5256 Providence RdVirginia Beach, VA 23464

Property Details for 5256 Providence Rd

Year built

1983

Construction

TYPE NOT SPECIFIED

Lot size

0.59 AC

Property size (Sq ft)

4,200 SF

Zone code

B2

Property type

Retail properties

Property subtype

Community centers

APN

14665434300000

APU

14665434300000

Description

This exceptional investment opportunity presents a brand-new, 3,333 square foot Chase Bank located at 5256 Providence Rd, Virginia Beach, VA 23464. Situated on a 0.6-acre lot with 35 parking spaces, this property boasts a 15-year absolute NNN ground lease commencing October 14, 2024, and expiring October 31, 2039. The lease includes a 10% rent increase every five years, ensuring consistent income growth. The property benefits from its location on a signalized corner intersection of Providence Rd and Fairfield SC, within the well-established Fairfield Village Shopping Center (approx. 200,000 square feet), anchored by Food Lion and TJ Maxx. Recent center renovations, totaling $1.5 million, have enhanced the property's appeal. The surrounding area demonstrates strong demographics, with an average household income of $127,418 within a one-mile radius and a population density of 322,678 within five miles. The property's proximity to major hospitals, universities, and Norfolk International Airport further enhances its value. The current Net Operating Income (NOI) is $127,300, representing a compelling return on investment. This is a 100% occupied, single-tenant property with an investment-grade (A+/A2) tenant, offering exceptional stability and long-term growth potential. The asking price is $2,738,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,303,745

  6.5%

  $1,203,457

  7%

  $1,117,496

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,356,162

  Geo Method

  $1,767,634

• Alternative Use

  Use

  Valuation

  Residential

  $1,015,161

  Hospitality

  $929,882

  Educational

  $773,651

  Medical

  $800,258

  Retail

  $1,203,457

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Latitude

36.8143

Longitude

-76.1687

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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