For Sale
$7,116,000

11127 Jefferson AveNewport News, VA 23601

High-Yield NNN Lease in Newport News

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity features a 13,225 square foot CVS Pharmacy in Newport News, Virginia, situated on a 2.33-acre lot at 11127 Jefferson Ave, zip code 23601. The property boasts a Class A, absolute NNN lease with a credit-rated corporate guarantor (CVS Health Corp), offering a secure, passive income stream. The lease commenced September 30, 2009, and has a remaining term of 9.9 years, with ten 5-year renewal options extending to October 31, 2034. The current asking price is $7,116,000, representing a price per square foot of $538 and an 8.50% cap rate based on a net operating income (NOI) of $604,836. Built in 2009, this single-building property enjoys 100% occupancy and benefits from rent bumps. The strategic location at a hard corner signalized intersection, across from a Walmart Neighborhood Market and near major medical centers, ensures high visibility and strong foot traffic. This fee-simple ownership presents a compelling opportunity for 1031 exchange investors seeking a stable, long-term investment with significant upside potential in a thriving market. The property's strong demographics, within a 10-mile radius of over 180,000 residents, further enhance its investment appeal. All property expenses, including real estate taxes, insurance, and maintenance, are the tenant's responsibility.

Highlights

  • Investment-grade CVS Pharmacy (S&P: BBB+), a Fortune 500 company, on a long-term NNN lease.
  • 10-year lease remaining, providing stable passive income.
  • High-traffic location at a hard corner, signalized intersection (67,600+ CPD), adjacent to a Walmart Neighborhood Market.
  • Excellent location within one mile of major medical centers.

Property Details for 11127 Jefferson Ave

Property type
Retail properties, Retail space
Square Feet
13,225 SF
Class
A
Year Built
2009
Buildings
1
Lot Size (sq. ft)
101,495 SF

Location Insight

City
Newport News
County
Hampton City
State
Virginia
Latitude
37.058590331992
Longitude
-76.465859167046
11127 Jefferson Ave, Newport News, Virginia

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11127 Jefferson Ave
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