1860 Stoneridge Commerce DrPowhatan, VA 23139

Property Details for 1860 Stoneridge Commerce Dr

Year built

2023

Lot size

1.30 AC

Property type

Retail properties

Property subtype

Auto shops

Description

This exceptional investment opportunity presents a 100% occupied, corporately guaranteed Strickland Brothers auto shop in Powhatan, Virginia. The property, built in 2023, sits on a 1.3-acre lot at 1860 Stoneridge Commerce Dr, Macon, VA 23139, boasting excellent visibility with 35,000 vehicles passing daily. The absolute NNN lease features a 14-year remaining term (15.3 years total) commencing August 16, 2023, and expiring November 29, 2038. The lease includes four 5-year renewal options, each with a 10% rent increase. Significant rent bumps are also built in, with a 10% increase every five years, starting September 1, 2028. The property generates a strong net operating income (NOI) of $154,000, resulting in a 6.25% cap rate. This prime location is adjacent to a Walmart Supercenter and near other major retailers, benefiting from a rapidly growing population with a 51.80% growth rate from 2010 to 2024 and an average household income exceeding $174,000. The asking price is $2,464,000. This is a rare opportunity to acquire a stable, high-performing asset in a thriving market with minimal landlord responsibilities. The tenant, Strickland Brothers, established in 2016, currently operates over 250 locations.

Location Insight

City

Powhatan

County

Powhatan

State

Virginia

Latitude

37.512

Longitude

-77.7727

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