Address: 190 Lithia Road, Wytheville, Virginia, United States 24382
Cap Rate: 6.00%
Lease Type: NNN
Annual Rent: $100,815
Net Operating Income: $100,815
Lease Term Remaining: 20 Years
Rental Increases: 2.00% Annually
Options: Six (6), Five (5) Year Options
Rentable Sq/Ft: 6,064 SF
Rent Sq/Ft: $16.63
Price Sq/Ft: $277
Lot Size: +/- 1.26 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bob Evans located at 190 Lithia Road in Wytheville, Virginia. The property consists of approximately 6,064 square feet of building space and is situated on approximately 1.26 acres of land. The property is subject to a 20-year triple-net (NNN) lease that commenced on April 28, 2017. The current rent is $100,815and increases by 2% annually throughout the base term and six, five-year tenant renewal options. There are over 17 years remaining on the base term of this lease.
The subject investment Bob Evans property is well-positioned on Lithia Road, which is immediately off of Lee Highway. Lee Highway intersects with and serves as an access road to Interstate 81 and Interstate 77. Lee Highway and Interstate Highway 81 boast significant traffic counts of 15,000 & 54,000 on average per day. There are more than 11,000 individuals residing within a five-mile radius of the subject property and more than 21,000 individuals within a 10-mile radius. This is a heavily trafficked highway location as evidenced by the numerous hotel and motel developments. Hospitality accommodations include: Holiday Inn Express, Days Inn, Quality Inn, Travel Lodge, Econo Lodge, Motel 6, Red Roof Inn, Motel 6, in addition to many others. The subject Bob Evans investment property benefits from being located less than two miles from Wytheville Community College. The College has an enrollment greater than 3,000 students. Additionally, the Bob Evans is located less than three miles from Wythe County Community Hospital. W.C.C.H. is a 100-bed facility which has earned the Joint Commission’s Gold Seal of Approval. W.C.C.H. is the only hospital located in Wythe County and provides care to a primary service area of approximately 36,000 individuals including Wythe and Bland counties. W.C.C.H. employs over 350 full-time personnel and is staffed by over 80 physicians.
The subject Bob Evans is strategically positioned in a highly dense retail corridor that features numerous national and local retailers, hospitality accommodations and shopping centers, all within close proximity of the subject property. Major national tenants in the immediate area include: Tractor Supply Company, CVS Pharmacy, Rite Aid, Wendy’s, Hardee’s, Sonic Drive-In, Applebee’s, Waffle House, Dollar General, Advance Auto Parts, AutoZone Auto Parts, and many more.
Downtown Wytheville is an excellent place to do business. Located just minutes from Interstates 81 and 77, which means an average of 60,000 vehicles per day pass through the immediate area. There are nearly 2,000 hotel rooms in Wytheville, attracting tourists, travelers, and business traffic. With great proximity to incredible outdoor recreation and natural resources, the town is poised to become Virginia’s next “base camp” town for hiking, biking, fishing, birding, and other outdoor adventures. The town also offers a host of incentives and grant opportunities. These factors, combined with small-town charm and hospitality, make Wytheville one of the up-and-coming business communities of southwest Virginia. Wytheville is located just over an hour drive from Roanoke, Virginia. Roanoke is located midway between New York, NY and Atlanta, GA on Interstate 81, and 168 miles west of the state capital, Richmond, VA. The city is the center of one of Virginia’s largest metropolitan regions, and a hub of transportation, finance, and industry for the southwestern part of the state.
Broker of Record: Bryn Merrey License #’0225215804