Woodstock corridor of growth, just south of Downtown, next to Massanutten Military Academy. The property in front of this 5 acre parcel was previously approved SUP for a mixed use project, containing 48 apartments over commercial, paving the way for additional development at this site. SUP has expired July 2023, needs renewed! Add to this central location the much touted "Rails to Trails" project that runs along the western border of this property if and when it is finally approved. The 5 acres is improved by two houses, one apartment building and metal commercial building leased to a body shop and towing company. The property is fully leased contributing a current income of over $106,000. Terrific income, while you rezone this property with a TND Overlay plan and phase in your Multi-Family redevelopment project at this site. Asking price is $1,550,000 at a 6.8% Cap Rate. Below market rents and the Multi-Family development potential at this site makes this a project you will want to take a closer look at. Imagine the possibilities!
Property Type :
Land
County :
SHENANDOAH
Style :
Land
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ByOwner last updated this listing 04/27/2024 @ 18:30
MLS: VASH2003966
LISTED BY: James A Guisewhite , Commercial Specialists
SOURCE: BRIGHT MLS
Buyer Agency Compensation: 2%
Buyer Agency Description: Listing agent receives lower commission if the only Broker involved
Listing Broker and buyer Broker have agreed to 4% fee to be split 50/50
