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Marcus & Millichap is pleased to present the Advance Auto Parts in Chesapeake, Virginia. Advance Auto Parts has operated at this location for 20 years and has 9.5 years remaining on a modified NNN lease.
Building is +/- 5,000 sq ft built in 2006 Property is .823 acre and zoned B-2 Asking $1,400,000.00 For Sale or $23 psf nnn lease
The subject property includes a 5,280 sf freestanding, single story, single tenant building on a 1 acre parcel of land one mile south of I-64. Asset was built for and is currently occupied by Childtime Learning Centers, a subsidiary of Learning Care Group- the second largest for-profit child care provider in North America. Asset is secured by a 17yr absolute net lease with zero LL responsibilities and attractive rental increases throughout the initial term and each of the two 5 year option periods. Current fixed term has 5+ years remaining on it and a CPI (to a max of 10%) rental increase upcoming in 2019. The subject property is ideally situated along a high traffic street within a densely populated residential area. In addition the property is located 1/4 mile from the area's main retail trade corridor, home to numerous national tenants and immediate access to I-64. Asset affords a passive investor the rare opportunity to acquire a prime piece of real estate in a highly desirable area on the east coast, with the additional benefit of a long term net lease in place secured by a best in class tenant and providing above market returns.
Triple Net Investment Group is pleased to present this opportunity to purchase a single tenant investment property with 14+ years remaining on its absolute NNN lease . This property is a Jiffy Lube located in Chesapeake, Virginia (Hampton Roads - Norfolk - Virginia Beach MSA.) It is operated by Lucor, a Jiffy Lube franchisee with 175 stores, and the lease is guaranteed by Lucor.
High visibility corner facility. 2,100 SF Retail Service Station Building Built In 1970. Zoned B-1, close to retail, homes and services.
Please Note: 1069 and 1075 George Washington are part of a package sales offering with Back Street Center in Norfolk, Va., that address is 3080 Princess Anne Road. Two buildings of masonry, steel and glass construction in Chesapeake. Pylon signage and street presence! Superior ingress/egress to and from George Washington Hwy and Gilmerton Rd.
Three adjacent commercial lots to be sold together: 1230 & 1232 Bainbridge Blvd. 1229 Perry St. Package deal: one price, 3 lots. Zoning is B-2.
Value Added Opportunity: Significantly Below Market Lease Rate Huge Upside: 25% Increase in Rent at Next Option Period (8.25% Cap - September 2020) Absolute NNN: Zero Landlord Responsibilities