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5741 East Virginia Beach Boulevard
Norfolk, VA 23502
Advance Auto Parts · Retail Property For Sale
Investment Highlights
- 8 YEARS OF LEASE TERM REMAINING: Tenant has 8 years remaining on the original 20 year ground lease, with two, 5 year renewal options
- HIGH-TRAFFIC CORRIDOR: High visibility with easy access from all traffic directions.
- PROXIMITY TO DENSE RETAIL CORRIDOR AND MAJOR EMPLOYERS: Located near multiple national retail tenants such as Costco, BJ’s Wholesale, Lowe’s, and more
- ABSOLUTE NET GROUND LEASE: No landlord responsibilities. Tenant is responsible for everything including roof and structure
- ADJACENT TO MAJOR REDEVELOPMENT PROJECT: Outparcel to Military Circle, a former mall site that was granted $1 million in design funding
- STRONG MILITARY BASED ECONOMY: The Norfolk-Virginia Beach metro has the second largest concentration of active-duty military in the US
Executive Summary
Absolute Net Ground Lease | Extremely Dense Retail Hub
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Building Size
7,724 SF
Building Class
C
Year Built
2014
Price
$1,475,000
Price Per SF
$190.96
Cap Rate
4.85%
NOI
$71,500
Percent Leased
100%
Building Height
1 Story
Building FAR
0.14
Lot Size
1.29 AC
Opportunity Zone
Yes
Property Taxes
| Parcel Number | 41733701 | Improvements Assessment | $808,300 |
| Land Assessment | $372,100 | Total Assessment | $1,180,400 |
Property Taxes
Parcel Number
41733701
Land Assessment
$372,100
Improvements Assessment
$808,300
Total Assessment
$1,180,400
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