4035 Challenger AveRoanoke, VA 24012

Property Details for 4035 Challenger Ave

Year built

2009

Lot size

1.11 AC

Property size (Sq ft)

4,560 SF

Property type

Retail properties

Property subtype

Other car washes

APN

050.01-01-05.11-0000

APU

50010105110000

Description

This exceptional investment opportunity presents a Zips Car Wash located at 4035 Challenger Ave NE, Roanoke, VA 24012. Boasting a 6.75% cap rate and a substantial $428,464 NOI, this 4,578 square foot facility sits on a 1.11-acre lot and benefits from a triple-net (NNN) lease with a corporate guarantee. The lease, commencing November 15, 2018, has 14 years remaining, extending to November 30, 2038, with attractive 1.5% annual rent bumps. Six 5-year lease options provide further long-term security. The property enjoys a prime location on an outlot to a Kroger, benefiting from high visibility and traffic counts averaging 38,000 vehicles daily. Nearby retailers include Walmart, Lowe's, Chick-fil-A, CVS, and Starbucks, further enhancing its appeal. The property's proximity to a 440-acre industrial park housing Advance Auto Parts, Elizabeth Arden, FedEx Ground, Orvis, and a prospective Amazon facility, adds to its strategic value. The surrounding area boasts strong demographics, with an average household income of $91,383 within one mile and a population of 88,735 within five miles. Zips Car Wash, operating over 280 locations across 25 states under three brands, ensures a reputable and established tenant. This Roanoke location is situated in a thriving metropolitan region, a hub for transportation, finance, and industry in southwestern Virginia, and a renowned mountain biking destination. The asking price is $6,347,650. This property qualifies for bonus depreciation under the Tax Cuts and Jobs Act of 2017 (consult your CPA). 100% occupancy ensures immediate cash flow.

• CAP approach

  CAP return

  Valuation

  6%

  $735,420

  6.5%

  $678,849

  7%

  $630,360

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,458,612

  Geo Method

  $2,637,690

• Alternative Use

  Use

  Valuation

  Residential

  $572,634

  Hospitality

  $524,530

  Educational

  $436,403

  Medical

  $451,412

  Retail

  $678,849

Location Insight

City

Roanoke

County

Roanoke

State

Virginia

Latitude

37.3139

Longitude

-79.8815

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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