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7-Eleven 1729 S Military Hwy 3,050 SF Retail Building Chesapeake, VA 23320 $2,787,480 ($913.93/SF) 5.50% Cap Rate
Investment Highlights
- Long Term Occupancy
- Scheduled Rent Increase
- Strategic Retail Location
- Zero Management Responsibilities
- Investment Grade Credit
- High Traffic Counts
Executive Summary
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a 7-Eleven Ground Lease located at 1729 S Military Highway in Chesapeake, Virginia (the “Property”). 7-Eleven has been at the Property since it was constructed in 2000 and has executed two lease extensions, demonstrating their commitment to the site and market. 7-Eleven has 5+ years of term remaining, followed by two (2) five (5)-year renewal options. The lease calls for attractive 10% rent increases at the start of each renewal option.
The Property is strategically located at the signalized intersection of S Military Highway (US Route 13 Business), a major commercial corridor serving Chesapeake and the greater Hampton Roads region. The site offers outstanding visibility, convenient access, and strong traffic volumes, with close proximity to Interstate 64, Interstate 464, Interstate 664, US Route 17, and US Route 58. The surrounding area is supported by a diverse mix of residential communities, retail centers, industrial employers, and military installations, including nearby Naval Station Norfolk and the Port of Virginia, which generate consistent commuter and consumer traffic. Additionally, Chesapeake Regional Medical Center, Tidewater Community College, and numerous distribution and logistics facilities contribute to a stable customer base. This prime location provides the accessibility, visibility, and surrounding demand that make it well-suited for a convenience store and fuel station, supporting consistent patronage from local residents, employees, and travelers.
The Property is strategically located at the signalized intersection of S Military Highway (US Route 13 Business), a major commercial corridor serving Chesapeake and the greater Hampton Roads region. The site offers outstanding visibility, convenient access, and strong traffic volumes, with close proximity to Interstate 64, Interstate 464, Interstate 664, US Route 17, and US Route 58. The surrounding area is supported by a diverse mix of residential communities, retail centers, industrial employers, and military installations, including nearby Naval Station Norfolk and the Port of Virginia, which generate consistent commuter and consumer traffic. Additionally, Chesapeake Regional Medical Center, Tidewater Community College, and numerous distribution and logistics facilities contribute to a stable customer base. This prime location provides the accessibility, visibility, and surrounding demand that make it well-suited for a convenience store and fuel station, supporting consistent patronage from local residents, employees, and travelers.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
3,050 SF
Building Class
B
Year Built
2000
Price
$2,787,480
Price Per SF
$913.93
Cap Rate
5.50%
NOI
$153,311
Tenancy
Single
Building Height
1 Story
Building FAR
0.06
Lot Size
1.15 AC
Zoning
B2
Frontage
215’ on Military
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
-
- Retailer
- 3,050 SF
- -
- Triple Net
- Dec 2031
7-Eleven began in 1927 as the Southland Ice Company in Dallas and later grew into the 7-Eleven convenience brand. The company operates convenience retail stores and a franchise system, with banners and brands that include Speedway, Stripes, Laredo Taco Company, and Raise the Roost Chicken & Biscuits, while also offering signature food and drink items such as Slurpee and Big Gulp beverages. 7-Eleven continues as a global convenience retailer and remains focused on fast, everyday shopping across a wide network of stores.
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
|
|
Retailer | 3,050 SF | - | Triple Net | Dec 2031 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0270000001420 | Improvements Assessment | $1,303,300 |
| Land Assessment | $807,800 | Total Assessment | $2,111,100 |
Property Taxes
Parcel Number
0270000001420
Land Assessment
$807,800
Improvements Assessment
$1,303,300
Total Assessment
$2,111,100
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