For Sale
$3,175,000

3280 Lee HwyBristol, VA 24202

13,360 SF, 100% Leased to US Govt.

Overview

Added:
Dec 11, 2024
Days on market:
113
Exceptional investment opportunity: a fee-simple interest in a 13,360-square-foot, single-story office building located at 3280 Lee Highway, Bristol, VA 24202. This Class B property, built in 2008, is currently 100% occupied by the U.S. Federal Government (Social Security Administration) under a long-term lease with four or more years remaining on the second ten-year term. The building boasts a strong pro-forma net operating income (NOI) of $251,022, yielding a compelling 7.91% cap rate. The asking price is $3,175,000, translating to $18.79 per square foot. Situated on a 2.54-acre lot with 54 parking spaces and approximately 271 feet of frontage on Lee Highway (US Route 19), this property offers excellent visibility and accessibility, across from The Falls retail development. The property is offered for sale individually or as part of a larger portfolio. Further details, including rent bump information, are available in the Offering Memorandum. This is a rare opportunity to acquire a stable, government-leased asset with significant long-term potential.

Highlights

  • Government lease in place.
  • Long-term tenant with high renewal likelihood.
  • Significant rent increase of 7.9%.
  • Tenant demonstrates strong commitment to the property.
  • Excellent commercial highway frontage.
  • Substantial residual value.

Property Details for 3280 Lee Hwy

Property type
Office properties, Government properties
Square Feet
13,360 SF
Class
B
Year Built
2008
Buildings
1
Stories
1
Lot Size (sq. ft)
110,642 SF

Location Insight

City
Bristol
County
Washington
State
Virginia
Latitude
36.6305174
Longitude
-82.1478643
3280 Lee Hwy, Bristol, Virginia

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3280 Lee Hwy
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