Northern Neck Portfolio 2 Retail Properties Offered at $3,166,118 CAD in Multiple Locations

Coldwell Banker Commercial Brooks Real Estate is pleased to exclusively offer a two-property, income-stabilized portfolio featuring prime retail and mixed-use assets in the heart of Virginia’s Northern Neck and Middle Peninsula. These centers are available for purchase together as a strategic portfolio or can be sold separately to accommodate individual investment needs.
This portfolio combines the regional draw of Downtown Tappahannock with the high-visibility retail of the Montross county seat, offering a unique blend of durable cash flow, diversified tenant risk, and significant mark-to-market upside. Both properties have recently undergone a combined $300,000 price reduction, making this a high-yield entry point for a regional portfolio.
Portfolio Highlights
Immediate Value-Add Potential: The Montross asset is currently operating at an average rent of just $8.88/SF—over 30% below market (~$13/SF)—providing a clear path to rapid NOI growth upon lease rollover.
Diversified & High-Profile Income: The rent roll is anchored by NN Burger (a repeat "Virginia’s Best Burger" winner) and supported by a stable mix of institutional and local tenants, including the Chesapeake Governor’s School and long-term industrial users.
Stabilized Cash Flow with No Deferred Maintenance: Both properties are well-maintained and investor-ready, generating immediate positive cash flow with built-in rent optimization opportunities.
Strategic Regional Footprint: Command a presence in two key hubs—Tappahannock (Essex County) and Montross (Westmoreland County)—benefiting from limited competing inventory and high-visibility locations.
Asset 1: Prime Retail Shopping Center – Montross, VA
100% Leased with Upside: A stabilized center with a clear "mark-to-market" strategy to increase NOI as under-market leases expire.
Dual-Building Layout: Includes a primary retail frontage and a separate 3,500 SF rear building leased to a long-term machine shop tenant, enhancing income durability.
Location Advantage: Frontage on Kings Highway, the primary artery of Westmoreland County, ensuring steady local demand.
Asset 2: 303 Queen Street (Mixed-Use) – Tappahannock, VA
14,000± SF Multi-Tenant Hub: A three-level mixed-use property featuring a drive-in basement (machine shop), main-level retail, and third-floor offices.
Destination Anchor: Anchored by the regionally famous NN Burger, ensuring high foot traffic and strong brand recognition for the site.
Institutional Stability: Home to Fitz Cabinetry, Chesapeake Governor’s School, and For His Glory Ministries, providing a balanced risk profile.
Downtown Exposure: Historic location featuring high-visibility murals and pedestrian-friendly frontage in a proven downtown market.
Investment Summary: This portfolio offers a rare opportunity to acquire two "Main Street" staples with diverse income streams, zero deferred maintenance, and a massive 30% rent-growth ceiling in a supply-constrained market. Whether acquired as a unified portfolio or as individual assets, these properties represent a cornerstone of regional commerce.