694 J Clyde Morris Blvd 5,033 SF Retail Building Newport News, VA 23601 $2,460,492 CAD ($488.87 CAD/SF) 6% Cap Rate

This single-tenant property is currently secured by a ten-year lease agreement, which includes an option for an additional ten-year renewal. The asset is triple-net leased to a reputable Mexican restaurant chain that boasts over 60 locations. The tenant is responsible for a monthly payment of $8,500 under the triple-net (NNN) lease, featuring built-in rent escalations every two years, thereby ensuring consistent income growth.Significant upgrades have been made to the property, including the installation of brand-new HVAC units, a new roof, a modern plumbing and sewer system, and a 100-pound grease trap, all completed in 2024. The entire facility has been re-wired, and substantial renovations are currently underway, which will help minimize near-term capital expenditures for the owner.This asset is offered at a 6.0% cap rate with an asking price of $1.8 million, representing a stable and passive investment backed by a strong regional credit tenant with a proven history of long-term operational success.