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7-Eleven
2901 Huntington Avenue, Newport News, VA 23607
$5,763,000
Cap Rate 5.50%
Summary
| Price $5,763,000 | Built/Renov 2023 | Tenant 7-Eleven |
| Cap Rate 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 $1,409.74 | Expiration
04-30-2038
| Tenant Type Convenience/Gas |
| NOI $316,961 | R. Term 14.4 | 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 |
| | |
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...
...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
...
Maps
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...
...
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 |
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 |
