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Havertys: Newport News, VA 11871 Jefferson Ave 49,716 SF Retail Building Newport News, VA 23606 $4,563,239 ($91.79/SF) 7.75% Cap Rate
Investment Highlights
- Absolute NNN Lease | No Landlord Responsibilities
- Near Term Bump | 6% Increase in ±2 years, bringing the unlevered return up ±40 basis points
- One, 5-Year Renewal Option Remaining | 6% Rent Increases in 2027 & 2032 (during option period)
- Long-Term Operating History of 29 Years
- Havertys recently exercised its first renewal option, extending the lease through 2031 and now features ±5.9 years of term remaining
- Less Than 2 Miles from Downtown Newport News, VA (MSA Population: 1.8M+)
Executive Summary
The CBRE Net Lease Property Group is pleased to offer for sale the 49,716-square-foot Havertys Furniture located on 2.78 acres in Newport News, Virginia — part of the Virginia Beach-Norfolk-Newport News, VA-NC MSA (MSA Population: 1.8M+). Havertys recently exercised its first renewal option, extending the lease through 2031 and now features ±5.9 years of term remaining, one 5-year renewal option, and 6% rent increases in 2027 and 2032 (during option period).
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
49,716 SF
Building Class
B
Year Built
1996
Price
$4,563,239
Price Per SF
$91.79
Cap Rate
7.75%
NOI
$353,651
Tenancy
Single
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.41
Lot Size
2.78 AC
Zoning
M1
Parking
86 Spaces (1.73 Spaces per 1,000 SF Leased)
Frontage
250’ on Jefferson Ave
Amenities
- Bus Line
- Pylon Sign
- Signage
Nearby Major Retailers
Property Taxes
| Parcel Number | 183.00-01-21 | Improvements Assessment | $4,894,200 |
| Land Assessment | $2,002,800 | Total Assessment | $6,897,000 |
Property Taxes
Parcel Number
183.00-01-21
Land Assessment
$2,002,800
Improvements Assessment
$4,894,200
Total Assessment
$6,897,000
Contacts
-
Christopher Bosworth -
Brian Pfohl -
Thomas Carr -
Jeff Parker, CCIM -
Kaitlyn Wolf -
Leah Lindell -
Abby Kelly -
CBRE, Inc.
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Havertys: Newport News, VA | 11871 Jefferson Ave
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