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Family Dollar Net Lease Investment | 5.9% Cap Rate

2000-2010 27th Street
Newport News, VA 23607
PRICE : $2,198,516
CAP RATE: 5.9%
PROPERTY TYPE: Retail
SITE SIZE: 0.85 Acres
BUILDING SIZE: 8,230 SF
YEAR BUILT: 2017

Highlights

  • Ideal for 1031 investors
  • 15-year absolute NNN lease with 10% rent increase in the 11th year of the lease term and in each option period
  • Current lease term through March 2033 with six 5-year periods
  • All-brick construction with upgraded structural steel, block and brick construction
  • Densely populated location with over 62K residents within 3-miles
  • Corporate guaranteed by Family Dollar, a subsidiary of Dollar Tree
  • Located near the Newport News Shipbuilding, the largest employer in the MSA
  • Broker of Record, Benjamin Harris of Harris Commercial Realty, LLC, VA License #0226024047

Description

This Family Dollar is ideal for a 1031 investor looking for a stable, long term single tenant net lease property. It is a rare, 15-year absolute NNN offering with a 10% rent increase in year 11 of the initial lease term. With rent commencement in 2018, this all-brick construction ± 8,230 SF building sits on ± 0.85 acre corner site and features upgraded structural steel, block and brick construction. The property is located in Newport News, the fifth largest city in Virginia with a 5-mile population of over 146,000.

The initial 15-year NNN lease has no landlord responsibilities and runs through March 2033. It is guaranteed by Family Dollar, a subsidiary of Dollar Tree, and has six 5-year options with 10% rent increases in each renewal period.

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