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7-Eleven and Shops 8108-8112 Old Dominion Dr 1,559 SF 100% Leased Retail Building McLean, VA 22102 $2,640,000 ($1,693.39/SF) 6% Cap Rate
Investment Highlights
- 100% Occupied 7-Eleven Anchored Strip Center
- Corporate 7-Eleven Lease – Investment Grade Credit Rating (S&P: A)
- Within Washington-Arlington-Alexandria MSA – Population Surpassing 6.4 Million
- Three Tenant Retail Asset – 4,180 SF Building on 2.34 Acres
- Positioned on Hard Corner Signalized Intersection of Old Dominion Dr & Spring Hill Rd
- Strong Demographics – 174,000+ Residents within 5 Miles
Executive Summary
The Snyder Carlton National Net Lease Team is pleased to offer investors an excellent opportunity to purchase a fully occupied strip center in McLean, VA. The 4,180 SF asset is positioned within the Washington- Arlington-Alexandria MSA, which has a population exceeding 6.4 million, and is occupied by 7-Eleven, Sweet Stuff and Smoke Haven. 7-Eleven has profitably operated at this location since 1964, is the largest convenience store worldwide (85,000 locations globally) and has an investment grade credit rating of “A” from S&P (Moody’s: “Baa2”). Sweet Stuff has been serving the McLean community for 32 years and embraces the taste of Central American cuisine. Smoke Haven – Smoke & Vape Shop is the newest tenant to the strip center, has nearly 4 years remaining in the primary term and benefits from a CPI rent adjustment at the commencement of its option period.
All tenants are subject to net leases leaving limited landlord responsibilities for a passive owner. Both 7-Eleven and Sweet Stuff leases include negotiable rent increases in the option periods with strong potential to increase cashflows in the coming years. The Masonry building is positioned on the hard corner signalized intersection of Old Dominion Drive and Spring Hill Road, which sees over 16,800 vehicles per day, and is only a 30-minute drive to the Nation’s Capital.
All tenants are subject to net leases leaving limited landlord responsibilities for a passive owner. Both 7-Eleven and Sweet Stuff leases include negotiable rent increases in the option periods with strong potential to increase cashflows in the coming years. The Masonry building is positioned on the hard corner signalized intersection of Old Dominion Drive and Spring Hill Road, which sees over 16,800 vehicles per day, and is only a 30-minute drive to the Nation’s Capital.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
1,559 SF
Building Class
C
Year Built
1965
Price
$2,640,000
Price Per SF
$1,693.39
Cap Rate
6%
NOI
$158,426
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.04
Lot Size
0.84 AC
Zoning
450
Parking
10 Spaces (6.41 Spaces per 1,000 SF Leased)
Frontage
83’ on Old Dominion Dr
Amenities
- Signalized Intersection
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 0204-01-0024 | Improvements Assessment | $472,770 |
| Land Assessment | $1,238,180 | Total Assessment | $1,710,950 |
Property Taxes
Parcel Number
0204-01-0024
Land Assessment
$1,238,180
Improvements Assessment
$472,770
Total Assessment
$1,710,950
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7-Eleven and Shops | 8108-8112 Old Dominion Dr
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