849 Kempsville RdVirginia Beach, VA 23464

Property Details for 849 Kempsville Rd

Year built

1978

Construction

TYPE NOT SPECIFIED

Lot size

0.60 AC

Property size (Sq ft)

2,142 SF

Zone code

B2

Property type

Banks

APN

14666435650000

APU

14666435650000

Description

Exceptional opportunity to acquire a well-located retail property in Virginia Beach, VA, at 849 Kempsville Rd. This NNN-leased asset boasts a 5.75% cap rate and is anchored by Truist Financial, the 7th largest bank in the US, holding over $543 billion in assets and boasting an S&P rating of A-. The tenant has occupied the premises since 1977, recently exercising a 5-year lease renewal option with one additional 5-year option remaining. The lease includes a 10% rental increase during the current term and adjusts to fair market value in the extension. The property benefits from a strong corporate guarantee, minimal landlord responsibilities, and a long operating history. Located in a major retail hub with high visibility at the intersection of Kempsville Rd (32,000 vehicles per day) and Providence Rd (24,000 vehicles per day), the property is surrounded by over 800,000 square feet of retail space within a one-mile radius, including national tenants such as TJ Maxx, Kroger, Starbucks, Verizon, and Chase. The surrounding demographics are also highly attractive, with over 322,000 people residing within a 5-mile radius and an average household income of nearly $100,000. Furthermore, the Fairfield Shopping Center, nearby, recently underwent $1.5 million in capital improvements. The asking price is $2,226,000. This property presents a compelling investment opportunity with significant upside potential. The branch holds $109 million in deposits, a 110% increase since 2018, the highest of all Truist branches in Virginia Beach. The property is situated within a 15-minute drive of nearly 500,000 residents.

• CAP approach

  CAP return

  Valuation

  6%

  $664,910

  6.5%

  $613,763

  7%

  $569,923

• Comparable approach

  Method

  Valuation

  Relative Method

  $691,643

  Geo Method

  $901,493

• Alternative Use

  Use

  Valuation

  Residential

  $517,732

  Hospitality

  $474,240

  Educational

  $394,562

  Medical

  $408,132

  Retail

  $613,763

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Latitude

36.8147

Longitude

-76.1652

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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