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Lakewatch Retail Center - Moneta, VA 50-60 Firstwatch Dr 21,360 SF 97% Leased Retail Building Moneta, VA 24121 $2,700,000 ($126.40/SF) 6.51% Cap Rate
Investment Highlights
- 40% Below-Market Rents: Significant upside through lease-up, renewals, and re-tenanting.
- Strong Tenant Mix: Includes national brand Domino’s, providing stability and consistent customer draw.
- Growing Retail Corridor: Increasing demand from both yearround residents and peak-season visitors, limited competing supply.
- Affluent Trade Area: AHHI $124,000+, driven by permanent residents, lake-home owners, and retirees.
- Major Vacation Destination: Located at Smith Mountain Lake, one of Virginia’s top recreation markets with strong seasonal traffic.
- Diverse Customer Base: Captures local, second-home, and tourist spending.
Executive Summary
We are pleased to exclusively offer for sale the Lakewatch Retail Center at 50–60 Firstwatch Drive, a 21,360 SF property situated in the affluent trade area of Moneta, VA. The center benefits from strong demographics, including average household incomes above $124,000 and a steady customer base of full-time residents, lake-home owners, and retirees. Anchored by a reliable tenant mix of national and local brands, including Domino’s, the property maintains consistent traffic and stability. Additionally, the asset presents a compelling value-add opportunity, with current rents significantly below market and substantial upside available through lease-up, renewals, and strategic re-tenanting.
In Cooperation With Sands Investment Group, Inc - Lic. ##0226037527 BoR: Tom Gorman - Lic. VA #0225269275
In Cooperation With Sands Investment Group, Inc - Lic. ##0226037527 BoR: Tom Gorman - Lic. VA #0225269275
Property Facts
Sale Type
Investment
Property Type
Building Size
21,360 SF
Building Class
B
Year Built
2008
Price
$2,700,000
Price Per SF
$126.40
Cap Rate
6.51%
NOI
$175,731
Percent Leased
97%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
6 Exterior
Building FAR
0.13
Lot Size
3.75 AC
Zoning
PCD - Planned Commercial Development, allowing flexible mixed-use and many B-2 commercial uses.
Parking
101 Spaces (4.73 Spaces per 1,000 SF Leased)
Frontage
500’ on Firstwatch Dr
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Body4U
- Services
- 1,298 SF
- $9.00
- Sep 2026
- City Electric Supply
- Retailer
- 5,629 SF
- $26.35
- Mar 2026
- Cooper Kettle Restaurent
- Accommodation and Food Services
- 5,629 SF
- $8.74
- Dec 2029
- Domino's Pizza
- Accommodation and Food Services
- 2,958 SF
- $8.24
- Sep 2027
- Farmhouse
- Accommodation and Food Services
- 3,780 SF
- $7.00
- May 2027
- Westlake
- Retailer
- 1,500 SF
- $11.00
- Apr 2030
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Body4U | Services | 1,298 SF | $9.00 | Sep 2026 | ||
| City Electric Supply | Retailer | 5,629 SF | $26.35 | Mar 2026 | ||
| Cooper Kettle Restaurent | Accommodation and Food Services | 5,629 SF | $8.74 | Dec 2029 | ||
| Domino's Pizza | Accommodation and Food Services | 2,958 SF | $8.24 | Sep 2027 | ||
| Farmhouse | Accommodation and Food Services | 3,780 SF | $7.00 | May 2027 | ||
| Westlake | Retailer | 1,500 SF | $11.00 | Apr 2030 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 0151202700 | Improvements Assessment | $2,179,200 |
| Land Assessment | $490,700 | Total Assessment | $2,669,900 |
Property Taxes
Parcel Number
0151202700
Land Assessment
$490,700
Improvements Assessment
$2,179,200
Total Assessment
$2,669,900
Contacts
-
Jack Levine -
Grant Mogerman -
Alexandra Anttila -
Thomas Gorman -
Sands Investment Group
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Lakewatch Retail Center - Moneta, VA | 50-60 Firstwatch Dr
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