290 Old Franklin TpkeRocky Mount, VA 24151

Property Details for 290 Old Franklin Tpke

Year built

2010

Lot size

1.38 AC

Property size (Sq ft)

14,616 SF

Property type

Retail properties

Property subtype

Drug stores

APN

203 00-076 02

APU

2030007602

Description

This exceptional investment opportunity presents a 14,550 square foot Walgreens convenience store and pharmacy located at 290 Old Franklin Turnpike, Rocky Mount, VA 24151. The property sits on a 1.38-acre lot and boasts a corporately guaranteed, full NNN lease with 11.3 years remaining until expiration (September 30, 2035). The lease commenced September 1, 2010, with a 25.1-year initial term. The property currently enjoys 100% occupancy, generating a substantial net operating income (NOI) of $538,500, representing a 9.25% cap rate. The asking price is $5,821,622, translating to $438 per square foot and $402.55 per square foot for the land value. Built in 2010, this strategically located property benefits from its position along the US-220 corridor, providing easy access to major markets. The area offers a blend of natural beauty, economic diversification, and ongoing infrastructure improvements, contributing to a strong investment climate. There are no rent bumps or lease options included in the current agreement. This is a fee-simple sale, not a ground lease. This presents a rare opportunity to acquire a stable, high-performing asset with a long-term lease from a creditworthy tenant.

• CAP approach

  CAP return

  Valuation

  6%

  $2,357,214

  6.5%

  $2,175,890

  7%

  $2,020,469

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,675,236

  Geo Method

  $8,454,491

• Alternative Use

  Use

  Valuation

  Residential

  $1,835,444

  Hospitality

  $1,681,257

  Educational

  $1,398,786

  Medical

  $1,446,893

  Retail

  $2,175,890

Location Insight

City

Rocky Mount

County

Franklin

State

Virginia

Latitude

37.0121

Longitude

-79.8683

CBSA code

40220

CBSA name

ROANOKE, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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