201 N Court Ave - Restaurant FOR SALE


Covington, VA 24426
$399,900 USD
540-965-5971
201 N Court Ave, Covington, VA for Sale
$399,900 USD
Restaurant - FOR SALE
1/6
null | 9.7% Cap Rate

201 N Court Ave
Covington, VA 24426


HIGHLIGHTS

  • Fully renovated mixed-use property with two commercial units and one residential apartment
  • Strong projected income of $52K–$57K annually with ~10% cap rate potential
  • High-visibility corner location directly across from public parking with flexible commercial use (C-2 zoning)

OVERVIEW

Fully renovated mixed-use investment property featuring two commercial units and one residential apartment, ideally positioned on a high-visibility corner in Covington, VA. The property offers flexible commercial space suitable for a variety of retail, office, or service-based uses, providing strong leasing potential and diversified income streams. Notably, one of the commercial spaces was formerly occupied by a restaurant and is well-suited for conversion back to that use, offering additional upside for food and beverage operators. The building has undergone extensive improvements, including exterior upgrades, new roofing, and fully updated interiors, resulting in a turnkey asset with minimal deferred maintenance. Projected gross annual income ranges from approximately $52,000 to $57,000, offering an attractive return profile for investors. Located directly across from a public downtown parking lot, the property benefits from convenient and accessible parking for tenants and customers, enhancing long-term usability and tenant appeal. This is an ideal opportunity for investors seeking a stable, cash-flowing asset with flexibility and long-term upside.

FOR SALE DETAILS

PRICE

$399,900 USD

PRICE/SF

$62 USD /SF

CAP RATE

9.7%

% LEASED

-

TENANCY

-

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Court Street Building

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Freestanding, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1915

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,123 SF

ZONING

C2

APN/PARCEL ID

10---2---109B

ASK ABOUT THIS PROPERTY

Randy PhillipsPhillips Rental Properties, LLCMore Info
540-965-5971

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Randy PhillipsPhillips Rental Properties, LLCMore Info
540-965-5971

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