171 N Central St - Flex FOR SALE


Broadway, VA 22815
$630,000 USD
540-292-1485
171 N Central St, Broadway, VA for Sale
$630,000 USD
Flex - FOR SALE
1/15
null | 7.71% Cap Rate

171 N Central St
Broadway, VA 22815


OVERVIEW

Originally built in 2021 as a 6 Bay Garage w/12' x 12' overhead doors, "Broadway Bays" is a 4,800 sq ft bldg, strategically located one block from Downtown & 13 miles north of Harrisonburg. Restaurant Build-out & HVAC upgrade completed in 2022 along w/flooring & mechanics to support current tenant (has EXCELLENT rental history), w/ a 5year lease that ends Jun 30, 2027. 2% rent bumps every 12 mos. w/ lease intakes as scheduled: 2024=$51,922.08  2025=$52,960.50  2026=$54,019.68 2027=$27,277.26 (Jan - Jun). Property is centrally located w/easy access to residential & commercial districts. Tenant's business is pivotal in Broadway's community & well known throughout the Central Shenandoah Valley. Broadway’s population of 4255 has a median age of 37 & median household income of $62,123 (2022), up from $57,878 (2020). Known for its bucolic scenery, the area industries focus on manufacturing, retail, & an attractive destination for those seeking to enjoy the countryside. Broadway had a population of 4,255 in 2022 & is growing at a rate of 0.98% annually & its population has increased by 4.03% since the most recent Census. 2024 OWNER EXPENSES *Rockingham Taxes 2269.84 *Broadway Taxes 333.80 *Insurance 660.00 *HVAC 84.00

FOR SALE DETAILS

PRICE

$630,000 USD

PRICE/SF

$115 USD /SF

CAP RATE

7.71%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Flex

ADD'L SUBTYPES

Bar, Restaurant

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2021

UTILITIES

-

CLEAR CEILING HT

-

DOCKS

-

DRIVE INS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.56

LAND SF

24,435

ZONING

TOWN

APN/PARCEL ID

51A1-A-L99

ASK ABOUT THIS PROPERTY

Monica WhiteKW COMMONWEALTHMore Info
540-292-1485

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Monica WhiteKW COMMONWEALTHMore Info
540-292-1485

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.