849 Kempsville Rd Virginia Beach, VA 23464

This exceptional investment opportunity presents a fee-simple ownership of a 2,356 square foot, single-tenant, Class A retail property located at 849 Kempsville Rd, Virginia Beach, VA 23464. The property is currently 100% occupied by Truist Bank under an absolute NNN ground lease with a corporate guarantee, offering significant financial stability. The lease commenced December 1, 2022, and has a remaining term of eight years, expiring November 30, 2032, with a 1 x 5-year lease option. The current annual net operating income (NOI) is $128,000, resulting in a compelling 5.75% cap rate. The property boasts a strong lease structure, including a 10% rent increase every five years, ensuring consistent income growth. Built in 1977, this single-story building sits on a 0.6-acre lot and benefits from its location in a major retail hub, with high visibility at the intersection of Kempsville Rd (32,000 vehicles per day) and Providence Rd (24,000 vehicles per day). The surrounding area demonstrates robust demographics, with over 322,000 people residing within a five-mile radius and an average household income nearing $100,000. The property's strategic location is further enhanced by its proximity to numerous national retailers, including TJ Maxx, Kroger, Starbucks, Verizon, and Chase, within a one-mile radius. The asking price is $2,226,000, translating to $944.82 per square foot. This property offers a rare combination of strong tenant credit, a favorable lease structure, and a prime location, making it an ideal addition to any investment portfolio. The tenant, Truist Bank, has occupied this location for over 25 years and recently extended their lease, demonstrating their long-term commitment to the site. The property also benefits from recent capital improvements to the nearby Fairfield Shopping Center.