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7-Eleven 1230 Redgate Ave 2,628 SF Retail Building Norfolk, VA 23507 $1,011,698 CAD ($384.97 CAD/SF) 6% Cap Rate
Investment Highlights
- INVESTMENT-GRADE TENANT | 7-ELEVEN CORPORATE GUARANTY
- ROBUST DEMOGRAPHICS & HIGH VISITOR TRAFFIC
- LIMITED COMPETITION IN IMMEDIATE TRADE AREA
- DYNAMIC AREA REDEVELOPMENT & GROWTH
- PROXIMITY TO MAJOR EMPLOYERS & COASTAL AMENITIES
- EXCELLENT ACCESSIBILITY & VISIBILITY
Executive Summary
The Northmarq National Restaurant Group is pleased to offer this single-tenant 7-Eleven property located at 1230 Redgate Avenue in Norfolk, Virginia. The asset features
a corporate-guaranteed NN lease with over 6 years remaining and 3x5 year renewal options, along with 10% rent increases every five years. With minimal landlord responsibilities and an A-rated guarantor, the property provides reliable, inflation-resistant income.
Located near the Midtown Tunnel (US-58) with 35,000+ VPD, the site is surrounded by 200,000+ residents and average household incomes exceeding $80,000. The property
benefits from nearby economic drivers such as Sentara Norfolk General Hospital, Eastern Virginia Medical School, and Norfolk Naval Station, as well as tourism from Nauticus, the Waterside District, and other cultural attractions.
With limited competition, strong local demographics, and proximity to major redevelopment projects and coastal amenities, this offering represents a stable investment in a
dense, high-traffic urban market.
a corporate-guaranteed NN lease with over 6 years remaining and 3x5 year renewal options, along with 10% rent increases every five years. With minimal landlord responsibilities and an A-rated guarantor, the property provides reliable, inflation-resistant income.
Located near the Midtown Tunnel (US-58) with 35,000+ VPD, the site is surrounded by 200,000+ residents and average household incomes exceeding $80,000. The property
benefits from nearby economic drivers such as Sentara Norfolk General Hospital, Eastern Virginia Medical School, and Norfolk Naval Station, as well as tourism from Nauticus, the Waterside District, and other cultural attractions.
With limited competition, strong local demographics, and proximity to major redevelopment projects and coastal amenities, this offering represents a stable investment in a
dense, high-traffic urban market.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Convenience Store
Building Size
2,628 SF
Building Class
B
Year Built
1978
Price
$1,011,698 CAD
Price Per SF
$384.97 CAD
Cap Rate
6%
NOI
$60,702 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
0.23 AC
Zoning
Commercial
Parking
9 Spaces (3.42 Spaces per 1,000 SF Leased)
Frontage
103’ on Orapax St
Amenities
- Bus Line
- Signage
Nearby Major Retailers
Property Taxes
| Parcel Number | 15269200 | Improvements Assessment | $423,969 CAD |
| Land Assessment | $225,271 CAD | Total Assessment | $649,240 CAD |
Property Taxes
Parcel Number
15269200
Land Assessment
$225,271 CAD
Improvements Assessment
$423,969 CAD
Total Assessment
$649,240 CAD
Contacts
-
Will Pural -
Maggie Brady -
Ava McKenzie -
Matt Lipson -
Enoch Escalera -
William Harvey -
Northmarq
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7-Eleven | 1230 Redgate Ave
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