Woodstock Investment - Value Add

Rt #11 north just past Woodstock Hospital, turn left into the site between Naked Bear RV and the Massanutten Military Academy Sports Field.Woodstock corridor of growth, just south of Downtown. The property is adjacent to Historic Massanutten Military Academy and across the street from Shenandoah Memorial Hospital. The western border of the property is part of the much touted "Rails with Trails" or "Rails to Trails" project if and when it is finally approved. The 4.93 acres is improved by; two rental houses, a 6 unit multi-family building and a commercial building on the property. Fully leased at this time, but the commercial building is in transition, which should add another $6,000 in income to the existing $11,882 NOI. Fresh appraisal in February 2024 was $1,600,000. Current NOI is a 7% Cap, while proforma Cap should push NOI to nearly $118,000 or a Cap Rate of 7.4%! Great investment! 752 S Main St sits in front of this property and has 2 acres that had a SUP approved for 48 apartments over commercial. Combine the two properties for a 7 acre redevelopment opportunity. There is terrific income from the rear property to help finance the redevelopment of the front. You may want to take a closer look at possibly rezoning the rear property with a TND Overlay plan and phase in a Multi-family redevelopment on the combination of the two lots.