Chesterfield, VA 23831

  • MLS# 2018848
  • 06/24/2020
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Presented By: David Gaulden with Keller Williams Midlothian.
  • SQFT • 6,120
  • Year Built • 1984

Home Details

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.
Presented By: David Gaulden with Keller Williams Midlothian.

Interior Features for

Bathrooms

Full Baths0
Total Baths0

Other Interior Features

Heating Y/NYes

General for

Construction MaterialsBrick
HeatingZoned
MLS Area54 - Chesterfield
Possible UseMedical/Dental
Property TypeCommercial Sale
PropertyConditionGood Condition
RoofFlat, Shingle
SewerSeptic Tank
Stories1
TopographyLevel

Exterior for

Lot FeaturesLevel
RoadResponsibilityPublic Maintained Road
Water SourcePublic

Additional Details

Price History

Rick Perkins

The Rick Perkins Team Associate Broker REALTOR ®
Price $785,000
MLS#2018848
List Date 06/24/2020
Property Type Commercial
Phone 804.601.0411
Pre-Qualify
Request Video Tour
Request Info

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