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2542 S Crater Rd 3,123 SF Retail Building Petersburg, VA 23805 $690,000 ($220.94/SF) 5.43% Cap Rate
Investment Highlights
- Heavy Traffic street front, 54 parking lots.
- Located just 0.5 miles from a Wawa
- Two new 5-ton, 3-phase heat pump HVAC systems
- Adjacent to a temporarily operating casino currently under construction
Executive Summary
The property offers dependable investment stability with a current tenant operating a Mexican mini market and restaurant under a lease that runs through June 2029, ensuring consistent income for the next several years. Recent capital improvements, including fully updated plumbing to the city line, new LED lighting throughout, and two new 5-ton 3-phase heat pump HVAC systems, significantly reduce near-term maintenance needs. The location benefits from strong surrounding activity, positioned just half a mile from a Wawa and adjacent to a temporarily operating casino that is still under construction, which is expected to increase future traffic and visibility. Serious buyer inquiries only.
Property Facts
Sale Type
Investment
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Building Size
3,123 SF
Building Class
C
Year Built
1972
Price
$690,000
Price Per SF
$220.94
Cap Rate
5.43%
NOI
$37,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.13
Lot Size
0.54 AC
Zoning
B-2 - Community Business
Parking
54 Spaces (17.29 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Pylon Sign
- Signage
Nearby Major Retailers
Property Taxes
| Parcel Number | 066-06-0019 | Improvements Assessment | $113,800 |
| Land Assessment | $176,700 | Total Assessment | $290,500 |
Property Taxes
Parcel Number
066-06-0019
Land Assessment
$176,700
Improvements Assessment
$113,800
Total Assessment
$290,500
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2542 S Crater Rd
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