Commercial Condominium

Special Purpose for Sale
Catylist Listing ID: 30842990
Property Subtypes: Health Care/Medical
Building Size (RSF): 15,340 SF
Gross Building Area: See Agent
Sale Price: $3,450,000
Property Use Type: Net Leased Investment (NNN), Investment
Usable Size (USF): 15,340 SF
Sale Terms: Cash to Seller
Cap Rate: 7.17%
Last Updated: 5/16/2023

Overview / Comments

This is a main level business condominium in the Branchlands Professional Center located on the corner of Incarnation Dr. and Hillsdale Dr. The total size of this condominium is approximately 15,340 sq. ft. Atlantic Sports & Rehabilitation occupy approximately 12,240 sq. ft. under a five(5) year, triple net lease, with the initial base rent at $17,050 per month. The base rent will increase January of each year by one and one half(1.50%) percent. The tenant has one(1), five(5) year option to renew the lease with a minimum of 180 written notice. The balance of this condominium, approximately 3,100 sq. ft., is occupied by the owners, which has been turned into residential space. The County will allow the owners of the condominium to occupy this section of the unit as a residence, or, any person who works for the business that occupies the main space of the condominium. Additionally, this smaller section of the condominium may be rented as an office/business space. Please call agent for additional details and questions.

Additional Details

Nearest MSA: Charlottesville
County: Albemarle
Zoning: PUD
Property Located Between: Incarnation Dr. & the Woodlands Day Care Center
Property Visibility: Excellent
Largest Nearby Street: Hillsdale Drive
Feet of Frontage: 300
Highway Access: Approximately one tenth(0.1) of a mile from US Route 29 (Seminole Trail).
Airports: Charlottesville/Albemarle Airport(CHO): 5+/- miles.
Site Description: This is a commercial site containing a two(2) story business condominium building and paved parking on three(3) sides.
Area Description: This particular area of Hillsdale Dr. is a mixture of commercial space(office, retail, restaurant, health care facilities) as well as residential apartments and housing ownership.
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Excellent
Year Built: 2000
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: This is a brick building with paved parking.
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Other
Internet Access: Cable, DSL
Interior Description: The majority of the condominium is set up as a physical rehabilitation facility. The smaller section of the condominium is currently used as a residential apartment for the owners.
Zoning Description: Planned Unit Development (PUD)
Part of Planned Development?: Yes
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress, Utilities
Land Ownership: This is a condominium ownership entity.
Legal Description: Branchlands Professional Center Condos, Unit #101.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,566 59,232 96,401
Median Age: 37.06 33.25 34.28
Households: 5,403 22,625 38,043


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