1616 Tappahannock BlvdTappahannock, VA 22560

Property Details for 1616 Tappahannock Blvd

Year built

2019

Lot size

0.99 AC

Property size (Sq ft)

7,221 SF

Property type

Retail space

APN

37 131B

APU

37131B

Description

This exceptional investment opportunity presents a 7,225 square foot O'Reilly Auto Parts store in Tappahannock, Virginia. Located at 1616 Tappahannock Blvd, this property boasts a strong 15.2-year remaining lease term (expiring 01/27/2040, commencing 01/28/2020) with a corporate guarantee from the Fortune 500 company, O'Reilly Auto Parts. The Net Lease (NN+) structure minimizes landlord responsibilities, offering a secure, passive income stream. The asking price is $1,993,338, representing a compelling 5.90% cap rate and a price per square foot of $275.89. Built in 2020, the property sits on a 0.92-acre lot and enjoys 100% occupancy, generating a Net Operating Income (NOI) of $117,607. The lease includes built-in rent bumps of 6% at year 11 and year 16, and four 5-year lease options. This prime retail location benefits from high visibility on a busy commercial corridor with over 44,050 vehicles passing daily, and is strategically positioned near major retailers such as Walmart, Lowe's, and Food Lion. The property is suitable for a 1031 exchange. This investment offers a blend of secure income, long-term stability, and significant upside potential in a thriving market. The property is situated in Tappahannock, the oldest town in Essex County, Virginia, offering a unique combination of historical charm and consistent economic activity.

• CAP approach

  CAP return

  Valuation

  6%

  $2,743,203

  6.5%

  $2,532,187

  7%

  $2,351,317

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,039,068

  Geo Method

  $3,039,068

• Alternative Use

  Use

  Valuation

  Residential

  $2,135,995

  Hospitality

  $1,956,560

  Educational

  $1,627,835

  Medical

  $1,683,818

  Retail

  $2,532,187

Location Insight

City

Tappahannock

County

Essex

State

Virginia

Latitude

37.9083

Longitude

-76.8625

Property Tax & Assessments

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