Preston Square Office Building - Attention Investors

Office for Sale
Catylist Listing ID: 30767028
Property Subtypes: Governmental, Net Leased, Office Building
Building Size (RSF): 32,202 SF
Gross Building Area: See Agent
Gross Land Area: 4.01 Acres
Sale Price: $7,034,075
Unit Price: $218.44 PSF
In Opportunity Zone? Yes
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 5.8%
Average Occupancy Rate: 100
Last Updated: 4/26/2022

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 multi-tenant net leased commercial building consisting of 32,202 sq ft on 4.01 acres in Bristol, Virginia.

Preston Square fronts busy Lee Highway and Blevins Blvd at signaled intersection. This facility is a 2-story facility constructed in 1996. 100% leased, the current tenants are a vibrant mix of government, healthcare, dental, legal, financial and other service businesses with Veterans Administration being the anchor tenant having a 10-year initial term gross lease commencing in 2018 with a rent escalation in 2024. Tenants in place are:
Veterans Administration
Catalyst Health
Ratliff Investments-dba: The Reliance Law Group
Bristol Therapy Services
Holston United Methodist Home
Edward Jones
Victoria Bettis-dba: Bettis Family Dentistry
Elite Staffing

NOTE: E-911 changed address on both property Summer 2021. Preston Square was 2426 Lee Highway and is now 3130 Lee Highway. The address has been changed on the building and Pylon sign but Virginia property records along with online mapping, etc. have not yet been updated.

Property is located at 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-3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,908 24,768 53,240
Median Age: 39.55 40.45 41.99
Households: 1,273 10,743 22,832


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