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Views: 65 Updated: 11.14.24 Posted: 07.10.24 Status: Inactive 11.14.24

Summary

Price $876,000
Built/Renov 1977/2022
Tenant Tobacco & Vape
Cap Rate 8.00%
Lease Type NN+
Guarantor Corporate
Size/SF 2,203
Lease Start 07-01-2022
#Units 1
Price/SF $397.64
Expiration 07-01-2027
Tenant Type General Retail
NOI $70,115
R. Term 2.2
Ownership Fee Simple
Rent/SF $31.83
Increases 3.0%/1/yrs
Pop 5Mi 326,627
Lot/AC 0.55
Options 0/0yrs
AHHI 5Mi $98,852

Lease Highlights

  • Tobacco & Vape has 2+ years remaining on the current lease term with no options remaining
  • The lease features 3% annual rental escalations throughout the initial term
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Corporate guaranteed lease

Location Description

Tobacco & Vape is strategically located on Princess Anne Road, with access to 31,000 vehicles passing by daily. The property serves as an outparcel to Kempsville Plaza Shopping Center, anchored by Food Lion, which ranks in the top 67% of all U.S. grocery stores (13,297 out of 41,538). The immediate area is surrounded by well-known national tenants including Kroger, T.J. Maxx, Dollar Tree,...

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Maps

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Tenant

  • Tenant: Tobacco & Vape
  • Guarantor:Corporate
  • Company:Tobacco & Vape
  • # Units:1
  • Stock:Private

About Tenant

Tobacco & Vape is a specialized retail store offering a wide range of tobacco and vape products. Conveniently located on Princess Anne Road in Virginia Beach, the store caters to a diverse...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 14,418 135,273 326,383
2024 Total Population : 14,613 132,301 325,734
2024 Employed Civilian Pop : 7,572 70,754 171,275
2024 Total Businesses : 578 6,461 12,960
2024 Average Household Income : $ 103,218 $ 95,768 $ 101,331
2024 Total Consumer Spending : $ 511 M $ 4502 M $ 11366 M
2024 Median Age : 39 37 37
2024 Total Households : 5,711 53,557 128,064
2024 Pop Age 25+: Bachelor's Degree : 2,530 22,813 51,323
2024 Average Home Value : $ 413,419 $ 408,092 $ 427,226
*ESRI data is presented for informational purposes only

Listing Broker

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Andrew Fallon

SRS National Net Lease Group

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  • 83 Listings
  • 14963 Views
  • 31 Sold
Patrick Nutt

SRS National Net Lease Group

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  • 262 Listings
  • 42953 Views
  • 110 Sold

Andrew Fallon joined SRS in 2020 as executive managing director for the NNLG, and market leader for the newest office in Washington D.C. His expertise encompasses many areas including net lease brokerage, commercial land brokerage, real estate underwriting, and litigation project management. Prior to joining SRS, Andrew was executive managing director with Calkain Companies where he also served as a member on the Executive Committee. As an annual top producer, he closed nearly $1 billion in net

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Patrick Nutt joined SRS as executive vice president for the National Net Lease Group and market leader in the Fort Lauderdale office in 2019. He leads the Fort Lauderdale office where he is tasked with recruiting and expansion efforts in the region and elevating the SRS brand throughout Florida. Additionally, Patrick Co-heads the National Net Lease Group for SRS, a group of 50 investment sales professionals who in 2020 managed over 500 transactions with an aggregate value of nearly $2 Billion

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William Wamble

SRS National Net Lease Group

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  • 186 Listings
  • 34020 Views
  • 63 Sold

Will Wamble joined SRS in early 2019 and specializes in the advisory and sale of net leased properties, specifically in the Southeast. With more than $350M worth of transactional experience in his career, Will prides himself on valuing hard work and dedication to his clients. Will emphasizes collaboration and putting the best team together to find creative solutions to getting transactions completed. He started his commercial real estate career in 2013 with Marcus & Millichap where he focus

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