700 J Clyde Morris BlvdNewport News, VA 23601

Property Details for 700 J Clyde Morris Blvd

Year built

1969

Construction

FRAME

Lot size

0.54 AC

Property size (Sq ft)

11,440 SF

Zone code

C1

Property type

Commercial real estate

APN

214000252

APU

214000252

Description

This fee-simple, 11,440 square-foot Aaron's Furniture storefront in Newport News, VA, presents a compelling investment opportunity. Boasting a strong 8.25% cap rate and a substantial $132,000 NOI, the property benefits from a corporate-guaranteed, absolute NNN lease with 2.9 years remaining and four 5-year options, each with a 10% rent increase. The building, situated on a 0.54-acre lot at 700 J Clyde Morris Blvd, 23601, underwent a complete renovation in 2022, reflecting the tenant's commitment. Originally constructed in 1969, this single-story structure enjoys 100% occupancy and benefits from a large customer base within a 5-mile radius. The lease commenced September 28, 2009, and expires September 29, 2027. The asking price is $1,600,000, translating to $139.86 per square foot. This is a rare opportunity to acquire a well-maintained, high-performing retail property with a long-term, secure lease.

• Alternative Use

  Use

  Valuation

  Residential

  $2,636,462

  Hospitality

  $2,414,985

  Educational

  $2,009,239

  Medical

  $2,078,340

  Retail

  $3,125,484

Location Insight

City

Newport News

County

Newport News City

State

Virginia

Latitude

37.0766

Longitude

-76.4667

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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