1061 Virginia Beach BlvdVirginia Beach, VA 23451

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 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.

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

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