10698 Fairgrounds DrFairfax, VA 22030

  • Specialty properties
  • 10,000 SF
For Sale
$9,000,000 View listing

Property Details for 10698 Fairgrounds Dr

Year built
2024
Property size (Sq ft)
10,000 SF
Property type
Specialty properties
Property subtype
Day care centers & nurseries

Description

This exceptional investment opportunity presents a 10,000 square foot, 100% occupied daycare center in Fairfax, VA, at 10698 Fairgrounds Drive, zip code 22030. The property boasts a strong 6.56% cap rate based on a Net Operating Income (NOI) of $590,000, with an asking price of $9,000,000 ($900/sq ft). The property is leased under an Absolute NNN lease with a corporate guarantee, offering significant protection to the investor. The lease commenced September 15, 2024, and has a remaining term of 19.9 years, extending to September 30, 2044, with two 5-year renewal options. Rent increases are structured with a 12% bump every five years. The tenant, a multi-unit franchisee with locations in Virginia and Florida, is part of a rapidly expanding early education company with over 450 locations open or under development. The center benefits from its location in a high-income area of Fairfax, a suburb of Washington, D.C., with an average household income exceeding $197,559 within a 3-mile radius and a population of over 109,431 residents. The property is conveniently situated near major roadways, including Interstate 66, and within a 20-mile radius of Ronald Reagan Washington National Airport (DCA) and Dulles International Airport (IAD). Numerous established retailers, including Costco, Walmart, and other national brands, are located nearby, further enhancing the property's desirability. The area also boasts a high concentration of elementary schools, supporting strong demand for childcare services. The building was constructed in 2024.

10698 Fairgrounds Dr, Fairfax, Virginia

Location Insight

City
Fairfax
County
Fairfax City
State
Virginia
Latitude
38.8554
Longitude
-77.3139

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