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23 McGinnis Dr - Pioneer Plaza
18,200 SF Retail Building Offered at $1,015,000 at a 9.17% Cap Rate in Wayne, WV
- Strong-performing SuperWalmart and good strip tenant mix consistently bring traffic to the property
- Additional developable land provides excellent upside opportunity
- Cap rate of 9.17%, along with proposed financing, will generate strong (just under 14%) cash returns
|Price||$1,015,000||Gross Leasable Area||18,200 SF|
|Sale Type||Investment||No. Stories||1|
|Cap Rate||9.17%||Year Built||1999|
|Property Type||Retail||Parking Ratio||5.66/1,000 SF|
|Building Class||B||APN / Parcel ID||
|Lot Size||5.60 AC|
ABOUT 23 McGinnis Dr , Wayne, WV 25570
The center consists of two buildings totaling 18,200 sf. This center and the strong-performing Super WalMart have been the retail focal point of the Wayne community since they were constructed in 1999. The strip has enjoyed a good occupancy history, which has evolved since it was originally built, but has performed very well for the current/original owners. The additional land is ideal for the construction of a QSR, auto supply, or other retail use. It may also be well suited for an unrgent care or other medical office use. Cato is the sole remaining original tenant, but Brown Veterinary Clinic and Rocky Tops Pizza (one of four in the region) are long-time tenants. Sprint will benefit from the recent merger with T-Mobile. China King is four-star Yelp-rated restaurant that fills out the tenant roster.
Marketing BrochureDownload Brochure
Financial Summary (Pro forma - 2019)
|Annual||Annual Per SF|
|Gross Rental Income||$123,553||6.79|
|Effective Gross Income||$141,679||7.78|
|Net Operating Income||$93,063||5.11|
Talent Base and Commute Times
Major Tenant Information
|Tenant||SF Occupied||Lease End Date|
|Brown Veterinary Clinic||6,300||September 2020|
|China King||3,500||October 2026|
|Rocky Tops Pizza||2,100||January 2021|
|Collection Street||Cross Street||Traffic Vol||Year||Distance|
|Shoals Branch Rd||5th St Rd, SW||719||2018||0.06 mi|
|State Rte 152||Craig Rd, NW||9,306||2015||0.62 mi|
|Craig Rd||State Rte 152, NE||853||2018||0.68 mi|
|Wilson Creek Rd||State Rte 152, W||2,299||2018||0.83 mi|
|Co Hwy 17||Wilson Creek Rd, SW||1,153||2018||0.93 mi|
|Tri-State-Milton J. Ferguson Field Airport||32 min||17.7 mi|
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