For Sale
$4,721,000

1008 Richmond RdStaunton, VA 24401

Prime Retail Investment, 15-Year Lease

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a brand-new, 5,798 square foot Firestone Complete Auto Care center in Staunton, Virginia. Built in 2024, this Class A property sits on a 1.14-acre lot (APN 10338) in a high-traffic retail corridor boasting over 24,000 vehicles daily. The property benefits from a 15-year absolute NNN lease (commencing April 23, 2024, and expiring April 29, 2039) with a corporate guarantee from Bridgestone, a highly rated investment-grade tenant (S&P rating "A"). The lease includes 5% rent bumps every five years, ensuring consistent income growth. The property's strategic location is adjacent to major retailers like Walmart, Lowe's, and Martin's, and near significant apartment complexes, including Big Sky (135 units) and Frontier Ridge (100 units), providing a strong customer base. The current Net Operating Income (NOI) is $252,559, yielding a 5.35% cap rate, with a purchase price of $4,721,000 ($814.25/sq ft). The lease features five five-year options, further securing long-term returns. This is a fee-simple ownership opportunity with 100% occupancy. The property is zoned commercial and offers a secure, high-return investment in a thriving retail environment. This is a rare chance to acquire a newly constructed, high-quality asset with a strong tenant and excellent long-term prospects.

Highlights

  • Brand new 2024 construction with a 15-year absolute net lease and 5% rent increases every 5 years.
  • Prime retail location near Walmart, Lowe's, and other national tenants.
  • High-traffic area with over 24,000 cars daily, near two large apartment complexes.
  • Tenanted by Firestone Complete Auto Care, a subsidiary of investment-grade tenant Bridgestone (S&P rating "A"), with over $31.6 billion in 2022 revenue.
  • 5,798 square foot building on a 1.14-acre lot, offering a 5.35% cap rate and $252,559 NOI.

Property Details for 1008 Richmond Rd

Property type
Retail properties, Retail space
Square Feet
5,798 SF
Class
A
Year Built
2024
Buildings
1
Stories
1
Lot Size (sq. ft)
49,658 SF
Units
1

Location Insight

City
Staunton
County
Staunton City
State
Virginia
Latitude
38.13883901
Longitude
-79.04850845
1008 Richmond Rd, Staunton, Virginia

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1008 Richmond Rd
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