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DriveTime | 2.17 AC Parcel 11203 Jefferson Ave 7,677 SF Retail Building Newport News, VA 23601 $4,484,700 CAD ($584.17 CAD/SF) 6% Cap Rate
Investment Highlights
- 5+ Years Remaining | Scheduled Rental Increases | Corporate Signed Lease | Well-Known & Established Brand
- Direct Residential Consumer Base |Strong Demographics In 5-Mile Trade Area
- Located Along Jefferson Avenue | Centralized Location | Major Nearby Shopping Centers | Strong Tenant Presence
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, DriveTime investment property located in Newport News, VA. The tenant, DriveTime Car Sales Company, LLC, has over 5 years of firm term remaining with an additional 4 (5-year) option periods left to extend. The lease features 10% rental increases at the beginning of each option, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 2002, DriveTime is among the nation’s largest used car dealerships with over 165 locations
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
7,677 SF
Building Class
C
Year Built
1973
Price
$4,484,700 CAD
Price Per SF
$584.17 CAD
Cap Rate
6%
NOI
$269,082 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
2.17 AC
Zoning
C2 - General Commercial
Parking
110 Spaces (14.33 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Freeway Visibility
- Pylon Sign
- Signage
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,492,861 CAD | |
| Land Assessment | $1,541,785 CAD | Total Assessment | $3,034,647 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$1,541,785 CAD
Improvements Assessment
$1,492,861 CAD
Total Assessment
$3,034,647 CAD
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DriveTime | 2.17 AC Parcel | 11203 Jefferson Ave
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