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Views: 156 DOM: 337 Updated: 10.04.24 Posted: 11.08.23 Status: Active

Summary

Price $5,772,000
Built/Renov 2024
Tenant 7-Eleven
Cap Rate 5.50%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 4,650
Lease Start 02-01-2024
#Units 83,282
Price/SF $1,241.29
Expiration 01-31-2039
Tenant Type Convenience/Gas
NOI $317,496
R. Term 14.3
Ownership Fee Simple
Rent/SF $68.28
Increases 10.0%/6/yrs
Pop 5Mi 146,670
Lot/AC 1.16
Options 4/5yrs/10%
AHHI 5Mi $83,646

Lease Highlights

  • Brand-new 2024 construction
  • 7-Eleven recently signed a brand-new 14+ year lease with 4 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Absolute NNN lease | Zero landlord responsibilities
  • Corporate guaranteed | Investment grade tenant

Location Description

7-Eleven is strategically located at the signalized intersection of Settlers Landing Road and S Armistead Ave, with access to a combined traffic count of 20,900 vehicles passing by daily. The property's location places it within a 4-mile radius of Langley Air Force Base and within 5 miles of Newport News Shipbuilding. Additionally, it is situated near Hampton University, Old Dominion...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

7-Eleven is the world's largest operator, franchisor, and licensor of convenience stores. It operates, franchises, and/or licenses more than 83,000 stores in 19 countries, including over...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 13,218 72,540 155,529
2023 Total Population : 12,707 71,819 155,281
2023 Employed Civilian Pop : 5,560 32,479 67,166
2023 Total Businesses : 504 2,081 3,711
2023 Average Household Income : $ 74,895 $ 82,399 $ 80,597
2023 Total Consumer Spending : $ 292 M $ 2145 M $ 4396 M
2023 Median Age : 31 37 36
2023 Total Households : 4,465 29,967 62,695
2023 Pop Age 25+: Bachelor's Degree : 1,317 8,372 17,011
2023 Average Home Value : $ 251,671 $ 255,825 $ 271,284
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
S Armistead Ave Settlers Landing Rd 2016 12,000 0.03 mi
North Armistead Avenue Settlers Landing Rd 2018 12,000 0.03 mi
North Armistead Avenue Settlers Landing Rd 2018 12,000 0.04 mi
S Armistead Ave Settlers Landing Rd 2016 12,000 0.04 mi
Settlers Landing Road S Armistead Ave 2018 14,000 0.04 mi
Settlers Landing Road Mariners Cove Rd 2021 14,000 0.05 mi
Settlers Landing Road Bacon St 2018 14,000 0.05 mi
Settlers Landing Rd Bacon St 2016 14,000 0.06 mi
Settlers Landing Road S Armistead Ave 2021 14,000 0.06 mi
W Queen St Stewart St 2011 1,000 0.09 mi

Listing Broker

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