Remer Radcliff
Listed by Marcus & Millichap - Orange County, Remer Radcliff
$8,244,756
Best Buy - Glen Allen
Details
Property Type Retail
Square Footage 45,391
Cap Rate 7.50%
NOI $618,356
Tenancy Single
Lease Type Absolute NNN
Lease Expiration 10/07/2029
Price per SqFt $182
Year Built 1999
Acreage 6.130
Investment Type Net Lease
Lease Commencement 10/07/1999
Retail | 7.50% CAP | 45,391 SqFt
Marketing description
This investment opportunity is uniquely positioned in the heart of Short Pump, one of the most affluent and high-growth retail submarkets in the Mid-Atlantic. At $13.62 PSF, the rent is significantly below market for this corridor, providing a "safety net" for an investor through a low basis and massive intrinsic real estate value.
Investment highlights
- TROPHY "MAIN & MAIN" LOCATION - Situated directly on West Broad Street (U.S. Route 250) with exposure to over 45,000 VPD. The property is a primary anchor to the West Broad retail corridor, sitting less than a mile from the Short Pump Town Center, a premier 1.3M SF open-air mall.
- OVER-SIZED PARCEL (6.13 ACRES) - In a market as dense as Short Pump, a contiguous 6-acre parcel is nearly impossible to assemble. The underlying land value provides a significant floor to the investment, offering long-term redevelopment potential for mixed-use, medical, and high density retail. And/or the addition for QSR.
- SIGNIFICANT RENT UPSIDE (MARK-TO-MARKET) - The current rent of $13.62 PSF is remarkably low for this submarket. Average NNN rents in Short Pump for premium retail space have trended toward $22—$30 PSF. This creates a compelling "alpha" opportunity for an investor to capture a 60%+ increase in yield.
- EXCEPTIONAL DEMOGRAPHICS - The surrounding 3-mile radius boasts an average household income exceeding $160,000, with a population that has grown by double digits over the last decade. This high-disposable-income consumer base is the primary reason Best Buy has successfully occupied this site since 1999.
- SUPERIOR ACCESSIBILITY - The site features multiple points of ingress/egress and is located immediately adjacent to the I-64 interchange, providing seamless access for the entire Greater Richmond MSA.
Listing Contacts
Remer Radcliff
Listed by Marcus & Millichap - Orange County, Remer Radcliff
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$618,356.00
$51,529.67/mo
Valuation Metrics
0
DSCR
7.5%
Cap Rate
7.5%
ROI
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