7-Eleven

2901 Huntington Avenue, Newport News, VA 23607

$5,372,220

Cap Rate 5.90%

$5,763,000

Cap Rate 5.50%

DOM: 111 Updated: 03.11.24 Posted: 10.25.23 Status: Sold 02.13.24

Summary

Price $5,372,220 $5,763,000	Built/Renov 2023	Tenant 7-Eleven
Cap Rate 5.90% 5.50%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 4,088	Lease Start 04-13-2023	#Units 83,282
Price/SF $1,314.14 $1,409.74	Expiration 04-30-2038	Tenant Type Convenience/Gas
NOI $316,961	R. Term 12.11	Ownership Fee Simple
Rent/SF $77.53	Increases 10.0%/5/yrs	Pop 5Mi 92,732
Lot/AC 0.80	Options 4/5yrs/10%	AHHI 5Mi $78,036

Bob Moorhead

Secure Net Lease

Contact

Lease Highlights

Brand new 2023 construction
7-Eleven recently signed a brand new 15-year lease with 4 (5-year) options to extend
Lease features 10% rental increase every 5 years throughout the initial term and at the start of each option
Absolute NNN | Zero landlord responsibilities
Corporate guarantee by Seven and I Holdings (OTCMKTS: SVNDY)

Location Description

The subject property is a high performing location, being the only fueling station in the Newport News Shipyard (25,000+ employees). It is strategically located, with three points of access, right off Highway 664 which sees in excess of 86,000 vehicles passing by daily. Starbucks is near several national tenants including Dunkin Donuts, Subway, McDonalds, Church's Chicken, Piggly Wiggly, and...

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Key Features

New construction
Hard corner intersection
Dense retail corridor
Highway location
Top 100 MSA
Brand new lease
Absolute NNN
Accelerated depreciation
Traded and rated company
Investment grade tenant

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Links

7-Eleven Wikipedia 7-Eleven Wikipedia Newport News, Virginia Zip Code 23607 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: 7-Eleven
Guarantor:Corp T and Rated
Company:Seven and I Holdings
# Units:83,282
Tenant S&P: A
Moody’s: Baa2
Stock: OTCMKTS: SVNDY

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 12,500...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	8,187	39,171	92,535
2023 Total Population :	8,218	39,628	92,919
2023 Employed Civilian Pop :	2,758	15,994	41,649
2023 Total Businesses :	272	1,058	2,607
2023 Average Household Income :	$ 47,777	$ 54,966	$ 72,689
2023 Total Consumer Spending :	$ 133 M	$ 805 M	$ 2514 M
2023 Median Age :	34	37	39
2023 Total Households :	3,151	16,673	39,647
2023 Pop Age 25+: Bachelor's Degree :	435	2,676	9,853
2023 Average Home Value :	$ 240,396	$ 270,458	$ 277,061

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Huntington Ave	29th St	2016	11,000	0.01 mi
28th St	Huntington Ave	2016	2,200	0.09 mi
Washington Ave	29th St	2016	5,400	0.10 mi
Huntington Ave	27th St	2016	5,300	0.10 mi
Huntington Avenue	27th St	2018	5,000	0.10 mi
27th Street	Huntington Ave	2020	5,700	0.12 mi
27th St	Huntington Ave	2016	4,300	0.12 mi
Huntington Ave	27th St	2016	5,300	0.14 mi
Warwick Blvd	30th St	2016	3,500	0.14 mi
Warwick Boulevard	30th St	2020	3,500	0.15 mi

Listing Broker

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