Address
Not Disclosed Chesterfield, VA
Price
$ 785,000
Property Attributes
  • MLS#2018848
  • TypeCommercial
  • CountyCHESTERFIELD
  • CityChesterfield
  • Area54 - Chesterfield
  • Zip23831
  • Style
  • Price$ 785,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage6120
Listing Provided Courtesy Of:
David Gaulden with Keller Williams Midlothian.
Property Description

Value-Add/Opportunistic investment strategy located off highly sought-after Route 10 (Iron Bridge Rd) in Chester, VA. The Gray Professional Building, with road frontage, boasts a strategic opportunity to increase current rent structures while also affording a development option on the back portion of the property. This additional development option can drastically change cash flow and put your investment into core investment territory following a three to five-year holding period. There is currently one tenant vacancy in Unit D, with an additional scheduled to exit August 1st, 2020 from Unit A. Unit A was combined with previous Unit B to form one large 2000 sq. ft. space, however, can easily be reversed to its original form to secure an additional unit for six total. Utilize one of the spaces as an owner-occupied investment strategy, or simply restructure leases and fill units to enjoy a 7%+ cap rate. Finalize renovations, increase rents, split Unit A, develop back portion of the lot and increase cap rate to an estimated 9.5%+! Turn this opportunity into a core investment, then re-sale to secure massive property appreciation in a very sought-after region of central RVA.

Price History
6/24/2020 Listed $850,000
7/29/2020 8% - $785,000

General Features

Construction Materials Brick
Heating Zoned
MLS Area 54 - Chesterfield
Possible Use Medical/Dental
Property Type Commercial Sale
PropertyCondition Good Condition
Roof Flat, Shingle
Sewer Septic Tank
Stories 1
Topography Level

Interior Features

Heating Y/N Yes

Exterior Features

Lot Features Level
Roadresponsibility Public Maintained Road
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 23831

Price
AVG $640K
$790K
Visits
AVG 35
50
Year Built
AVG 1990
1984

Looking for a more comfortable experience?

Download our mobile app for a personalized browsing experience.

Areas We Cover