343 Woodland RdHampton, VA 23669

Property Details for 343 Woodland Rd

Year built

1983

Construction

TYPE NOT SPECIFIED

Lot size

0.52 AC

Property size (Sq ft)

2,840 SF

Zone code

13 C-1 NEIGHBORHOOD COMME

Property type

Grocery and convenience stores

APN

12A016D00 00000

APU

12A016D0000000

Description

This exceptional investment opportunity presents a fee-simple 7-Eleven gas station located at 343 Woodland Rd, Hampton, VA 23669. The property boasts a 2,840 square foot building situated on a 0.52-acre lot, featuring 4 gas pumps and 15 parking spaces. Built in 1983 and renovated in 2015, this Class B property operates under a triple-net (NN+) lease with a corporate guarantee from a franchisee with 300+ locations. The current lease, commencing December 31, 1990, has a remaining term of approximately 3.2 years, with four 5-year renewal options. The lease includes annual CPI rent bumps (a 7.8% increase occurred on March 1, 2022). The property enjoys a prime location at a signalized intersection with high daily traffic volume (13,000 vehicles per day). The current NOI is $86,851, yielding a 6.00% cap rate and a pro-forma cap rate of 5.70%. The property is zoned C1, Neighborhood Commercial. The asking price is $1,525,000 ($536.97 per square foot). Landlord responsibilities include exterior maintenance (roof, gutters, downspouts, and outside walls)

• CAP approach

  CAP return

  Valuation

  6%

  $881,580

  6.5%

  $813,766

  7%

  $755,640

• Comparable approach

  Method

  Valuation

  Relative Method

  $917,024

  Geo Method

  $1,195,257

• Alternative Use

  Use

  Valuation

  Residential

  $686,442

  Hospitality

  $628,778

  Educational

  $523,136

  Medical

  $541,127

  Retail

  $813,766

Location Insight

City

Hampton

County

Hampton City

State

Virginia

Latitude

37.0426

Longitude

-76.322

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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