173 Lee StBroadway, VA 22815

Property Details for 173 Lee St

Year built

2004

Lot size

0.65 AC

Property type

Retail properties

Property subtype

Retail space

APN

51-(A)- L69C1

APU

51AL69C1

Description

This exceptional investment opportunity presents a net-leased Dollar General store located at 173 W Lee St, Broadway, VA. The property boasts a substantial 9,100 square feet situated on a 0.65-acre lot, enjoying a prime location on Route 259 with over 12,000 vehicles passing daily, ensuring high visibility and consistent customer traffic. Currently leased until April 2030, this property offers a secure, long-term income stream with a compelling 6.6% capitalization rate. Dollar General, a highly reputable and stable tenant, has occupied the premises since 2004, demonstrating a long-standing commitment to the location. The low base rent contributes to the property's exceptional value and makes it a particularly attractive asset. Furthermore, the property requires minimal maintenance, averaging less than $2,100 annually over the past three years. Recent improvements include a new HVAC system installed in October 2024, significantly reducing future maintenance liabilities and enhancing the property's long-term operational efficiency. This presents a low-maintenance, high-yield investment ideal for 1031 exchange buyers seeking a stable and profitable addition to their portfolio. The combination of a strong tenant, prime location, and low maintenance costs makes this a truly exceptional investment opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $9,921,757

  6.5%

  $9,158,545

  7%

  $8,504,363

• Comparable approach

  Method

  Valuation

  Relative Method

  $14,288,144

  Geo Method

  $14,288,144

• Alternative Use

  Use

  Valuation

  Residential

  $7,725,576

  Hospitality

  $7,076,586

  Educational

  $5,887,636

  Medical

  $6,090,121

  Retail

  $9,158,545

Location Insight

City

Broadway

County

Rockingham

State

Virginia

Latitude

38.6189

Longitude

-78.7993

CBSA code

25500

CBSA name

HARRISONBURG, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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