For Sale
$2,937,500

3298 Crater RdPetersburg, VA 23805

High-yield pharmacy investment, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a fee-simple interest in a 14,820-square-foot Walgreens located at 3298 S Crater Rd, Petersburg, VA 23805. The property sits on a 1.68-acre lot and boasts an absolute NNN lease with zero landlord responsibilities, ensuring a passive investment experience. Built in 2005, the building is currently 100% occupied under a 25-year lease (originally commencing October 1, 2005, and expiring September 30, 2030), with a remaining term of six years and ten 5-year renewal options. The property generates a substantial net operating income (NOI) of $235,000, resulting in an attractive 8.00% cap rate. The asking price is $2,937,500. This prime retail location benefits from its proximity to a major 300-bed hospital and Fort Gregg-Adams (Fort Lee) U.S. Army Command Post, ensuring high traffic and strong demographics. The property's location within a primary retail and healthcare corridor in Petersburg, within the Richmond MSA, further enhances its investment appeal. The parcel's APN is 088-01-0814. This is a rare opportunity to acquire a below-market-rent, high-performing Walgreens in a desirable location.

Highlights

  • Fee-simple ownership of a 14,820-square-foot Walgreens.
  • Absolute NNN lease with zero landlord responsibilities.
  • Located in a primary retail and healthcare corridor in Petersburg, VA, near a 300-bed hospital and Fort Lee.
  • Below-market rent with a strong 8.00% cap rate and $235,000 NOI.
  • Situated on a 1.68-acre lot within the Richmond MSA.

Property Details for 3298 Crater Rd

Property type
Retail properties, Drug stores
Square Feet
14,820 SF
Year Built
2005
Buildings
1
Lot Size (sq. ft)
73,181 SF

Location Insight

City
Petersburg
County
Petersburg City
State
Virginia
Latitude
37.184647
Longitude
-77.368601
3298 Crater Rd, Petersburg, Virginia

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3298 Crater Rd
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