For Sale
$1,238,000

203 Stuart AveElkton, VA 22827

High-yield 7-Eleven, absolute NNN lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 2,227 square foot 7-Eleven gas station located at 203 S Stuart Ave, Elkton, VA 22827. The property sits on a 0.842-acre lot in a high-traffic, hard corner location offering excellent visibility. The current tenant, 7-Eleven (S&P rating "A"), holds an absolute NNN lease with zero landlord responsibilities, providing significant passive income. The lease commenced December 1, 2022, and has a remaining term of 8.4 years, extending to April 30, 2033, with two additional five-year renewal options and 10% rent increases every five years. The property boasts a strong Net Operating Income (NOI) of $64,999, resulting in a 5.25% cap rate. This established location benefits from a 40-year operating history at the site and significant bonus depreciation benefits. The property enjoys proximity to State Route 33 and is conveniently located just eight miles from Massanutten Resort and a 30-minute drive from downtown Harrisonburg. Nearby businesses include Family Dollar, Subway, Pizza Hut, El Paso Mexican Grille, McDonald's, Elkton Family Pharmacy, USPS, Dairy Queen, and Ace Hardware, further enhancing the location's appeal. The asking price for this turnkey investment is $1,238,000.

Highlights

  • Absolute NNN lease with zero landlord responsibilities.
  • Investment-grade tenant (7-Eleven, S&P rating "A").
  • 40-year operating history at this location.
  • Recently extended lease with 10% rent increases every five years and two five-year renewal options.
  • Significant bonus depreciation benefits.
  • High-visibility hard corner location.

Property Details for 203 Stuart Ave

Property type
Retail properties, Gas stations
Square Feet
2,227 SF
Lot Size (sq. ft)
36,678 SF

Location Insight

City
Elkton
County
Rockingham
State
Virginia
Latitude
38.4081622
Longitude
-78.6187076
203 Stuart Ave, Elkton, Virginia

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203 Stuart Ave
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