245 Gate City HwyBristol, VA 24201

  • Other commercial real estate
  • 3,321 SF
For Sale
$2,950,000 View listing

Property Details for 245 Gate City Hwy

Year built
2001
Lot size
0.42 AC
Property size (Sq ft)
3,321 SF
Property type
Other commercial real estate
APN
33 2 1 4A
APU
33214A

Description

This exceptional commercial property, located at 245 Gate City Highway in Bristol, VA, presents a lucrative investment opportunity. Situated on 0.42 acres of land at a signalized intersection directly across from the Hard Rock Casino, this high-visibility location boasts over 3,321 square feet of versatile commercial space and 25+ parking spaces. The property features over 140 feet of road frontage on Gate City Highway, benefiting from an impressive average daily traffic count exceeding 9,200 vehicles. Zoned B3, this flexible zoning allows for a wide range of commercial uses. The existing building, custom-built in 2001, has been meticulously maintained and operated as a thriving business for over 20 years. Equipped with state-of-the-art features including 12 high-grade solar panels, 3-phase power, LED lighting, two newer HVAC units, and a 6-inch drain line, the property offers significant operational efficiencies. Additional revenue streams are generated from vending machines, coin machines, and the Virginia Lottery. The property also includes advanced security features such as 24-hour remote monitoring and individual utility cutoffs. This turnkey operation offers immediate cash flow potential and significant long-term appreciation, making it a rare opportunity in the highly sought-after casino district. The asking price is $2,750,000.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • Alternative Use

    Use
    Valuation
    Residential
    $733,538
    Hospitality
    $671,916
    Educational
    $559,027
    Medical
    $578,252
    Retail
    $869,597
245 Gate City Hwy, Bristol, Virginia

Location Insight

City
Bristol
County
Bristol
State
Virginia
Latitude
36.5971
Longitude
-82.213
CBSA code
28700
CBSA name
KINGSPORT-BRISTOL-BRISTOL, TN-VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$2,379
$100,100
$112,300
$212,400
-
$100,100
$112,300
$212,400

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