Speedway, Gloucester Point, Virginia

1569 George Washington Memorial Highway no-imageVIEW MAP

Property Information

Price: $2,004,592*

Cap Rate: 6.25%
NOI: $125.287*
Lease Term: 5 Years
Lease Type: Absolute NNN
Building Size: Approximately 2,400 Square Feet
Year Built: 1990/2015
Status: Available
Lead Broker Information:

Dylan O’Hara



Property Description

***NOI is an estimate based on the most recent CPI data. Actual data for this rent increase will be released in December. As such, the purchase price shall be based on a cap rate and adjusted based on the final, actual rent.

Investment Highlights

  • 20 Year Absolute NNN Lease with 5 Years Remaining – Stable Cash Flow Asset – Zero Landlord Responsibilities – Two (5-Year) Options to Renew
  • Rental Increases Every 5 Years Throughout the Initial Term and Option Periods, Providing a Strong Hedge Against Inflation
  • Corporately Guaranteed Lease by Speedway (7-Eleven, Inc.) – Speedway is a Best-in-Class Gas Station & C-Store Tenant Founded in 1952 That Operates Over 3,900 Locations in 36 States – Largest Brand Within Its Category for Company-Owned Chains Based on Revenue
  • 33 Year Successful Operating History at the Site – The Property Has Been a C-Store & Gas Station Since Opening in 1990 – 2,400 Square Feet Building Situated on a 0.88-Acre Parcel Containing 14 Parking Spaces & 10 Gas Pumps
  • High Traffic Location – More Than 31,000 Vehicles Per Day on George Washington Memorial Highway (US-17)
  • Densely Populated, Infill Location with Excellent Demographics – Over 23,000 People within a 5-Mile Radius of the Property with Average Household Income Exceeding $106,000 Annually
  • Centrally Located in the Main Trade Area of Gloucester Point – High Daytime Population of More Than 650 Businesses & 5,400 Employees with a 5-Mile Radius of the Property
  • Less Than 1-Mile from the Virginia Institute of Marine Science – Founded in 1940, It is One of the Largest Marine Research & Education Centers in the United States