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11967 Jefferson Ave 16,500 SF Retail Building Newport News, VA 23606 $4,475,000 ($271.21/SF) 7.01% Cap Rate
EXECUTIVE SUMMARY
Colliers’ is pleased to present this La-Z-Boy net lease opportunity along the Peninsula’s dominant commercial corridor of Jefferson Avenue in Newport News, VA. The corporately leased store sits prominently at a signalized intersection seen by almost 50,000 vehicles per day. La-Z-Boy recently demonstrated their commitment to the location with a long-term renewal and complete renovation and modernization of the store.
Square Footage: 16,500 SF
Parcel Size: 1.52 AC
Year Built: 2000
Parking: 36 Spaces
Zoning: C2
Year 1 NOI: $313,500
Ownership: Fee Simple
LONG-TERM, SINGLE TENANT CORPORATE LEASE
• 6 years remaining on long-term executed renewal with full Tenant renovation of store
• La-Z-Boy Incorporated, NYSE: LZB Guarantee
• 6% rent bump in 2026 and through renewal periods
PREMIER CORRIDOR, HEAVILY TRAVELED INTERSECTION
• Jefferson Avenue is the dominant commercial corridor in the submarket and Greater Peninsula region; Hard corner seen by almost 50,000 VPD
• Surrounded by strong employment/demand drivers Jefferson Labs, Tech Center, Newport News/Williamsburg Airport, NASA Langley Research Center and Langley Air Force Base, CHKD Health, Canon, Alion Science and Technology, C² Technologies and Triumph Aerospace Systems
• National retailers within 1-mile include Whole Foods, Costco, Ulta, Aldi, Lidl, Target, and Homesense
EXCELLENT RETAIL LOCATION AND DEMOGRAPHICS
• Densely populated trade-area with over 176,000 people living within 5 miles of the property
• Comfortable average household incomes of over $96,000 that match the target shopper
• Strategic access to regional connector I-64
WELL-MAINTAINED WITH RECENT CAPEX UPGRADES
• Excellent opportunity for passive ownership with recent parking lot, seal coat and line strip, and new HVAC units
• Brand new roof installed summer 2025 with 20 year warranty
UNDER MARKET RENT
• Currently, hard corner parcel retail space is commanding rents north of $30/sf in this corridor
Square Footage: 16,500 SF
Parcel Size: 1.52 AC
Year Built: 2000
Parking: 36 Spaces
Zoning: C2
Year 1 NOI: $313,500
Ownership: Fee Simple
LONG-TERM, SINGLE TENANT CORPORATE LEASE
• 6 years remaining on long-term executed renewal with full Tenant renovation of store
• La-Z-Boy Incorporated, NYSE: LZB Guarantee
• 6% rent bump in 2026 and through renewal periods
PREMIER CORRIDOR, HEAVILY TRAVELED INTERSECTION
• Jefferson Avenue is the dominant commercial corridor in the submarket and Greater Peninsula region; Hard corner seen by almost 50,000 VPD
• Surrounded by strong employment/demand drivers Jefferson Labs, Tech Center, Newport News/Williamsburg Airport, NASA Langley Research Center and Langley Air Force Base, CHKD Health, Canon, Alion Science and Technology, C² Technologies and Triumph Aerospace Systems
• National retailers within 1-mile include Whole Foods, Costco, Ulta, Aldi, Lidl, Target, and Homesense
EXCELLENT RETAIL LOCATION AND DEMOGRAPHICS
• Densely populated trade-area with over 176,000 people living within 5 miles of the property
• Comfortable average household incomes of over $96,000 that match the target shopper
• Strategic access to regional connector I-64
WELL-MAINTAINED WITH RECENT CAPEX UPGRADES
• Excellent opportunity for passive ownership with recent parking lot, seal coat and line strip, and new HVAC units
• Brand new roof installed summer 2025 with 20 year warranty
UNDER MARKET RENT
• Currently, hard corner parcel retail space is commanding rents north of $30/sf in this corridor
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
16,500 SF
Building Class
C
Year Built
2000
Price
$4,475,000
Price Per SF
$271.21
Cap Rate
7.01%
NOI
$313,500
Tenancy
Single
Building Height
1 Story
Building FAR
0.25
Lot Size
1.52 AC
Zoning
C2
Parking
36 Spaces (2.18 Spaces per 1,000 SF Leased)
Frontage
208’ on Jefferson Ave
AMENITIES
- Bus Line
- Dedicated Turn Lane
- Pylon Sign
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 172.00-01-09 | Improvements Assessment | $2,125,900 |
| Land Assessment | $1,388,400 | Total Assessment | $3,514,300 |
PROPERTY TAXES
Parcel Number
172.00-01-09
Land Assessment
$1,388,400
Improvements Assessment
$2,125,900
Total Assessment
$3,514,300
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11967 Jefferson Ave
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