203 Stuart AveElkton, VA 22827

Property Details for 203 Stuart Ave

Lot size

0.48 AC

Zone code

RURAL BUSINESS SERV DIST

Property type

Retail space

APN

131B1-(A)- L51

APU

131B1AL51

Description

This exceptional investment opportunity presents a 2,227 square foot 7-Eleven gas station located at 203 S Stuart Ave, Elkton, VA 22827. The property sits on a 0.842-acre lot in a high-traffic, hard corner location offering excellent visibility. The current tenant, 7-Eleven (S&P rating "A"), holds an absolute NNN lease with zero landlord responsibilities, providing significant passive income. The lease commenced December 1, 2022, and has a remaining term of 8.4 years, extending to April 30, 2033, with two additional five-year renewal options and 10% rent increases every five years. The property boasts a strong Net Operating Income (NOI) of $64,999, resulting in a 5.25% cap rate. This established location benefits from a 40-year operating history at the site and significant bonus depreciation benefits. The property enjoys proximity to State Route 33 and is conveniently located just eight miles from Massanutten Resort and a 30-minute drive from downtown Harrisonburg. Nearby businesses include Family Dollar, Subway, Pizza Hut, El Paso Mexican Grille, McDonald's, Elkton Family Pharmacy, USPS, Dairy Queen, and Ace Hardware, further enhancing the location's appeal. The asking price for this turnkey investment is $1,238,000.

• CAP approach

  CAP return

  Valuation

  6%

  $7,239,265

  6.5%

  $6,682,398

  7%

  $6,205,084

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,425,136

  Geo Method

  $10,425,136

• Alternative Use

  Use

  Valuation

  Residential

  $5,636,853

  Hospitality

  $5,163,327

  Educational

  $4,295,828

  Medical

  $4,443,568

  Retail

  $6,682,398

Location Insight

City

Elkton

County

Rockingham

State

Virginia

Latitude

38.4082

Longitude

-78.6184

CBSA code

25500

CBSA name

HARRISONBURG, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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