1515 Longwood AveBedford, VA 24523

Property Details for 1515 Longwood Ave

Year built

1985

Lot size

9.70 AC

Property size (Sq ft)

43,684 SF

Property type

Retail properties

Property subtype

Lifestyle centers

Description

This exceptional investment opportunity presents a 43,684 square foot, multi-tenant retail center in Bedford, VA, boasting a 6.50% cap rate and a strong NOI of $350,774. The property, situated on a 9.7-acre lot at 1515 Longwood Ave, zip code 24523, features a 95% occupancy rate anchored by credit-rated tenants CVS Pharmacy and Food Lion. Food Lion, occupying 72% of the gross leasable area (GLA), recently signed a 5-year lease extension, demonstrating long-term commitment. CVS has also maintained a presence for nearly 40 years. The property benefits from a recent roof replacement (December 2023) and a newly redone parking lot (December 2022). This necessity-based retail center is strategically located in Bedford County, serving as the primary grocery and drug store shopping center for a significant portion of the county. Its location near US Highway 460 and proximity to other national retailers creates strong tenant synergy and increased consumer traffic. The property's fee simple ownership (land and building) and multi-tenant, net lease structure offer a stable and recession-resistant investment opportunity. Built in 1985, this property presents a compelling combination of established tenancy, recent improvements, and a prime location in a thriving community. The investment type is Net Lease, Multi-Tenant, with a Fee Simple ownership structure.

Location Insight

City

Bedford

County

Bedford

State

Virginia

Latitude

37.3481

Longitude

-79.5063

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