4916 Plank RdNorth Garden, VA 22959

Property Details for 4916 Plank Rd

Year built

2007

Lot size

2.51 AC

Property size (Sq ft)

22,055 SF

Zone code

C1 COMMERCIAL

Property type

Retail properties

Property subtype

Strip malls

APN

09900-00-00-00500

APU

9900000000500

Description

This exceptional retail investment opportunity presents Crossroads Corner Shops, a two-story, 22,055 square foot Class B storefront property located at 4916 Plank Rd, North Garden, VA 22959. Built in 2007, this landmark location boasts a prime position just 10 minutes south of Charlottesville, with excellent road frontage on Route 29, ensuring high visibility and accessibility. The property currently features 16 units, with 87% occupancy, anchored by strong, long-term tenants including Old Dominion National Bank, Crossroads Store, Dr. Ho's Humble Pie, and UVA Crossroads Family Medicine. A new Taphouse Restaurant is slated to open in November 2024, further enhancing the property's appeal and income potential. Twelve of the sixteen spaces are currently occupied, with seven suites available. Two spaces remain unbuilt, offering build-to-suit opportunities for potential tenants. The property benefits from tenants paying CAM charges and attractive annual rent increases, contributing to a robust 8% capitalization rate. The asking price is $4,999,900. This is a rare chance to acquire a well-established, high-performing retail center in a thriving location. The property is zoned for commercial use.

• CAP approach

  CAP return

  Valuation

  6%

  $7,716,494

  6.5%

  $7,122,918

  7%

  $6,614,138

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,112,385

  Geo Method

  $11,112,385

• Alternative Use

  Use

  Valuation

  Residential

  $6,008,448

  Hospitality

  $5,503,706

  Educational

  $4,579,019

  Medical

  $4,736,498

  Retail

  $7,122,918

Location Insight

City

North Garden

County

Albemarle

State

Virginia

Latitude

37.9567

Longitude

-78.6576

CBSA code

16820

CBSA name

CHARLOTTESVILLE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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