238 E King St 1,812 SF Retail Building Strasburg, VA 22657 $477,309 CAD ($263.42 CAD/SF) 8.06% Cap Rate

PROVEN INCOME PROPERTY | MAIN STREET STRASBURG | 8.1% CAP RATE
Fully stabilized income property in Strasburg's Main Street commercial district. Early 20th-century brick building (circa 1922) with proven rental history, strong returns, and multiple value-creation strategies.
**FINANCIAL PERFORMANCE:**
Recently operated as two residential units generating $34,800/year ($2,900/month combined). Annual operating expenses of $6,600 yield Net Operating Income of $28,200 and 8.1% cap rate at $350,000 asking price. Exceptionally low operating costs: property taxes ($1,600), insurance ($1,600), utilities ($2,800), pest control ($400). Separate utility meters per unit provide operational control.
**IMMEDIATE VALUE-ADD:** Restructure leases to tenant-paid utilities (standard practice) and increase NOI to $34,800/year with zero capital investment, improving cap rate to 9.9%—a 22% NOI improvement through simple lease modifications.
**CURRENT STATUS:**
Both units vacant since January 2026 in preparation for sale. Immediate possession, no inherited tenants, no lease complications. Upper unit fully furnished and rental-ready. Lower unit empty for buyer's intended use. Complete flexibility from day one.
**MULTIPLE DEPLOYMENT STRATEGIES:**
RESIDENTIAL INCOME (Turnkey): Continue both units as rentals at proven $1,450/month each. Immediate cash flow. Restructure for tenant-paid utilities to achieve 9.9% cap rate. Minimal management, established demand.
MIXED-USE CONVERSION (Value-Add): Convert ground floor to commercial (retail, office, professional services) while retaining upper residential unit. Professional infrastructure in place: PSI gas line for commercial equipment, hood-capable ventilation, flexible layout. Commercial rent potential $1,000-1,500/month plus residential $800-1,000/month creates $21,600-30,000/year gross income, significantly improving returns.
OWNER-OCCUPANT (Live/Work): Operate business on ground floor, live upstairs or rent for income offset. Eliminate commercial rent expense while building equity. Ideal for professional practices, creative studios, boutique retail.
**INFRASTRUCTURE:**
Ground floor: Professional natural gas service with PSI line for commercial stove, commercial-capable hood/ventilation, tankless water heater (entire building), office kitchenette, flexible open layout, enclosed rear yard with GFI outlets.
Upper apartment: One bed/one bath, hardwood floors, walk-in closet, custom soapstone countertops, fully furnished. Separate utilities both units.
Energy-efficient systems keep utility costs low: average $100-140/month per unit. Tankless water heater, natural gas heating, well-maintained systems.
**LOCATION:**
Prime Main Street frontage in Strasburg's historic commercial corridor (town est. 1761). High visibility, strong foot traffic. Walkable downtown with shops, restaurants, festivals, farmers markets, Strasburg Box Office. I-66 and I-81 access provides regional connectivity to Winchester, Front Royal, Northern Virginia employment centers. Shenandoah Valley appreciation trends, growing tourism economy, increasing investor interest.
Historic Community District with preserved early 20th-century architecture and active community engagement.
**SHOWING REQUIREMENTS:**
For Sale By Owner—no buyer agent commission offered. Pre-qualification required: proof of funds or pre-approval letter for investment/commercial financing before scheduling. Serious inquiries only. Contact owner directly.
Property sold in current condition. Buyers responsible for independent verification of income projections, zoning, permitted uses, square footage, systems, financing suitability. Standard inspections permitted at buyer expense during due diligence.
Upper unit delivered furnished or unfurnished per buyer preference. Both units vacant at closing, immediate possession. Clear title.
BROKER COMPENSATION:
No buyer agent or broker commission is offered by the seller. This is a For Sale By Owner transaction with direct owner negotiation. Buyers are welcome to retain their own representation, but must compensate their agent independently. Many commercial investors and business owners prefer direct negotiation to reduce transaction costs and streamline the purchase process.
**FINANCING:**
Finance as residential investment property or commercial/mixed-use depending on intended use. Buyers planning commercial conversion should consult lenders experienced in mixed-use properties. Typical down payment 20-25%. Cash buyers welcome—quick closing available given vacant status.
**IDEAL BUYERS:**
Income investors seeking strong cash flow and proven small multifamily returns. Value-add investors interested in commercial conversion and NOI enhancement. Business owners wanting to own vs. rent commercial space with residential income offset. Professional practices (legal, medical, financial, architectural, creative) seeking Main Street presence. 1031 exchange buyers seeking quality replacement property. Residential landlords wanting turnkey assets with low operating costs and proven demand.
**SUMMARY:**
Cash-flowing Main Street property with strong fundamentals and proven $34,800/year income history. Multiple value paths: continue residential at 8.1% cap rate, restructure leases for 9.9% returns, convert to mixed-use for enhanced income, or owner-occupant configuration. Immediate returns plus long-term appreciation in historic Shenandoah Valley community.
Well-maintained building, low operating costs, no deferred maintenance, active historic downtown, strong community support, regional growth trends. Immediate possession. Ready to perform.