2509 Richardson DrReidsville, NC 27320

Property Details for 2509 Richardson Dr

Year built

1972

Lot size

2.00 AC

Property size (Sq ft)

2,460 SF

Zone code

LGT INDUST REIDSVILLE

Property type

Healthcare properties

Property subtype

Medical offices

APN

7994-19-51-2092-UA

APU

799419512092UA

Description

This exceptional investment opportunity presents a 1-story, 8,000 square foot medical office and retail building located at 2509 Richardson Dr, Reidsville, NC 27320. The property boasts a 100% occupancy rate with four units, generating a strong net operating income (NOI) of $78,544 and a compelling 7.75% capitalization rate. Built in 1972, this strategically located property sits on a high-visibility corner with a combined daily vehicle count of 67,000, ensuring excellent exposure for its tenants. The tenant mix includes established healthcare providers such as Cone Health Asthma and Allergy and Central Carolina Kidney Associates, offering stability and long-term growth potential. These tenants are primarily on NNN leases, minimizing landlord responsibilities. The property benefits from a significant value-add opportunity due to current rental rates being below market value. Reidsville's thriving economy, bolstered by a recent $27 million investment from Drylock, further enhances the property's investment appeal. The HOA manages most day-to-day maintenance, providing additional operational efficiency. This is a rare chance to acquire a well-positioned, high-performing asset in a growing market. The asking price is $1,013,471, translating to $127 per square foot. This property offers a strong return on investment with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $269,891

  6.5%

  $249,130

  7%

  $231,335

• Comparable approach

  Method

  Valuation

  Relative Method

  $312,255

  Geo Method

  $564,668

• Alternative Use

  Use

  Valuation

  Residential

  $308,921

  Hospitality

  $282,970

  Educational

  $235,428

  Medical

  $243,525

  Retail

  $366,221

Location Insight

City

Reidsville

County

Rockingham

State

North Carolina

Latitude

36.3334

Longitude

-79.6949

CBSA code

24660

CBSA name

GREENSBORO-HIGH POINT, NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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