1061 Virginia Beach BlvdVirginia Beach, VA 23451

  • Retail properties
  • 7,544 SF
For Sale
$1,894,204 View listing

Property Details for 1061 Virginia Beach Blvd

Year built
2015
Construction
TYPE NOT SPECIFIED
Lot size
1.04 AC
Property size (Sq ft)
7,544 SF
Zone code
B2
Property type
Retail properties
Property subtype
Retail space
APN
24175595730000
APU
24175595730000

Description

This exceptional investment opportunity presents a 7,544 square foot O'Reilly Auto Parts store in Virginia Beach, VA. Built in 2015, this single-tenant, net-lease property boasts a remaining lease term of 11 years with three, five-year options, extending to November 30, 2035. The property sits on a 1.03-acre lot and enjoys a prime location on Virginia Beach Boulevard, a high-traffic area with an average daily traffic count of approximately 54,000 vehicles. Its strategic placement near the intersection of Birdneck Road and Virginia Beach Boulevard ensures high visibility and accessibility. The property benefits from its proximity to major roadways, including Interstate 264, and is less than a mile from the Virginia Beach shoreline, a significant tourist destination attracting over 13.64 million visitors annually. The surrounding area features a dense concentration of retail establishments, including a Food Lion, Dollar Tree, and Workout Anytime, as well as other national brands such as AutoZone, Dunkin', McDonald's, Walmart, Target, and Whole Foods, ensuring a robust customer base. Furthermore, the property's location near the Virginia Beach Convention Center, the Virginia Beach Sports Center, and Naval Air Station Oceana contributes to a strong and diverse demographic. The property's strong financial performance is reflected in its $113,652 net operating income (NOI) and a 6.00% cap rate. The asking price is $1,894,204, translating to a price per square foot of $251.09. The affluent market, with an average household income exceeding $112,000 within a 5-mile radius, and a projected population growth of 2.4% by 2028, ensures long-term stability and potential for appreciation. This is a rare opportunity to acquire a well-established, high-performing retail property in a thriving coastal market.

1061 Virginia Beach Blvd, Virginia Beach, Virginia

Location Insight

City
Virginia Beach
County
Virginia Beach City
State
Virginia
Latitude
36.8413
Longitude
-75.9945
CBSA code
47260
CBSA name
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$19,634
$1,104,600
$878,600
$1,983,200
-
$1,104,600
$878,600
$1,983,200

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