1622 12Th StLynchburg, VA 24501

Property Details for 1622 12Th St

Year built

1959

Lot size

0.46 AC

Property size (Sq ft)

3,691 SF

Zone code

B5

Property type

Retail properties

Property subtype

Auto shops

APN

026 02 001

APU

2602001

Description

This exceptional commercial property, situated on a highly visible 0.46-acre lot at 1622 12th Street in Lynchburg, Virginia, presents a unique investment opportunity. The property encompasses a total of 3,943 square feet and comprises three distinct buildings. The largest building, a 2,450-square-foot karate studio, offers ample space for a variety of fitness or recreational uses. A second building, totaling 1,241 square feet, is currently configured as an auto shop, complete with two convenient roll-up doors for easy access and vehicle maneuvering. This building also includes a reception area, two restrooms, and an oil furnace. Finally, a smaller 252-square-foot office/storage building provides additional versatile space. The flexible zoning allows for a wide range of potential uses, making this property ideal for entrepreneurs and investors seeking a multi-faceted commercial venture. The property's prime location on 12th Street ensures high visibility and accessibility, attracting significant foot and vehicle traffic. This is a rare opportunity to acquire a well-maintained, multi-building commercial property in a thriving Lynchburg location. The asking price is $290,000.

• CAP approach

  CAP return

  Valuation

  6%

  $811,020

  6.5%

  $748,634

  7%

  $695,160

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,135,025

  Geo Method

  $2,135,025

• Alternative Use

  Use

  Valuation

  Residential

  $631,500

  Hospitality

  $578,451

  Educational

  $481,264

  Medical

  $497,816

  Retail

  $748,634

Location Insight

City

Lynchburg

County

Lynchburg City

State

Virginia

Latitude

37.4047

Longitude

-79.1533

CBSA code

31340

CBSA name

LYNCHBURG, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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