For Sale
$6,300,000

4142 Melrose AveRoanoke, VA 24017

High-yield shopping center, prime location.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a 162,903 square foot, Class C shopping center in Roanoke, VA. Located at 4142 Melrose Ave NW, this multi-tenant property boasts a 92% occupancy rate and a strong NOI of $525,755, representing an 8.35% cap rate. The asking price is $6,300,000, translating to $38.67 per square foot. The property comprises four one-story buildings situated on a 19-acre lot (APN 2761701) and is zoned IPUD/CG. Current tenants include Wells Fargo Bank, Aaron's Furniture, Harbor Freight, Carpet Factory Outlet, and Outdoor Power Equipment, generating a monthly gross income of $68,000. Built in 1957, the property benefits from a high-visibility corner lot and multiple sought-after outparcel buildings, offering significant redevelopment potential. Its central location provides easy access to Roanoke-Blacksburg Regional Airport and Interstate I-81, ensuring high traffic and visibility. The NNN lease structure minimizes management responsibilities, making this a low-maintenance, high-return investment. This property presents a compelling opportunity for investors seeking a stable income stream with significant upside potential for future development.

Highlights

  • 162,903 SF Class C shopping center in Roanoke, VA, with a 92% occupancy rate and $525,755 NOI.
  • Asking price: $6,300,000 ($38.67/SF), 8.35% cap rate.
  • Four one-story buildings on a 19-acre lot (APN 2761701), zoned IPUD/CG.
  • High-visibility corner lot with multiple outparcels; strong tenant mix including Wells Fargo, Aaron's, Harbor Freight.
  • Excellent location near I-81 and Roanoke-Blacksburg Regional Airport; NNN leases minimize management.

Property Details for 4142 Melrose Ave

Property type
Lifestyle centers, Power centers
Square Feet
162,903 SF
Class
C
Year Built
1957
Buildings
4
Stories
1
Lot Size (sq. ft)
827,640 SF

Location Insight

City
Roanoke
County
Roanoke
State
Virginia
Latitude
37.295993085096
Longitude
-80.006848837735
4142 Melrose Ave, Roanoke, Virginia

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4142 Melrose Ave
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