433 E Commonwealth Blvd - Medical FOR SALE


Martinsville, VA 24112
$1,499,000 USD
276-632-5325
433 E Commonwealth Blvd, Martinsville, VA for Sale
$1,499,000 USD
Medical - FOR SALE
1/16
null | 3.71% Cap Rate

433 E Commonwealth Blvd
Martinsville, VA 24112


HIGHLIGHTS

  • Office Space is in excellent condition
  • Annual Daily Traffic of 4,800 Vehicles
  • Building is in close proximity to Martinsville High School and Martinsville Hospital

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$1,499,000 USD

PRICE/SF

$85 USD /SF

CAP RATE

3.71%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

1981

SPRINKLERS

-

PARKING SPACES

40

LAND DETAILS

LAND ACRES

1.13 AC

LAND SF

49,223 SF

ZONING

ED-MA

APN/PARCEL ID

000980690

ASK ABOUT THIS PROPERTY

Will VaughnJ & R Management, Inc.More Info
276-632-5325

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Will VaughnJ & R Management, Inc.More Info
276-632-5325

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.