6711 Williamson Rd, Hollins, VA 24019 For Sale

Multi-tenant retail office/retail building with a historically high occupancy rate. The building is currently 76% leased to an insurance office, a dentist office, a hair salon, and a retail store. The seller currently occupies one of the tenant spaces (24%) as a law office. The existing leases are below market averages so there is an opportunity for an investor to create additional value through rental increases. NOI based on existing rents and a sale-leaseback agreement with the seller is estimated at $50,817, indicating a 9.43% CAP; however, NOI based on market rents at stabilization is $81,520, indicating a 15.17% CAP. The site is improved with a paved parking lot containing 23 parking spaces and a pylon sign. Surrounding properties are improved with neighborhood shopping centers, fast food restaurants, bank branches, etc. Average Daily Traffic Count along Williamson Road is 12,000.