32032 Main StBoykins, VA 23827

Property Details for 32032 Main St

Year built

2009

Lot size

1.07 AC

Property size (Sq ft)

9,258 SF

Zone code

B-1

Property type

Retail properties

Property subtype

Retail space

APN

112A 6 BKD- 1A

APU

112A6BKD1A

Description

This exceptional investment opportunity presents a fee-simple ownership of a 9,100-square-foot Dollar General grocery store located at 32032 Main St, Boykins, VA 23827. Built in 2009, the property sits on a 1.1-acre lot and boasts a strong 100% occupancy rate. The current lease, a Net Lease (NN+) with a corporate guarantee from a publicly traded company, has a remaining term of approximately 5 years, extending to November 29, 2029, with three 5-year renewal options. The lease features a 10% rent increase every five years, ensuring consistent income growth. The property's Net Operating Income (NOI) is $80,508, resulting in an attractive 7.50% capitalization rate. The asking price is $1,073,440, translating to a price per square foot of $117.96. This investment offers a compelling combination of low rent, minimal landlord responsibilities, and a strong tenant with an investment-grade credit rating (BBB/Stable on Standard & Poor's). The tenant, Dollar General, operates over 20,000 locations across 48 states and reported $38.7 billion in net sales for fiscal year 2023. The property's prime location in downtown Boykins, Virginia, further enhances its appeal. This is a rare opportunity to acquire a stable, high-yielding retail investment with a long-term lease and significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,524,979

  6.5%

  $2,330,750

  7%

  $2,164,268

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,618,366

  Geo Method

  $5,355,205

• Alternative Use

  Use

  Valuation

  Residential

  $1,966,075

  Hospitality

  $1,800,914

  Educational

  $1,498,339

  Medical

  $1,549,870

  Retail

  $2,330,750

Location Insight

City

Boykins

County

Southampton

State

Virginia

Latitude

36.5863

Longitude

-77.2016

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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