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Court Street Building 201 N Court Ave 6,470 SF Vacant Flex Building Covington, VA 24426 $543,372 CAD ($83.98 CAD/SF) 9.70% Cap Rate
Investment Highlights
- Fully renovated mixed-use property with two commercial units and one residential apartment
- High-visibility corner location directly across from public parking with flexible commercial use (C-2 zoning)
- Strong projected income of $52K–$57K annually with ~10% cap rate potential
Executive Summary
Fully renovated mixed-use investment property featuring two commercial units and one residential apartment, ideally positioned on a high-visibility corner in Covington, VA. The property offers flexible commercial space suitable for a variety of retail, office, or service-based uses, providing strong leasing potential and diversified income streams.
The building has undergone extensive improvements, including exterior upgrades, new roofing, and fully updated interiors, resulting in a turnkey asset with minimal deferred maintenance. Projected gross annual income ranges from approximately $52,000 to $57,000, offering an attractive return profile for investors.
Located directly across from a public downtown parking lot, the property benefits from convenient and accessible parking for tenants and customers, enhancing long-term usability and tenant appeal. This is an ideal opportunity for investors seeking a stable, cash-flowing asset with flexibility and long-term upside.
The building has undergone extensive improvements, including exterior upgrades, new roofing, and fully updated interiors, resulting in a turnkey asset with minimal deferred maintenance. Projected gross annual income ranges from approximately $52,000 to $57,000, offering an attractive return profile for investors.
Located directly across from a public downtown parking lot, the property benefits from convenient and accessible parking for tenants and customers, enhancing long-term usability and tenant appeal. This is an ideal opportunity for investors seeking a stable, cash-flowing asset with flexibility and long-term upside.
Property Facts
Utilities
- Lighting
- Gas
- Water
- Sewer
- Heating
1 1
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 10---2---109B | Improvements Assessment | $143,758 CAD |
| Land Assessment | $26,768 CAD | Total Assessment | $170,526 CAD |
Property Taxes
Parcel Number
10---2---109B
Land Assessment
$26,768 CAD
Improvements Assessment
$143,758 CAD
Total Assessment
$170,526 CAD
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Presented by
Phillips Rental Properties, LLC
Court Street Building | 201 N Court Ave
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