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FULLY LEASED MIXED USE INVESTMENT PROPERTY 90 N Main St 17,874 SF 10% Leased Office Building Harrisonburg, VA 22802 $3,200,000 ($179.03/SF) 6.30% Cap Rate
INVESTMENT HIGHLIGHTS
- 6.3% CAP Rate
- Weighted Average Lease Term: 6.2 years
- Harrisonburg Central Business District
- All leases with annual 3% increases
- Federal Qualified Opportunity Zone
- Future development opportunity via an additional pad site
EXECUTIVE SUMMARY
Fully leased, mixed use investment property in Downtown Harrisonburg. Professional office, Boutique retail and Health/Wellness currently serve as a great tenant mix. The addition of a high quality common area lobby helps provide a 1st class feel. The new, long term, NNN leases, provide investment security. In addition take advantage of the Federal Qualified Opportunity Zone and Harrisonburg’s Economic Revitalization Tax Credit by developing the vacant, attached lot. Vacant Lot: .08 acres on a separate tax parcel. Able to utilize the entire 3,634 square foot baseplate to develop an apartment building and/or mixed use building. By right zoning potential for a 7-story, 28-unit apartment building subject to site plan approval. Water meter in place, just needs a size upgrade. Electric, Gas and Sewer on the premises. B1 Zoning: By right uses include apartments, retail, office, and restaurants. No minimum setbacks, lot size or parking requirements. Can build up to 75’ in height (taller via a special use permit). Able to utilize the entire 3,634 square foot baseplate to develop an apartment building and/or mixed use building.
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
17,874 SF
Building Class
B
Year Built
1975
Price
$3,200,000
Price Per SF
$179.03
Cap Rate
6.30%
NOI
$201,600
Percent Leased
10%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
8,103 SF
Building FAR
1.58
Lot Size
0.26 AC
Opportunity Zone
Yes
Zoning
B-1
Parking
15 Spaces (0.93 Spaces per 1,000 SF Leased)
AMENITIES
- Air Conditioning
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 034-T-12 | Improvements Assessment | $1,212,500 |
| Land Assessment | $128,000 | Total Assessment | $1,340,500 |
PROPERTY TAXES
Parcel Number
034-T-12
Land Assessment
$128,000
Improvements Assessment
$1,212,500
Total Assessment
$1,340,500
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FULLY LEASED MIXED USE INVESTMENT PROPERTY | 90 N Main St
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