524 29Th StBuena Vista, VA 24416

Property Details for 524 29Th St

Lot size

1.11 AC

Zone code

B-1

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

27- 1- 5- 9- 8

APU

271598

Description

This exceptional investment opportunity features a brand-new, 10,000-square-foot Dollar Tree storefront in Buena Vista, Virginia. Built in 2024 and situated at 524 W 29th St (APN 15694), this single-story building boasts a 10-year net-net-net (NNN) lease with a Fortune 500 company, Dollar Tree (NYSE: DLTR), carrying an S&P investment-grade credit rating of BBB-. The lease includes four, five-year renewal options with a $0.50/SF rent increase in each option period. The tenant is responsible for all operating expenses, including taxes, insurance, HVAC, utilities, and parking lot maintenance; landlord responsibilities are limited to roof and structure. The property offers a strong 7.00% cap rate and a net operating income (NOI) of $150,300. Dollar Tree's established presence and significant expansion plans, adding 600+ stores annually, make this a secure and high-growth investment. The asking price is $2,147,000. This is a rare opportunity to acquire a newly constructed, corporate-guaranteed net lease property with a highly reputable tenant in a stable market. The projected opening is early fall 2024. This property presents a compelling investment opportunity with significant long-term potential.

• CAP approach

  CAP return

  Valuation

  6%

  $10,576,436

  6.5%

  $9,762,864

  7%

  $9,065,517

• Comparable approach

  Method

  Valuation

  Relative Method

  $27,842,670

  Geo Method

  $27,842,670

• Alternative Use

  Use

  Valuation

  Residential

  $8,235,342

  Hospitality

  $7,543,528

  Educational

  $6,276,127

  Medical

  $6,491,972

  Retail

  $9,762,864

Location Insight

City

Buena Vista

County

Buena Vista City

State

Virginia

Latitude

37.7421

Longitude

-79.3575

Property Tax & Assessments

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