Five Commercial Land Sales from the Lynchburg, Virginia Market
As a commercial real estate broker and appraiser in Lynchburg, Virginia, I am constantly searching for, researching, and studying sales and leasing data from my market. Collecting comparables helps me provide informed advice, deliver credible appraisal reports, and get the best results for my brokerage clients. For a quick look into what I'm tracking in my market, below are five commercial land sales from the Lynchburg, Virginia area.
Sale #1 - Car Wash Site, 7616 Timberlake Road, City of Lynchburg, Virginia
A Lightning McClean Car Wash has been built on a 1.414-acre parcel in front of The Vistas apartment community on the Timberlake Road commercial corridor in the City of Lynchburg. The grand opening for this new location, which is the brand’s second in the Lynchburg area, took place in August 2020. The site sold for $425,000 in March 2019, which equates to $300,566 per acre or $6.90 per square foot of land. This January 2019 article from the News & Advance about the approval of a conditional use permit for the car wash also reported an anticipated $2.5 million total investment for the project.
Sale #2 - Car Wash Site, 17559 Forest Road, Forest, Bedford County, Virginia
In September 2019, a 1.42-acre parcel at 17559 Forest Road in Bedford County, Virginia sold for $550,000. The sale price for this C-2, General Commercial District, zoned site equates to $387,324 per acre or $8.89 per square foot. The existing older home on site The parcel was subsequently removed in a controlled burn for firefighter training. The site will be improved with the third Lightning McClean Car Wash in this area.
Sale #3 - Starbucks Site, 20186 Timberlake Road, Campbell County, Virginia
In April 2019, this 0.488-acre site at 20186 Timberlake Road in Campbell County, VA sold for $754,600. After the existing office structure was demolished, the site was subsequently improved with a Starbucks. The purchase price equates to $1,546,311 per acre or $35.50 per square foot.
Sale #4 - Office/Retail Site, 15243 Forest Road, Bedford County, Virginia
In December 2018, this 1.59-acre parcel at the corner of US 221 and Burnbridge Road in Forest, VA sold for $530,000, which equates to $333,333 per acre or $7.65 per square foot. A 9,310-square foot multi-tenant office/retail building has been built on the site.
Sale #5 - National Tire & Battery Site, 2404 Wards Road, City of Lynchburg, VA
The Shanghai Express property at 2404 Wards Road sold for $670,000 on May 6, 2020. According to the approved site plan, the restaurant building will be torn down to make way for a new 6,225-square foot, 8-bay NTB auto-service facility. Given a site size of 0.953 acres, the $670,000 sale price equates to $703,043 per acre or $16.14 per square foot.
(Note: Everything that is shared here has been gathered from public records and other publicly available sources. No confidential information is shared here. The content above is for informational purposes only, so do not rely on it for any purpose. You get the idea. Think of the information above simply as a jumping off point for more research, study, and conversation about the always interesting commercial real estate market.)
Billy Hansen, MAI is a commercial real estate broker and appraiser serving the Lynchburg, Virginia market with Hansen Realty Advisors, LLC. Email me at billy@hansenrealtyadvisors.com to continue the conversation about commercial real estate.