175 Central StBroadway, VA 22815

Property Details for 175 Central St

Year built

2021

Lot size

0.51 AC

Property size (Sq ft)

4,800 SF

Property type

Sports & entertainment properties

Property subtype

Other specialty properties

Description

This exceptional 4,800 square foot sports/entertainment venue in Broadway, VA, presents a compelling investment opportunity. Built in 2021 and renovated in 2022, the property boasts a 100% occupancy rate with a five-year lease commencing June 30, 2022, and expiring June 30, 2027, leaving 2.6 years remaining. The current tenant, a well-established and popular local business, has an excellent rental history. The property features 2 units, each with 2,400 square feet, a 12-foot ceiling height, and 21 parking spaces. Situated on a 0.51-acre lot with B-1 zoning, the property offers ample on and off-site parking options. The building includes upgraded mechanical, HVAC, and flooring systems. The property's strong financial performance is reflected in its current NOI of $46,392 and a pro-forma NOI of $50,462, resulting in a 6.4% cap rate and a pro-forma cap rate of 6.96%. The asking price is $725,000, or $362,500 per unit, and the property is priced at $151.04 per square foot. Located 13 miles north of Harrisonburg, this property benefits from low real estate taxes and borders both residential and commercial areas, making it an ideal investment for those seeking a stable, high-performing asset in a thriving community. The property is offered as a 1031 exchange opportunity.

Location Insight

City

Broadway

County

Rockingham

State

Virginia

Latitude

38.6148

Longitude

-78.7975

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