109 College DrFranklin, VA 23851

Property Details for 109 College Dr

Year built

1998

Construction

LIGHT FRAME

Lot size

0.88 AC

Property size (Sq ft)

9,100 SF

Zone code

B3

Property type

Other commercial real estate

APN

121 110 1E

APU

1211101E

Description

This exceptional investment opportunity presents a fee-simple interest in a 9,151 square foot Sherwin-Williams storefront located at 109 S College Dr, Franklin, VA 23851. The property, built in 1998 and situated on a 0.88-acre lot, boasts 34 parking spaces and benefits from a prime location in a dense retail corridor near a signalized intersection. The property is zoned B-3: General Business District. The Sherwin-Williams lease, commencing August 1, 2008, and expiring August 1, 2025, has approximately 0.7 years remaining with four 5-year options, each including an 8% rent increase. The current net operating income (NOI) is $68,325, representing a 9.00% cap rate and a price per square foot of $82.94. The asking price is $759,000. This corporate-guaranteed, net-leased investment offers limited landlord responsibilities and significant upside potential due to the scheduled rent increases and the strong, established tenant. The property enjoys excellent visibility and accessibility, with convenient access to US Highway 58. The surrounding area features numerous national retailers, including Walmart, O'Reilly Auto Parts, and Lowe's, creating a synergistic retail environment. A substantial residential population within a five-mile radius provides a strong consumer base. The property's location within a high-traffic area ensures consistent customer flow. This is a rare opportunity to acquire a well-positioned, net-leased investment property with a strong tenant and significant remaining lease term.

• Alternative Use

  Use

  Valuation

  Residential

  $1,932,521

  Hospitality

  $1,770,179

  Educational

  $1,472,768

  Medical

  $1,523,419

  Retail

  $2,290,973

Location Insight

City

Franklin

County

Franklin City

State

Virginia

Latitude

36.6715

Longitude

-76.9371

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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