1520 Piney Forest RdDanville, VA 24540

Property Details for 1520 Piney Forest Rd

Year built

2012

Lot size

2.15 AC

Property size (Sq ft)

14,550 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity features a 14,550 square foot Walgreens pharmacy in Danville, Virginia, situated on a 2.15-acre lot. The property boasts a 25-year absolute NNN lease with Walgreens, a credit-rated tenant with a corporate guarantee, commencing September 1, 2012, and expiring August 31, 2037. With 12.8 years remaining on the primary lease term and 8/5-year options, this investment offers significant long-term stability. The property generates a strong NOI of $390,000, resulting in a 6.75% cap rate on the asking price of $5,777,778. Built in 2012, this fee-simple property enjoys a prime location on a high-traffic retail corridor, experiencing over 41,700 vehicles daily, and benefits from high visibility and a convenient drive-thru. The property's 100% occupancy and location in an underserved market with limited pharmacy competition further enhance its investment appeal. This is a 1031 exchange eligible property.

Location Insight

City

Danville

County

Pittsylvania

State

Virginia

Latitude

36.6334

Longitude

-79.3929

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