301-305 Tyler AveNewport News, VA 23601

Property Details for 301-305 Tyler Ave

Year built

1990

Lot size

0.46 AC

Property size (Sq ft)

8,742 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional investment opportunity presents a fully leased, 8,742 square foot retail shopping center situated on a prominent 0.46-acre corner lot at 301-305 Main St/306 Tyler Ave in Newport News, Virginia (zip code 23601). The property boasts two single-story buildings constructed in 1990 and renovated in 1990, 2004, and 2024, featuring a total of six units, including an owner's apartment. Currently operating at 100% occupancy with five long-term tenants under triple net (NNN) leases, this property generates a substantial net operating income (NOI) of $97,000, resulting in an attractive 8.82% cap rate. The asking price is $1,100,000, translating to $125.83 per square foot. Each unit, along with the Tyler building, benefits from separate gas and electric meters, while the Tyler building has its own water meter. The Main Street shops share a water meter, with costs distributed among tenants at a fixed monthly rate. Ample parking is available with 50 spaces, both front and rear. The property is zoned C-1 and offers no air rights. This well-maintained property represents a strong addition to any investment portfolio. Virtual tours and floor plans are available. Please do not disturb tenants.

Location Insight

City

Newport News

County

Newport News City

State

Virginia

Latitude

37.0349

Longitude

-76.458

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