Woodstock Investment - Value Add

754-758 South Main St. Woodstock, VA 22664

754-758 South Main St., Woodstock, VA, 22664
754-758 South Main St., Woodstock, VA, 22664 754-758 South Main St., Woodstock, VA, 22664 754-758 South Main St., Woodstock, VA, 22664 754-758 South Main St., Woodstock, VA, 22664 754-758 South Main St., Woodstock, VA, 22664 754-758 South Main St., Woodstock, VA, 22664 754-758 South Main St., Woodstock, VA, 22664 754-758 South Main St., Woodstock, VA, 22664
FOR SALE
Property Type:
Commercial Land Development
Amount:
$1,600,000
Last Verified:
Nov 26, 2024

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Highlights

  • Strong income! $111,882 NOI with planned increase to nearly $118,000 NOI or 7.4%
  • All residential units have been well maintained and the commercial building is planned for renovation
  • Combine 4.93 acres with 2 acres for multi-family redevelopment.

Description

Woodstock corridor of growth, just south of Downtown. The property is adjacent to Historic Massanutten Military Academy and across the street from Shenandoah Memorial Hospital. The western border of the property is part of the much touted "Rails with Trails" or "Rails to Trails" project if and when it is finally approved. The 4.93 acres is improved by; two rental houses, a 6 unit multi-family building and a commercial building on the property. Fully leased at this time, but the commercial building is in transition, which should add another $6,000 in income to the existing $11,882 NOI. Fresh appraisal in February 2024 was $1,600,000. Current NOI is a 7% Cap, while proforma Cap should push NOI to nearly $118,000 or a Cap Rate of 7.4%! Great investment!

752 S Main St sits in front of this property and has 2 acres that had a SUP approved for 48 apartments over commercial. Combine the two properties for a 7 acre redevelopment opportunity. There is terrific income from the rear property to help finance the redevelopment of the front. You may want to take a closer look at possibly rezoning the rear property with a TND Overlay plan and phase in a Multi-family redevelopment on the combination of the two lots.

Rt #11 north just past Woodstock Hospital, turn left into the site between Naked Bear RV and the Massanutten Military Academy Sports Field.

Lot Size: 4.93 acres


Documents

SVN - Brochure (L)

Map of 754-758 South Main St., Woodstock, VA, 22664

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.