Walgreens | Close Proximity to Major Hospital 645 First Colonial Rd 13,904 SF Retail Building Virginia Beach, VA 23451 $7,588,235 ($545.76/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Located less than 1 mile from Sentara Virginia Beach General Hospital, a 270 bed hospital.
- Completed in December of 2024, 'Ascend at Hilltop Apartments' is a $46 million, ±329K SF development that consists of 115 units is 0.5 mile away.
- Direct access to Interstate 264, the main east-to-west connector between Norfolk and Virginia Beach, with over 96,000 vehicles per day.
- Located less than 0.5 miles is Naval Air Station Oceana, the second largest employer in Virginia Beach, with over 10,500 active Navy personnel.
- Over 2.3 million SF of retail space within 1 mile, anchored by tenants such as Kroger, Trader Joe's, Target, Walmart Supercenter, and Whole Foods.
- 1 mile to the East, Virginia Beach is the most populous city in the U.S. Commonwealth of Virginia and the 6th most populous city in the Mid-Atlantic.
EXECUTIVE SUMMARY
We are pleased to market for sale the Walgreens property located at 645 First Colonial Rd Virginia Beach, VA 23451 ("The Property"). Walgreens occupied this built-to-suit location in 2015 and has been operating at the site for 10 years. The lease has 10 years of firm term remaining before the 11 (5-year) option periods. Walgreens operates on an absolute triple net lease, which provides for no landlord obligations whatsoever.
Less than a mile north of the Property, Sentara Virginia Beach General Hospital is the region's largest hospital system serving Virginia Beach, Eastern Shore, and Northeastern North Carolina. In 2024, Inside Business awarded Sentra on the 2024 Health Care Heroes list, spurred by their $294 million investment to support communities in Virginia with health education and prevention programs, training opportunities for healthcare professionals, and uncompensated patient care.
The property is located in the Virginia Beach market and is well-positioned in a densely populated, affluent residential area. With over 136,000 residents living within a five-mile radius and an average household income exceeding $107,000, the area provides a strong consumer base. Additionally, the property is less than half a mile from Naval Air Station Oceana—Virginia Beach’s second-largest employer—further enhancing its strategic location and long-term demand drivers.
The Property is located at the signalized hard-corner intersection of First Colonial Rd and Laskin Rd, with 59,000 vehicles daily. Additionally, the Property is situated directly off the access ramp for Interstate 264, the main east-to-west connector between Norfork and Virginia Beach, with over 96,000 vehicles daily. Strategically positioned within 2.3 million square feet of retail space within 1 mile, the Property benefits from the surrounding retail anchors such as Kroger, Trader Joe's, Target, Walmart Supercenter, and Whole Foods This location carries a retail off-premises wine and beer license, allowing wine and beer sales.
Less than a mile north of the Property, Sentara Virginia Beach General Hospital is the region's largest hospital system serving Virginia Beach, Eastern Shore, and Northeastern North Carolina. In 2024, Inside Business awarded Sentra on the 2024 Health Care Heroes list, spurred by their $294 million investment to support communities in Virginia with health education and prevention programs, training opportunities for healthcare professionals, and uncompensated patient care.
The property is located in the Virginia Beach market and is well-positioned in a densely populated, affluent residential area. With over 136,000 residents living within a five-mile radius and an average household income exceeding $107,000, the area provides a strong consumer base. Additionally, the property is less than half a mile from Naval Air Station Oceana—Virginia Beach’s second-largest employer—further enhancing its strategic location and long-term demand drivers.
The Property is located at the signalized hard-corner intersection of First Colonial Rd and Laskin Rd, with 59,000 vehicles daily. Additionally, the Property is situated directly off the access ramp for Interstate 264, the main east-to-west connector between Norfork and Virginia Beach, with over 96,000 vehicles daily. Strategically positioned within 2.3 million square feet of retail space within 1 mile, the Property benefits from the surrounding retail anchors such as Kroger, Trader Joe's, Target, Walmart Supercenter, and Whole Foods This location carries a retail off-premises wine and beer license, allowing wine and beer sales.
DATA ROOM Click Here to Access
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,904 SF
Building Class
B
Year Built
2015
Price
$7,588,235
Price Per SF
$545.76
Cap Rate
8.50%
NOI
$645,000
Tenancy
Single
Building Height
1 Story
Slab To Slab
14’
Building FAR
0.31
Lot Size
1.04 AC
Opportunity Zone
Yes
Parking
45 Spaces (3.24 Spaces per 1,000 SF Leased)
Walk Score®
Very Walkable (85)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 2407-78-7523 | Improvements Assessment | $2,817,800 |
| Land Assessment | $1,515,700 | Total Assessment | $4,333,500 |
