For Sale
$1,894,204

1061 Virginia Beach BlvdVirginia Beach, VA 23451

High-traffic O'Reilly Auto Parts, strong ROI.

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional investment opportunity presents a 7,544 square foot O'Reilly Auto Parts store in Virginia Beach, VA. Built in 2015, this single-tenant, net-lease property boasts a remaining lease term of 11 years with three, five-year options, extending to November 30, 2035. The property sits on a 1.03-acre lot and enjoys a prime location on Virginia Beach Boulevard, a high-traffic area with an average daily traffic count of approximately 54,000 vehicles. Its strategic placement near the intersection of Birdneck Road and Virginia Beach Boulevard ensures high visibility and accessibility. The property benefits from its proximity to major roadways, including Interstate 264, and is less than a mile from the Virginia Beach shoreline, a significant tourist destination attracting over 13.64 million visitors annually. The surrounding area features a dense concentration of retail establishments, including a Food Lion, Dollar Tree, and Workout Anytime, as well as other national brands such as AutoZone, Dunkin', McDonald's, Walmart, Target, and Whole Foods, ensuring a robust customer base. Furthermore, the property's location near the Virginia Beach Convention Center, the Virginia Beach Sports Center, and Naval Air Station Oceana contributes to a strong and diverse demographic. The property's strong financial performance is reflected in its $113,652 net operating income (NOI) and a 6.00% cap rate. The asking price is $1,894,204, translating to a price per square foot of $251.09. The affluent market, with an average household income exceeding $112,000 within a 5-mile radius, and a projected population growth of 2.4% by 2028, ensures long-term stability and potential for appreciation. This is a rare opportunity to acquire a well-established, high-performing retail property in a thriving coastal market.

Highlights

  • Corporately guaranteed O'Reilly Auto Parts; 11+ years remaining lease term.
  • High-traffic location at Birdneck Rd & Virginia Beach Blvd intersection; 54,000 ADT.
  • O'Reilly Auto Parts (ORLY) is a national retailer with strong financials.
  • Less than one mile from the Virginia Beach shoreline; high tourist traffic.
  • Across from Virginia Beach Convention Center and new Sports Center.
  • Dense retail area; adjacent to Food Lion, Dollar Tree, Workout Anytime, and near other national brands.

Property Details for 1061 Virginia Beach Blvd

Property type
Retail properties, Auto shops
Square Feet
7,544 SF
Year Built
2015
Lot Size (sq. ft)
44,867 SF

Location Insight

City
Virginia Beach
County
Virginia Beach City
State
Virginia
Latitude
36.8414804
Longitude
-75.994443
1061 Virginia Beach Blvd, Virginia Beach, Virginia

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1061 Virginia Beach Blvd
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