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Guitar Center 5483 Virginia Beach Blvd 16,000 SF Retail Building Virginia Beach, VA 23462 $4,003,250 CAD ($250.20 CAD/SF) 8% Cap Rate
Investment Highlights
- Positioned within the Virginia Beach MSA – Ranked #37 in the United States for population size
- Guitar Center has executed multiple extensions demonstrating commitment
- Proximity to the Interstate 264 (212,000 VPD) / Interstate 64 (179,000 VPD) interchange
- Successful operating history spanning multiple decades
- Below average 2.3% submarket vacancy (CoStar)
- 289,000+ people live within a five-mile radius
Executive Summary
The 16,000 square-foot building is positioned along Virginia Beach Boulevard, which carries approximately 37,000 vehicles per day, just off Newtown Road with an additional 35,000 vehicles per day. The property benefits from immediate access to the Interstate 264 and Interstate 64 interchange, generating roughly 212,000 and 179,000 vehicles per day, respectively. Surrounding retailers include Topgolf, La-Z-Boy, BMW, Audi, Toyota, AutoZone, CVS, and numerous other national and regional tenants. The corridor is further supported by strong daily traffic drivers including Sentara Leigh Hospital, Virginia Wesleyan University with approximately 5,000 students, and Bayside High School with roughly 2,000 students. More than 289,000 residents live within a five-mile radius, with average household income exceeding $105,000.
Guitar Center is the largest musical instrument retailer in the United States, founded in 1959 by Wayne Mitchell in Hollywood, California, initially as The Organ Center selling electronic organs before evolving in the mid-1960s—prompted by The Beatles’ influence and the addition of Vox amplifiers—into a guitar-focused store renamed Guitar Center. Headquartered in Westlake Village, California, the company operates over 300 stores nationwide and offers a wide range of products including guitars, basses, drums, amplifiers, keyboards, pro audio equipment, recording gear, and accessories, serving musicians at all levels through both physical locations and its online platform at guitarcenter.com.
Property Facts
Amenities
- Bus Line
- Pylon Sign
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- Sep 2031
Guitar Center is a company made up of musicians and music lovers. They're driven by their shared belief that music is the greatest unifying force in the world. And that idea fuels their mission to fill the world with music. To give people the tools they need to create and connect. To be seen and heard. And recently, to help and to heal. Music can stir the soul and change the frequency of the planet. So let's make some noise. Because the world needs to hear what you have to play. In 1959, as a world-changing, paradigm-shifting counterculture revolution was about to explode in America, Wayne Mitchell bought a small appliance and organ store in Hollywood, California. Seems like the end of the story, right? Not even close. Heading into the 21st century, The Guitar Center experienced incredible expansion. For example, in 1999, they purchased e-retailer Musician's Friend to offer a robust online option to musicians.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
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|
Retailer | - | - | Sep 2031 |
Nearby Major Retailers
Property Taxes
| Parcel Number | 1467-47-1605 | Improvements Assessment | $1,737,883 CAD |
| Land Assessment | $1,513,847 CAD | Total Assessment | $3,251,729 CAD |
Property Taxes
Presented by
Guitar Center | 5483 Virginia Beach Blvd
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