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Government

USPS

Mall Dr, Bon Air, VA 23235

Listing Price: $2,110,000

Cap Rate
6.25%
Tenant Name
United States Post Office
Years Remaining On Lease
4.6
Gross SF
8,923
Guarantor
United States Government
Rentable SF
8,923
Price/Gross SF
$236.47
Lease Type
Modified Gross
Rent Per Square Feet
$16.51

Investment Overview

Marcus & Millichap is pleased to offer for sale the fee simple interest in an 8,923-square-foot single-tenant postal office (the Property) in Richmond, VA, in which the United States Postal Service (USPS) has just under five years remaining on their modified gross lease. The lease features one 5-year renewal option with a 10% rent increase to offset inflation. The Property is located on an outpad to the Chesterfield Towne Center Shopping Mall that features 115 retailers with anchor tenants including Macy’s, JCPenney, T.J. Maxx/HomeGoods, and At Home.

This large 1.8-acre lot is located near the intersection of Mall Drive and U.S. Route 60 on a prime retail corridor in Richmond, with an additional shopping mall directly south and the Chesterfield Marketplace directly east of the Property. Additionally, the 748-bed Johnston-Willis Hospital is less than one mile east along U.S. Route 60. This offering presents the unique opportunity to acquire a government-backed lease in a highly visible, easily accessible location that boasts a variety of retail options catering to the area’s upscale residents and those traveling along U.S. Route 60.

Investment Highlights

  • Modified Gross Lease — 10% Rent Increases in One 5-Year Renewal Option
  • Impressive Demographics — Average Household Income of Over $120,000 Within a Three-Mile Radius
  • Outpad to Chesterfield Towne Center Shopping Mall Anchored by Macy's, T.J. Maxx/HomeGoods, At Home and JCPenney
  • Other Nearby Retail Includes Ross Dress for Less, PetSmart, The Home Depot, Sky Zone Trampoline Park, Costco, Lowe's Home Improvement, Target, Kohl's and More
  • Significant Daytime Population of over 65,000 People Within a Three-Mile Radius

Exclusively Listed By

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Government

USPS

Listing Price: $2,110,000

Cap Rate
6.25%
Tenant Name
United States Post Office
Years Remaining On Lease
4.6
Gross SF
8,923
Guarantor
United States Government
Rentable SF
8,923
Price/Gross SF
$236.47
Lease Type
Modified Gross
Rent Per Square Feet
$16.51

Investment Highlights

  • Modified Gross Lease — 10% Rent Increases in One 5-Year Renewal Option
  • Impressive Demographics — Average Household Income of Over $120,000 Within a Three-Mile Radius
  • Outpad to Chesterfield Towne Center Shopping Mall Anchored by Macy's, T.J. Maxx/HomeGoods, At Home and JCPenney
  • Other Nearby Retail Includes Ross Dress for Less, PetSmart, The Home Depot, Sky Zone Trampoline Park, Costco, Lowe's Home Improvement, Target, Kohl's and More
  • Significant Daytime Population of over 65,000 People Within a Three-Mile Radius

Investment Overview

Marcus & Millichap is pleased to offer for sale the fee simple interest in an 8,923-square-foot single-tenant postal office (the Property) in Richmond, VA, in which the United States Postal Service (USPS) has just under five years remaining on their modified gross lease. The lease features one 5-year renewal option with a 10% rent increase to offset inflation. The Property is located on an outpad to the Chesterfield Towne Center Shopping Mall that features 115 retailers with anchor tenants including Macy’s, JCPenney, T.J. Maxx/HomeGoods, and At Home. This large 1.8-acre lot is located near the intersection of Mall Drive and U.S. Route 60 on a prime retail corridor in Richmond, with an additional shopping mall directly south and the Chesterfield Marketplace directly east of the Property. Additionally, the 748-bed Johnston-Willis Hospital is less than one mile east along U.S. Route 60. This offering presents the unique opportunity to acquire a government-backed lease in a highly visible, easily accessible location that boasts a variety of retail options catering to the area’s upscale residents and those traveling along U.S. Route 60.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

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