450 Church StFincastle, VA 24090

Property Details for 450 Church St

Lot size

1.08 AC

Zone code

B-1

Property type

Other commercial real estate

APN

73-126

APU

73126

Description

This exceptional investment opportunity presents a 4,554 square foot, single-tenant building situated at 450 S Church St, Fincastle, VA 24090. The property, constructed in 1998, boasts a Class B rating and is currently 100% occupied by the Church of Jesus Christ of Latter-day Saints under a modified lease with a corporate guarantee. The lease commenced August 1, 2021, and expires September 30, 2026, leaving approximately 1.9 years remaining. The lease includes two five-year renewal options, providing long-term income stability. The building features 20 parking spaces and sits on a 1.08-acre lot zoned B-1. The current annual net operating income (NOI) is $50,254, yielding a 7.74% capitalization rate. Rent increases are built into the lease at 2% per year. The asking price is $649,500, translating to $142.62 per square foot. The property is highly visible along Route 220 N, just outside the historic town of Fincastle. Recent renovations were completed, with rent commencement in November 2021. This is a strong, stable investment with a proven track record and significant upside potential. The property is offered as a fee simple sale.

• Alternative Use

  Use

  Valuation

  Residential

  $5,907,805

  Hospitality

  $5,411,518

  Educational

  $4,502,319

  Medical

  $4,657,161

  Retail

  $7,003,608

Location Insight

City

Fincastle

County

Botetourt

State

Virginia

Latitude

37.4925

Longitude

-79.8766

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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