2911 Hershberger RdRoanoke, VA 24017

Property Details for 2911 Hershberger Rd

Year built

1976

Lot size

10.99 AC

Property size (Sq ft)

117,726 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 117,726-square-foot shopping center in Roanoke, VA, presents a significant value-add opportunity. Located at 2911 Hershberger Rd NW, Roanoke, VA 24017, the property boasts a prominent location within a major retail corridor, directly adjacent to national retailers like Home Depot and Dollar Tree. Currently 75% vacant, the center offers substantial potential for increased net operating income (NOI) through leasing the existing vacant space (88,000 SF), redevelopment, or the addition of pad tenants. A significant anchor tenant, Big Lots, occupies 29,726 square feet under a corporately guaranteed net lease with six years remaining. Big Lots, a publicly traded company (NYSE: BIG), has a strong national presence. The property sits on 10.991 acres and was built in 1976. Its strategic location offers exceptional regional access via I-581 and Hershberger Road (combined traffic counts exceeding 84,000 vehicles per day), proximity to I-81 (over 70,000 VPD), and is within a logistics hub near the Roanoke-Blacksburg Regional Airport. The surrounding area features a dense population (over 141,000 residents within a 5-mile radius) with projected growth, and is near major employers including Kroger, Walmart, and Roanoke County Schools. The asking price is $8,250,000 ($70.08/SF). The land value is $70.07/SF. This fee-simple property offers a compelling investment prospect for those seeking substantial upside potential in a thriving retail market.

Location Insight

City

Roanoke

County

Roanoke

State

Virginia

Latitude

37.3075

Longitude

-79.9806

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