6711 Williamson Rd, Roanoke, VA 24019

Property Description

Multi-tenant retail office/retail building with a historically high occupancy rate. The building is currently 68% leased to an insurance office, a dentist office, a hair salon, and a retail store. The seller currently occupies one of the tenant spaces (32%) as a law office. The existing leases are below market averages so there is an opportunity for an investor to create additional value through rental increases. NOI based on existing rents for leased spaces and market rent for owner-occupied space is estimated at $55,964, indicating a 10.5% CAP; however, NOI based on market rents at stabilization is $75,467, indicating a 14.1% CAP. The site is improved with a paved parking lot containing 23 parking spaces and a pylon sign.