Catylist ID:
#30767028
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 Prometric 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! |
Attachments & Media
Additional Details
| Nearest MSA: | Kingsport-Bristol |
| County: | Washington |
| Tax ID/APN: | 225-A-3 |
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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