1280 Military HwyNorfolk, VA 23502

Property Details for 1280 Military Hwy

Lot size

1.60 AC

Property size (Sq ft)

4,500 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a prime retail property in Norfolk, Virginia, featuring a Wells Fargo Bank branch. The property boasts a substantial 4,500 square foot building situated on a 1.604-acre lot, zoned C2. The current lease, an Absolute NNN lease with a single tenant, commenced March 23, 2003, and expires March 30, 2028. The asking price is $2,813,633, representing a 6.00% cap rate. The property benefits from a strong tenant with nearly $108 million in deposits and an investment-grade credit rating (S&P: BBB+). A key feature is the presence of eight drive-thru lanes, a rarity for this type of property. Further enhancing the return, the property generates additional annual income exceeding $11,000 from a billboard. The lease includes provisions for rental increases during option periods, ensuring future income growth. The location enjoys high visibility with a traffic count of 43,000 vehicles per day. This is a unique opportunity to acquire a stable, high-yielding asset with significant long-term potential. All information is believed to be accurate but should be independently verified.

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.867

Longitude

-76.2105

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