350 Franklin StRocky Mount, VA 24151

Property Details for 350 Franklin St

Year built

1953

Lot size

0.11 AC

Property size (Sq ft)

7,616 SF

Zone code

CBD

Property type

Retail properties

Property subtype

Retail space

APN

207 01-041 00

APU

2070104100

Description

The Haywood Building, a 11,424 square foot, two-story retail property located at 350 Franklin St, Rocky Mount, VA 24151, presents a unique owner/user or investment opportunity. This multi-tenant building, situated on a 0.11-acre lot, boasts six tenants, including a barbershop with recently updated flooring, and offers a mix of retail and office spaces. The building, constructed in 1953, has undergone significant recent improvements, including a new roof (2021), a new hot water heater (2022), and new HVAC systems for the upstairs office space (May 2024). The 7,616 square feet of net rentable space is currently priced at $30.64 per square foot, with an asking price of $350,000. The largest tenant has occupied their space since 1953, highlighting the building's strong historical tenancy. Upstairs, there is a sizable wing of office space currently unused, complete with plumbing for future development, a kitchen, and restrooms for tenants. One retail space includes a private bathroom. The building's prime location in a rapidly growing area of Rocky Mount, near The Harvester music center and the library, offers excellent walkability to shops and restaurants. A basement area, currently used for storage, also presents additional development potential. Rent bumps are implemented yearly, and the property is zoned for commercial use. This property offers a blend of established income and significant upside potential for future development.

• CAP approach

  CAP return

  Valuation

  6%

  $1,228,280

  6.5%

  $1,133,797

  7%

  $1,052,811

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,436,138

  Geo Method

  $4,405,405

• Alternative Use

  Use

  Valuation

  Residential

  $956,400

  Hospitality

  $876,057

  Educational

  $728,869

  Medical

  $753,936

  Retail

  $1,133,797

Location Insight

City

Rocky Mount

County

Franklin

State

Virginia

Latitude

36.9978

Longitude

-79.8923

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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