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Views: 401 DOM: 660 Updated: 11.17.24 Posted: 03.02.23 Status: Active

Summary

Price $759,000
Built/Renov 1998
Tenant Sherwin-Williams
Cap Rate 9.00%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 9,151
Lease Start 08-02-2008
#Units 4,931
Price/SF $82.94
Expiration 08-01-2025
Tenant Type General Retail
NOI $68,325
R. Term 0.7
Ownership Fee Simple
Rent/SF $7.47
Increases 8.0%/2/yrs
Pop 5Mi 12,428
Lot/AC 0.88
Options 4/5yrs/8%
AHHI 5Mi $67,710

Lease Highlights

  • The Sherwin-Williams Company has less than 1 year of firm term remaining with 4 (5-year) option periods left to extend
  • The lease features 8% rental increases at the beginning of each option
  • Landlord’s responsibilities consist of roof, structure, CAM, exterior utility lines, HVAC, liability & property insurance, and RE taxes
  • The lease is signed by the corporate entity (NYSE: SHW | S&P: BBB)

Location Description

Sherwin-Williams is strategically located near the signalized, hard corner intersection of S. College Drive and Armory Drive, averaging a combined 19,700 vehicles passing by daily. The asset benefits from direct access onto U.S. Highway 58 (19,000 VPD), directly connecting the site to the Norfolk/Chesapeake MSA. Sherwin- Williams is ideally situated within a dense retail corridor and is...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Sherwin-Williams
  • Guarantor:Corp T and Rated
  • Company:Sherwin-Williams Company
  • # Units:4,931
  • Tenant S&P: BBB
  • Moody’s: Baa2
  • Stock: NYSE: SHW

About Tenant

The Sherwin-Williams Company (NYSE: SHW) is an American Fortune 500 company in the general building materials industry. Founded by Henry Sherwin and Edward Williams in 1866, the company operates...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 4,932 8,904 12,386
2023 Total Population : 4,968 9,003 12,494
2023 Employed Civilian Pop : 2,338 4,052 5,597
2023 Total Businesses : 329 496 579
2023 Average Household Income : $ 57,754 $ 65,422 $ 71,957
2023 Total Consumer Spending : $ 106 M $ 218 M $ 331 M
2023 Median Age : 39 43 44
2023 Total Households : 2,096 3,808 5,246
2023 Pop Age 25+: Bachelor's Degree : 295 793 1,082
2023 Average Home Value : $ 204,817 $ 220,304 $ 233,046
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
South College Drive Maplewood Ave 2020 6,900 0.05 mi
S College Dr Maplewood Ave 2016 6,900 0.05 mi
North College Drive Steward Dr 2018 7,000 0.18 mi
North College Drive Steward Dr 2020 6,300 0.18 mi
Maplewood Avenue Bracey St 2021 730 0.18 mi
Armory Drive Campbell Ave 2018 6,000 0.21 mi
Armory Drive Campbell Ave 2020 5,400 0.21 mi
Armory Drive Sachs Ave 2018 12,000 0.27 mi
Armory Drive Sachs Ave 2020 11,000 0.27 mi
South College Drive Rosewood Ave 2020 6,100 0.28 mi

Listing Broker

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