Social Security Office Building - Attention Investors!

Office for Sale
Catylist Listing ID: 30767034
Property Subtypes: Governmental, Net Leased, Office Building
Building Size (RSF): 13,600 SF
Gross Building Area: See Agent
Gross Land Area: 2.54 Acres
Sale Price: $3,866,176
Unit Price: $284.28 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 5.8%
Last Updated: 8/4/2022

Overview / Comments

Price Reduced! Broker Glenn Perkins and TCI Group-Jerry Petzoldt Agency are pleased to present to all qualified investors the opportunity to acquire a 100% fee simple interest in a single tenant U S Government gross leased commercial building consisting of 13,600 sq ft on 2.54 acres in Bristol, Virginia.

The Social Security Building is a single story facility fronting Lee Highway built in 2008. Current tenant, GSA/Social Security Administration is a very solid tenant with an original 10-year initial term gross lease commencing in 2018 having a 5-year non-cancelable renewal with a rent escalation in 2023.

NOTE: E-911 changed address on property Summer 2021. Social Security Building was 2484 Lee Highway and is now 3280 Lee Highway. The address has been changed on the building and sign but Virginia property records along with online mapping, etc. have not yet been updated.

Property is located at near signaled intersection of Lee Highway and Blevins Blvd which is the main entrance to The Falls, a rapidly expanding Retail and Restaurant Corridor with Lowe's, Hobby Lobby, Aldi, Texas Roadhouse and along with many others. The property also lies with immediate access to I-81 at Exit 5. This section of I-81 Exit and Lee Highway is undergoing extensive improvements beginning August 2021. This property offers excellent financials, see attached Offering Memorandum and demographics reports for more details. Contact agent to discuss this unique investment opportunity!

Additional Details

Nearest MSA: Kingsport-Bristol
County: Washington
Tax ID/APN: 225-A-7
Zoning: B-3
Property Visibility: Excellent
Construction/Siding: Brick
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,908 24,768 51,154
Median Age: 39.55 40.45 41.8
Households: 1,273 10,743 21,952


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