Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2551/ Marcus & Millichap is pleased to present a ±6.6-acre land parcel directly adjacent to Walmart at 647 Commonwealth Dr, (the "Property") in Norton, Virginia. The Property offers investors a well-located development opportunity in a dense retail corridor and FIRST BID MEETS RESERVE. The Property consists of a ±6.6-acre Walmart outparcel with frontage on Hawthorne Dr NE with traffic counts of 4,700 vehicles per day and near US-23 (Orby Cantrell Highway) with an additional 20,632 vehicles per day. Co-tenants on nearby parcels include Hibbett Sports, GNC, Verizon, Bealls, T-Mobile, Pizza Hut, Great Clips, Auto Zone, Jersey Mikes, Applebee’s, and Sonic. Other nationally recognized tenants surrounding the Property including Lowe’s, Harbor Freight, Food City, Ollie’s, Goodwill, Belk, Marshalls, Ashley, Dollar Tree, Tractor Supply, Crutchfield, and many more, further driving consumers to the area. Zoned B-3, General Business District, this commercial development site offers favorable flexible zoning that allows for a variety of uses including bank, motel, drugstore, retail, office, and many more. The Property offers potential investors the ability to acquire land with significant value-add through development and long-term lease up. Norton, Virginia, is located in the heart of the Appalachian Mountains in Southwest Viriginia. With a population of just under 4,000 residents, Norton functions as a regional service and retail hub for Wise County and the surrounding Appalachian communities. The city’s strategic location at the intersection of U.S. Route 23 and U.S. Route 58 Alternate provides critical access to both local consumers and regional freight routes, positioning Norton as a gateway for commercial activity in the central Appalachian region. The Property offers a strategic location on the area's primary thoroughfare within a strong retail trade area. The Property serves an expanded 10-mile trade area with 24,371 individuals with an average household income of $55,860.