206 Market StCharlottesville, VA 22902

Property Details for 206 Market St

Year built

1913

Lot size

0.10 AC

Property size (Sq ft)

6,890 SF

Zone code

DX

Property type

Office properties

Property subtype

Other office properties

APN

330270000

APU

330270000

Description

This exceptional Class A, 7,500 square foot creative office building is located at 206 W Market St in Charlottesville, VA's Historic Downtown Mall. The two-story building, completely renovated in 2016, features a unique design and boasts a rooftop bar with a solar canopy. Currently occupied by the flagship Common House location under a brand new 10-year, fully triple net (NNN) lease, this property offers a secure investment opportunity. The lease guarantees $230,000 in annual net rent, with the tenant responsible for all taxes, insurance, building maintenance, and expenses. The landlord's responsibility is limited to the building shell and roof, both new since 2016. The 0.1-acre lot is zoned DH (DX - Future Zoning). Common House, a thriving social club with over 1,200 local members, includes a full-service restaurant, two bars, event spaces, co-working areas, and lounge spaces. This single-tenant, net-leased building presents a rare chance to acquire a highly desirable property in a prime downtown location. The building's modern amenities and the strong, long-term lease with a successful tenant make this an attractive investment.

• CAP approach

  CAP return

  Valuation

  6%

  $1,639,891

  6.5%

  $1,513,745

  7%

  $1,405,620

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,377,587

  Geo Method

  $1,377,587

• Alternative Use

  Use

  Valuation

  Residential

  $1,877,044

  Hospitality

  $1,719,362

  Educational

  $1,430,489

  Medical

  $1,479,686

  Retail

  $2,225,206

Location Insight

City

Charlottesville

County

Charlottesville City

State

Virginia

Latitude

38.0317

Longitude

-78.4823

CBSA code

16820

CBSA name

CHARLOTTESVILLE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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