 7.75% capitalization rate. Built in 1972, this strategically located property sits on a high-visibility corner with a combined daily vehicle count of 67,000, ensuring excellent exposure for its tenants. The tenant mix includes established healthcare providers such as Cone Health Asthma and Allergy and Central Carolina Kidney Associates, offering stability and long-term growth potential. These tenants are primarily on NNN leases, minimizing landlord responsibilities. The property benefits from a significant value-add opportunity due to current rental rates being below market value. Reidsville's thriving economy, bolstered by a recent $27 million investment from Drylock, further enhances the property's investment appeal. The HOA manages most day-to-day maintenance, providing additional operational efficiency. This is a rare chance to acquire a well-positioned, high-performing asset in a growing market. The asking price is $1,013,471, translating to $127 per square foot. This property offers a strong return on investment with significant upside potential.

Highlights

  • Stable Medical Office Building Investment: Healthcare tenants offer long-term lease stability.
  • Strong 7.75% Cap Rate: Attractive year-one return in the current interest rate environment.
  • Significant Value-Add Opportunity: Below-market rents offer potential for lease rate increases.
  • Desirable Reidsville, Rockingham County Location: Combines small-town charm with ample amenities and economic opportunities.
  • $27 Million Community Investment: New Drylock manufacturing center creating over 100 jobs.
  • Creditworthy Cone Health Tenant: Long-term tenant backed by a large, reputable healthcare system.

Property Details for 2509 Richardson Dr

Property type
Lifestyle centers, Power centers
Square Feet
8,000 SF
Year Built
1972
Buildings
1
Stories
1
Units
4

Location Insight

City
Reidsville
County
Rockingham
State
North Carolina
Latitude
36.3334108
Longitude
-79.6947879
2509 Richardson Dr, Reidsville, North Carolina

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2509 Richardson Dr
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