Woodstock Investment - Value Add
754-758 South Main St.
Woodstock, VA 22664
Highlights
- Five acres, which could be combined with the additional two-acre mixed use for seven acres of development
- Rezone to Town Neighborhood District Overlay (TND) to maximize use of space
- $106,000 in income available, while you plan the redevelopment
Description
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, and 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. The 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!
Rt #11 north just past Woodstock Hospital, turn left into the site between Naked Bear RV and the Massanutten Military Academy Sports Field.
