For Sale
$1,017,000

709 Main StFloyd, VA 24091

7,700 SF, 7% Cap Rate, Net Lease

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents a fee-simple ownership of a 7,700-square-foot CVS Pharmacy in Floyd, Virginia. The property boasts a strong 7.00% cap rate and a substantial net operating income (NOI) of $71,200. The current lease, with a credit-rated, corporate guarantor, has a remaining term of 6.9 years, extending to October 31, 2031, and includes six three-year renewal options with 5% rent bumps at the beginning of each option. The property, built in 2017 and renovated the same year, sits on a 0.54-acre lot at 709 E Main St, Floyd, VA 24091, enjoying high visibility on East Main Street with an average daily traffic count of 11,000 vehicles. The lease is a triple-net (NNN) lease, minimizing landlord responsibilities to roof, structure, HVAC, and electrical systems. The tenant is responsible for all other maintenance and expenses, including CAM, taxes, and insurance. This location benefits from proximity to other major retailers such as Food Lion, Dollar General, and NAPA Auto Parts. The property's strong tenant, long lease term, and built-in rent increases make it an ideal, low-management investment. The average household income within a 10-mile radius exceeds $71,505, and the area has a daytime employee count of 3,675 and a population of 12,031. The asking price is $1,017,000, translating to $132.08 per square foot.

Highlights

  • Fee-simple ownership of a 7,700 SF CVS Pharmacy in Floyd, VA.
  • 7.00% cap rate and $71,200 NOI.
  • 6.9 years remaining on NNN lease (to 10/31/2031) with six 3-year renewal options and 5% rent bumps.
  • Located on 0.54-acre lot at 709 E Main St, Floyd, VA 24091, with high visibility and 11,000 ADT.
  • $1,017,000 asking price ($132.08/SF).

Property Details for 709 Main St

Property type
Retail properties, Drug stores
Square Feet
7,700 SF
Year Renovated
2017
Lot Size (sq. ft)
23,522 SF

Location Insight

City
Floyd
County
Floyd
State
Virginia
Latitude
36.915473984432
Longitude
-80.311586443772
709 Main St, Floyd, Virginia

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709 Main St
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