Take 5 Oil Change
Virginia Beach, VA
Key Details
| Price: | $1,166,667 |
|---|---|
| Cap Rate: | 6.00% |
| Annual Rent: | $70,000 |
| Address: | 1557 General Booth Boulevard, Virginia Beach, Virginia 23454 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Expiration: | 20 Years from Close of Escrow |
| Lease Term Remaining: | 20 Years |
| Rental Increases: | 1.50% Annually |
| Lot Size: | 0.41 Acres |
| Building Size: | 1,418 SF |
| Year Built: | 1994 |
| Year Renovated: | 2024 |
NNN Pro is pleased to present the exclusive listing for a Take 5 Oil Change located at 1557 General Booth Boulevard, Virginia Beach, Virginia 23454. The site consists of roughly 1418 rentable square feet of building space on an estimated 0.41-acre parcel of land. This Take 5 Oil Change is subject to a 20-year Triple Net (NNN) lease, which will commence upon close of escrow. The annual rent will be $70,000 and has scheduled increases of 1.50% Annually.
About the Investment
- Long-Term 20-Year NNN Sale-Leaseback | The subject investment property will feature a brand new 20-year lease commencing at the close of escrow and is subject to zero landlord responsibilities.
- Strong Corporate Guarantee | This lease will be subject to a strong corporate guarantee from Drive Funding Holdco, LLC, (3,500+ Units).
- Absolute Triple Net (NNN) Lease | The subject investment property will feature an absolute triple net (NNN) lease, with zero landlord responsibilities.
- Attractive Annual Rental Increases | The subject investment property features annual 1.50% rental increases, hedging against inflation.
About the Location
- Dense Retail Corridor | The subject investment property is located in a robust retail corridor featuring several local and national tenants. Major national tenants include Walmart Supercenter, Target, Home Depot, ALDI, Dollar Tree, Tractor Supply, AutoZone, Walgreens, CVS, McDonald's, Sonic, Wendy's, Taco Bell, 7-Eleven, Hardee's, Chili's, Advance Auto Parts, Starbucks, and many more.
- Strong Frontage | The subject investment property has strong frontage along Dam Neck Rd and General Booth Blvd, which experience a collective traffic count of over 61,300 vehicles per day.
- Affluent Community | The average household income is over $116,800 and $107,700 within a 3 and 10 mile radius of the subject investment property.
- Virginia Beach | The subject property is within close proximity of Virginia Beach, seeing over 13.6 million visitors annually.
Key Details
| Price: | $1,166,667 |
|---|---|
| Cap Rate: | 6.00% |
| Annual Rent: | $70,000 |
| Address: | 1557 General Booth Boulevard, Virginia Beach, Virginia 23454 |
| Property Type: | Retail |
| Lease Type: | Triple Net (NNN) |
Property Data
| Original Lease Term: | 20 Years |
|---|---|
| Lease Expiration: | 20 Years from Close of Escrow |
| Lease Term Remaining: | 20 Years |
| Rental Increases: | 1.50% Annually |
| Lot Size: | 0.41 Acres |
| Building Size: | 1,418 SF |
| Year Built: | 1994 |
| Year Renovated: | 2024 |
Talk to the Pros
Edward Otocka
eotocka@nnnpro.com
License: NY: 10401298466
Amelia Haydock
ahaydock@nnnpro.com
License: NY: 10401334976
Gordon Pollock
gpollock@nnnpro.com
License: NY: 10401370688
Broker of Record
Brian Brockman
Bang Realty, Inc
License: 225245999
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This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.