Norfolk, VA - 7-Eleven

Description:

• The tenant just recently extended their lease an additional 10 years with 2 (5-year) options to extend, demonstrating their commitment to the site
• The lease features a 6% rental increases in Dec. 2030 and rental increases at the beginning of each option, growing NOI and hedging against inflation
• 7-Eleven operates, franchises and/or licenses more than 14,000 stores in the U.S. and Canada
• 7-Eleven runs this location as a 24-hour store that serves beer & wine
• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises
• No landlord responsibilities
• Ideal, management-free investment for a passive investor

• The site is ideally located in a dense retail corridor, with numerous nearby national/credit tenants including Chick-fil-A, KFC, Taco Bell, Family Dollar, Wendy’s, FedEx and many more
• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site
• The asset is in close proximity to Sentara Norfolk General Hospital (563 beds), Matthew Fontaine Maury High School (1,763 students) and P.B. Young Sr, Elementary School (228 students), further increasing consumer traffic to the immediate trade area
• The asset is located at the signalized, hard corner intersection of W Princess Anne Rd and Colonial Ave which combined average 15,600 VPD
• The site benefits from nearby direct on/off ramp access to Interstate 264, a major thoroughfare that averages 118,000 vehicles passing by daily
• The asset has excellent visibility via significant street frontage
• Multiple points of ingress/egress
• More than 251,000 residents and 138,000 employees support the trade area, providing a direct consumer base from which to draw
• An affluent average household income of $108,376 in 1-mile trade area