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Forest Hills Shopping Center 2826-2842 Linkhorne dr 39,826 SF 87% Leased Retail Building Lynchburg, VA 24503 $6,150,000 ($154.42/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- Value add retail center
- Cell tower located on site with annual rental income of $157,000
- Strong demographics
EXECUTIVE SUMMARY
Value add retail center
• 13% vacancy allows for significant upside through lease up
• Rents at Forest Hills are 34% below market, allowing for strong
upside through lease up
• Strong demographics
• 5-mile population: 82,807
• 5-mile HHI: $81,590
• Cell tower located on site with annual rental income of $157,000
provides new ownership the opportunity to sell at an aggressive
cap rate and lower their basis in the center
• Comcast recently renewed and new generator to the site showing
commitment to the center
• Extending their term until Dec 2033
• Comcast’s central switching and server gear location for the region
• Recently installed new generator as backup for the servers
• Comcast has occupied the center since 1991
• New TPO roof on 53% of the center, 20,736sf
• 10-year warranty on the new roof
• Significant parking lot upgrades to be completed prior to a closing
• New signage to be installed prior to closing
• 13% vacancy allows for significant upside through lease up
• Rents at Forest Hills are 34% below market, allowing for strong
upside through lease up
• Strong demographics
• 5-mile population: 82,807
• 5-mile HHI: $81,590
• Cell tower located on site with annual rental income of $157,000
provides new ownership the opportunity to sell at an aggressive
cap rate and lower their basis in the center
• Comcast recently renewed and new generator to the site showing
commitment to the center
• Extending their term until Dec 2033
• Comcast’s central switching and server gear location for the region
• Recently installed new generator as backup for the servers
• Comcast has occupied the center since 1991
• New TPO roof on 53% of the center, 20,736sf
• 10-year warranty on the new roof
• Significant parking lot upgrades to be completed prior to a closing
• New signage to be installed prior to closing
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Building Size
39,826 SF
Building Class
C
Year Built
1976
Price
$6,150,000
Price Per SF
$154.42
Cap Rate
8%
NOI
$491,945
Percent Leased
87%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.07
Lot Size
13.29 AC
Zoning
C1 - Commercial
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 169-09-002 | Improvements Assessment | $1,548,600 |
| Land Assessment | $1,151,400 | Total Assessment | $2,700,000 |
PROPERTY TAXES
Parcel Number
169-09-002
Land Assessment
$1,151,400
Improvements Assessment
$1,548,600
Total Assessment
$2,700,000
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Forest Hills Shopping Center | 2826-2842 Linkhorne dr
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