For Sale
Call for price

308 Worth AveStafford, VA 22556

100% Occupied Retail Center, Strong NOI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 26,993 square foot shopping center in Stafford, Virginia, presents a compelling investment opportunity. Located at 308 Worth Ave, 22556, this single-story, 1-building property boasts a prime location in a high-traffic retail corridor, less than one mile from I-95. The property sits on 3.25 acres and is zoned B2 Urban Commercial. Built in 2004, DocStone Commons is currently 100% occupied by five diverse tenants: Outback Steakhouse, Navy Federal Credit Union, Orange Theory Fitness, Monster Golf, and Fatty's Winghouse. Outback Steakhouse and Navy Federal Credit Union, both long-term tenants since 2004, occupy significant space and contribute substantially to the property's strong net operating income (NOI) of $627,534. The tenant mix provides a stable and reliable income stream, further enhanced by contractual rent bumps, with some tenants having annual increases of 3% or more, and others tied to CPI. Additional income is generated by a Verizon antenna on the roof. The center benefits from its proximity to Marine Corps Base Quantico, contributing to a robust local economy. The property is an outparcel of a larger shopping center, further enhancing visibility and traffic. Detailed lease terms and rent roll information are available upon request. This investment offers a compelling combination of strong current performance and significant long-term growth potential.

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
308 Worth Ave, Stafford, Virginia

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
308 Worth Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message