Opportunity Zone - 2 Acre Commercial Property at The Falls

Retail-Commercial for Sale
Also listed as Industrial, Vacant Land
Catylist Listing ID: 30508905
Property Subtypes: Free-Standing Building, Mixed Use, Retail-Pad, Street Retail, Vehicle Related, Other
Building Size (RSF): 36,500 SF
Gross Building Area: See Agent
Gross Land Area: 2.06 Acres
Sale Price: $2,225,000
Unit Price: $60.96 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Building Name: Atlas Motors
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/12/2021

Overview / Comments

Excellent commercial property fronting Lee Highway at the entrance to The Falls in Bristol, VA. The property consists of three primary buildings and two storage buildings situated on approximately 2.06 acres. The property is also situated with immediate access to I-81, Exit 5 making this an ideal redevelopment site. Property sits in an Opportunity Zone allowing for great tax benefits also, see link for Opportunity Zone FAQ.

Located between Sheetz c-store and Crabtree Buick-GMC dealership, this section of Lee Highway is undergoing improvements beginning Summer 2021, see link for more information. A very busy commercial area making this area ideal for business seeking retail, restaurant and hospitality location at a high visibility regional destination.

#1 building is 100' x 100' and is interior partitioned down the middle to make two 50' x 100' spaces with each having a 10' 6" clear height. Each side has a 12' x 12' overhead door and there are 3 bathrooms for building #1.

#2 building is the enclosed space between building #1 and #3 this space is 28' x 100' and there are two 23' x 23' overhead doors, one 16' x 10' overhead door and one 10' x 10' overhead door with 24' clear height.

#3 building is two floors and is 80' x 150'. The first floor is showroom and office space and has 10' clear height and there are 2 bathrooms. The second floor is open space used primarily for storage and is 10' clear height and has a 12' x 12' overhead door to the outside ramp up to the second floor.

There are two other cement block buildings on the property that have been used for storage and one is 50' x 80' and the other is 30' x 50' and they are located at the rear of the property.

A total of 36,500 sq ft in all three buildings. Buildings are in excellent condition supplied by 300 amp electric service. Property access via two curb cuts on Lee Highway. Large paved parking area with 50 spaces at front and additional parking at the rear which can be expanded if necessary. Formerly known as Atlas Motorcycles, property is suited to continued use as motorcycle shop, repair shop, light industrial or specialty retail. See attached site plan and floor plans for more details.

Zoning is commercial-industrial and this property consisting of 4 lots has been retail. Substantial incentives available through State, County, and City which can be defined for serious inquires. Further information available through Washington County Virginia Economic Development and also Bristol, Virginia Economic Development and the Bristol, VA Enterprise Zone Program.

The Falls development is anchored by two major retailers, Lowe's and Hobby Lobby with Aldi's and Planet Fitness recently opening. Current plans also call for a Texas Roadhouse and other businesses to be built in immediate area soon. HARD ROCK CASINO OPENING SOON AND AMAZON ANNOUNCES PLANS FOR DISTRIBUTION CENTER IN BRISTOL, VIRGINIA!! Contact agent to discuss options at this excellent commercial location.

Additional Details

Nearest MSA: Kingsport-Bristol
County: Washington
Tax ID/APN: 225-A-13; 224-A-27; 224-A-26; 224-A-28A

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,625 24,768 53,240
Median Age: 42.54 40.45 41.99
Households: 2,062 10,743 22,832


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