Speedway, Williamsburg, Virginia

395 2nd Street no-imageVIEW MAP

Property Information

Price: $800,016

Cap Rate: 6.25%
NOI: $50,001
Lease Term: 20 Years
Lease Type: Absolute NNN
Building Size: Approximately 2,390 Square Feet
Year Built: 1959/2008
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
  • 64 Year Successful Operating History at the Site – The Property Has Been a C-Store & Gas Station Since Opening in 1959 – 2,390 Square Feet Building Situated on a Sizeable 0.96-Acre Parcel Containing 27 Parking Spaces & 4 Gas Pumps
  • High Traffic Location – More Than 13,500 Vehicles Per Day on 2nd Street (VA-162), Over 15,000 Vehicles Per Day on Merrimac Trail (VA-143) & an Additional 25,524 Vehicles Per Day on Nearby US-60
  • Densely Populated, Infill Location with Excellent Demographics – Over 57,000 People within a 5-Mile Radius with Average Household Income Exceeding $130,000 Annually
  • Strategically Positioned Near the James-York Plaza Shopping Center, a Food Lion Grocery Anchored Center That Brings Daily-Needs Consumers to the Immediate Trade Area – More Than 1.46 Million Visits to the Center During the Prior Calendar Year
  • Over 5.1 Million Square Feet of Industrial & Office Space and 6 Million Square Feet of Restaurant & Retail within a 5-Mile Radius of the Property, Resulting in a High Daytime Population of More Than 3,000 Businesses & 30,000 Employees
  • Approximately 1.8 Miles from William & Mary University with Over 9,600 Students Enrolled & 750 Faculty Members
  • Williamsburg is a Major Tourist Hub within the State of Virginia – An Estimated 6-8 Million People Visit Each Year, Driven Largely by William & Mary University and Colonial Williamsburg – The State Estimated That Tourism to the City Generated an Economic Impact of $616.6 Million in 2022
  • Strong Multi-Family Density with Over 6,800 Apartment Units within a 5-Mile Radius of the Property – 557 Additional Units Are Currently Under Construction
  • Multiple Hotels within Close Proximity – 84 Total Properties with More Than 6,400 Combined Rooms within a 5-Mile Radius of the Property