Speedway, Gloucester Point, Virginia

1569 George Washington Memorial Highway no-imageVIEW MAP

Property Information

Price: $1,785,557

Cap Rate: 7.0%
NOI: $124,989
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

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