219 Arch AveWaynesboro, VA 22980

Property Details for 219 Arch Ave

Lot size

0.43 AC

Property size (Sq ft)

3,800 SF

Zone code

C-B

Property type

Commercial real estate

APN

45 1 1- 16

APU

451116

Description

This exceptional investment opportunity presents a 3,800 square foot freestanding retail building situated on a 0.43-acre lot in downtown Waynesboro, Virginia. Currently leased to Virginia ABC under a Net Lease agreement, the property boasts a strong 6.00% cap rate with a substantial remaining lease term of approximately 5.3 years, extending to February 28, 2030, with two 5-year renewal options. The building underwent a complete renovation in 2019 and features ample parking (17 spaces). Tenant reimbursements for operating expenses are approximately $3.28 per square foot. The property benefits from a prime location, shadow-anchored by Kroger and surrounded by a high-density residential area. Its convenient access to West Main Street and proximity to Interstate 64 (less than 3 miles) further enhance its appeal. The asking price is $1,040,000, offering a compelling return on investment for discerning buyers seeking a stable, net-leased property with a reputable tenant in a thriving market. The property's strong tenant, favorable lease terms, and strategic location make it an ideal addition to any portfolio. The Net Operating Income (NOI) is $62,700.

Location Insight

City

Waynesboro

County

Waynesboro City

State

Virginia

Latitude

38.0671

Longitude

-78.8877

CBSA code

44420

CBSA name

STAUNTON-WAYNESBORO, VA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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