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Havertys Furniture 11871 Jefferson Ave 49,716 SF Retail Building Newport News, VA 23606 $4,563,239 ($91.79/SF) 7.75% Cap Rate

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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).