For Sale
Request a price308 Worth Ave Stafford, VA 22556
100% Occupied Retail Center, Strong NOI
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 138
Highlights
- Outback Steakhouse and Navy Federal Credit Union anchor this 2004-built center, occupying 45% of the space (6,156 SF and 6,000 SF respectively) with over 20 years of operating history.
- Outback Steakhouse consistently outperforms national sales averages, generating significant percentage rent over a natural breakpoint, resulting in above-market income potential.
- All tenants have built-in rental increases, ranging from 3% to 10%, plus CAM, tax, and insurance reimbursements, creating a reliable and growing cash flow, further enhanced by roof-mounted Verizon antenna revenue.
- Recent additions include Monster Mini Golf (2023, lease through 2033) and Fatty's Wing House (2024, 10-year lease), diversifying the tenant mix and enhancing the center's appeal.
- Proximity to Marine Corps Base Quantico (7 miles, 20-minute drive) provides a strong economic foundation, with the base contributing a $5.88 billion economic impact and supporting 46,000+ jobs.
- The property is a highly visible outparcel of DocStone Commons, benefiting from strong co-tenancy with Home Depot, Giant, Petco, Staples, and other national retailers, serving a dense population (86,707 residents within 5 miles) with high average household income ($161,435).
Property Details for 308 Worth Ave
- Property type
- Lifestyle centers, Power centers
- Square Feet
- 26,993 SF
- Year Built
- 2004
- Buildings
- 1
- Stories
- 1
- Lot Size (sq. ft)
- 141,570 SF
Location Insight
- City
- Stafford
- County
- Stafford
- State
- Virginia
- Latitude
- 38.475448926593
- Longitude
- -77.418991750143
Nearby Similar for Sale
FAQs
- What type of property is this?
- Lifestyle center - 100% Occupied Retail Center, Strong NOI
- Where is the lifestyle center located?
- The property is located at 308 Worth Ave Stafford, VA.
- What are key features of this property?
- This property features: Outback Steakhouse and Navy Federal Credit Union anchor this 2004-built center, occupying 45% of the space (6,156 SF and 6,000 SF respectively) with over 20 years of operating history.; Outback Steakhouse consistently outperforms national sales averages, generating significant percentage rent over a natural breakpoint, resulting in above-market income potential.; All tenants have built-in rental increases, ranging from 3% to 10%, plus CAM, tax, and insurance reimbursements, creating a reliable and growing cash flow, further enhanced by roof-mounted Verizon antenna revenue.
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