4623 Amherst HwyMadison Heights, VA 24572

Property Details for 4623 Amherst Hwy

Year built

1969

Lot size

0.84 AC

Property size (Sq ft)

328 SF

Zone code

B2

Property type

Grocery and convenience stores

APN

155B A 17

APU

155BA17

Description

This exceptional investment opportunity presents a 1,922-square-foot ARKO convenience store located at 4623 S Amherst Hwy, Madison Heights, VA 24572. The property sits on a 0.845-acre lot and benefits from a prominent location in a dense retail corridor with high traffic volume exceeding 31,400 vehicles daily. The store is subject to a 12-year triple-net (NNN) lease, commencing June 21, 2023, and expiring June 30, 2035, leaving a substantial remaining lease term of approximately 10.6 years. The current annual net operating income (NOI) is $97,871, with built-in annual rent increases of 1.50%. The asking price is $1,779,480, representing a 5.50% cap rate and a price per square foot of $925.85. The lease includes a corporate guarantee, ensuring tenant reliability. This investment offers significant tax advantages due to its eligibility for bonus and accelerated depreciation. Nearby national retailers include Walmart, Starbucks, KFC, McDonald's, Dairy Queen, Wendy's, Lowe's, Dunkin', Subway, Pizza Hut, Tidal Wave Auto Spa, Speedway, Wells Fargo, CVS, and Advance Auto Parts, further solidifying the property's strong location and potential for continued success. The property boasts excellent frontage along S Amherst Highway, maximizing visibility and accessibility. This is a turnkey investment opportunity with a secure, long-term lease and strong potential for return. 100% occupancy ensures immediate cash flow.

• CAP approach

  CAP return

  Valuation

  6%

  $72,071

  6.5%

  $66,527

  7%

  $61,775

• Comparable approach

  Method

  Valuation

  Relative Method

  $189,729

  Geo Method

  $189,729

• Alternative Use

  Use

  Valuation

  Residential

  $56,118

  Hospitality

  $51,404

  Educational

  $42,767

  Medical

  $44,238

  Retail

  $66,527

Location Insight

City

Madison Heights

County

Amherst

State

Virginia

Latitude

37.4478

Longitude

-79.1195

CBSA code

31340

CBSA name

LYNCHBURG, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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