433 E Commonwealth Blvd
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433 E Commonwealth Blvd
17,578 SF 30% Leased Office Building Martinsville, VA 24112 £1,182,711 (£67/SF) 3.71% Net Initial Yield
Investment Highlights
- Office Space is in excellent condition
- Building is in close proximity to Martinsville High School and Martinsville Hospital
- Annual Daily Traffic of 4,800 Vehicles
Executive Summary
This 17,578 sf two tenant professional and medical office building on Commonwealth Boulevard in Martinsville, VA is available for sale. The building is comprised of a 12,228 sf two story bank office space and a 5,922 sf one story eye surgery center. The bank office lease ended May 31, 2023 and that space is being advertised for lease. The eye surgery center lease ends February 28, 2028 and the Tenant has one additional 5 year renewal option. This lease has 3% annual rent escalations each June 1.
This building is well located and is surrounded by other medical and professional offices including Hooker Home Furnishings Corporation corporate office, beautiful Hooker field (baseball complex), Stateline Heart & Vascular, Stateline Aesthetics, Adult Daycare Center, Sovah Health - Martinsville Hospital & Martinsville High School.
The eye surgery center underwent an extensive renovation when the tenant opened in 2018.
The former bank headquarders includes numerous large private offices as well as spacious training and meeting rooms. It has a central reception desk and comfortable waiting area/lobby. Behind the central reception desk, a wide spiral staircase provides access to a second floor.
This is an excellent opportunity for a passive investor or a user owner to use the occupy the 12,228 sf office space that will be available in 2023. Office space is in excellent condition.
This building is well located and is surrounded by other medical and professional offices including Hooker Home Furnishings Corporation corporate office, beautiful Hooker field (baseball complex), Stateline Heart & Vascular, Stateline Aesthetics, Adult Daycare Center, Sovah Health - Martinsville Hospital & Martinsville High School.
The eye surgery center underwent an extensive renovation when the tenant opened in 2018.
The former bank headquarders includes numerous large private offices as well as spacious training and meeting rooms. It has a central reception desk and comfortable waiting area/lobby. Behind the central reception desk, a wide spiral staircase provides access to a second floor.
This is an excellent opportunity for a passive investor or a user owner to use the occupy the 12,228 sf office space that will be available in 2023. Office space is in excellent condition.
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Medical
Building Size
17,578 SF
Building Class
B
Year Built
1981
Price
£1,182,711
Price Per SF
£67
Net Initial Yield
3.71%
NOI
£43,926
Percent Leased
30%
Tenancy
Multiple
Number of Floors
2
Typical Floor Size
8,789 SF
Building FAR
0.36
Land Acres
1.13 AC
Opportunity Zone
Yes
Zoning
ED-MA - Economic/Medical/Academic
Parking
40 Spaces (2.28 Spaces per 1,000 SF Leased)
Amenities
- Controlled Access
- Conferencing Facility
- Security System
- Reception
- Central Heating
- Fully Carpeted
- High Ceilings
- Natural Light
- Suspended Ceilings
- Monument Signage
- Air Conditioning
PROPERTY TAXES
| Parcel Number | 000980690 | Improvements Assessment | £876,658 |
| Land Assessment | £78,111 | Total Assessment | £954,769 |
PROPERTY TAXES
Parcel Number
000980690
Land Assessment
£78,111
Improvements Assessment
£876,658
Total Assessment
£954,769
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Will Vaughn -
J & R Management, Inc.
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433 E Commonwealth Blvd
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