539 Valley Dr
Retail | 80,000 SqFt
Marketing description
The subject property is a large-format commercial building located within the Oceana Square Shopping Center in Oceana, Wyoming County, West Virginia. The building was originally developed as two separate retail buildings (historically referenced as 'Buddy’s Discount' and 'Hecks') and later combined into a single large retail facility. The site provides extensive parking, strong visibility along Valley Drive (WV Route 971), and multiple reuse options including retail, storage, warehousing, and redevelopment.
The property is offered for sale at the asking price noted above. Buyer to verify building size, acreage, condition, and any applicable covenants/reciprocal easement agreements within the Oceana Square development. Property is marketed in 'as-is, where-is' condition.
This Offering Memorandum has been prepared for informational purposes only and does not constitute an offer to sell or a solicitation to buy. All information is subject to change without notice. Prospective purchasers should conduct their own independent investigations and due diligence.
Investment highlights
The economics of this redevelopment opportunity have been significantly enhanced. Annual property taxes have been reduced from approximately $22,000 to approximately $8,000, resulting in substantial recurring savings for a future owner. In addition, the Town of Oceana has expressed its willingness to consider significant Business & Occupation (B&O) tax incentives for future tenants, subject to Town Council approval.
The property has also attracted interest from a nationally recognized retailer. Based on discussions to date, the retailer has evaluated leasing approximately 45,000 square feet (or approximately 25,000 square feet if part of its operations utilize the parking area) under a potential 10-year double-net (NN) lease at approximately $250,000 per year, with renewal options, subject to successful renovation of the building and execution of a definitive lease agreement.
These factors, together with strong support from local government, make this property an exceptional value-add redevelopment opportunity.
- Building Size Approx. 80,000 SF (appraisal building area referenced at ~76,348 SF)
- Land Area Approx. 4.476 acres (per survey referenced in appraisal)
- Appraisal Appraised Market Value: $1,600,000 (effective date: Feb 4, 2019; appraisal dated Mar 30, 201Configuration Two adjoining buildings combined into one large retail facility (per appraisal)
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
