Broadway Bays
$630,000
171 Central Street, Broadway, VA 22815
7.7
Cap Rate
48,574.44
NOI
Details:
Description:
Originally built in 2021 as a 6 Bay Garage w/12' x 12' overhead doors, "Broadway Bays" is a 4,800 sq ft bldg, strategically located one block from Downtown & 13 miles north of Harrisonburg. Restaurant Build-out & HVAC upgrade completed in 2022 along w/flooring & mechanics to support current tenant (has EXCELLENT rental history), w/ a 5year lease that ends Jun 30, 2027. 2% rent bumps every 12 mos. w/ lease intakes as scheduled: 2024=$51,922.08 2025=$52,960.50 2026=$54,019.68 2027=$27,277.26 (Jan - Jun). Property is centrally located w/easy access to residential & commercial districts. Tenant's business is pivotal in Broadway's community & well known throughout the Central Shenandoah Valley. Broadway’s population of 4255 has a median age of 37 & median household income of $62,123 (2022), up from $57,878 (2020). Known for its bucolic scenery, the area industries focus on manufacturing, retail, & an attractive destination for those seeking to enjoy the countryside. Broadway had a population of 4,255 in 2022 & is growing at a rate of 0.98% annually & its population has increased by 4.03% since the most recent Census. 2024 OWNER EXPENSES *Rockingham Taxes 2269.84 *Broadway Taxes 333.80 *Insurance 660.00 *HVAC 84.00
Documents:
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2025_OM.pdf
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Location
Gallery
