1031 Armory Dr Franklin, VA 23851

Listing agency Colliers - Richmond, Virginia

Listed by Mark Williford · License #CO FA100036567

Source Crexi

Added: Apr 11 Updated: Jul 21 at 5:09PM Checked: Jul 21 at 5:09PM

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Investment Insights

Based on property information with market context.

Exclusively marketed for sale, this single-tenant Rite Aid property is an absolute triple-net (NNN) leased asset with approximately five years remaining on the base lease term expiring June 7, 2025. The lease includes four, five-year options with annual rental increases extending through the option periods. The property features a single-story, free-standing building consistent with Rite Aid’s prototype, supported by a three-lane drive-thru and 54 parking spaces on a 1.27-acre site.

The asset is situated on a hard corner of Armory Drive and College Drive in the Norfolk MSA within Franklin, VA. It is positioned directly across from Paul D. Camp Community College, and the surrounding retail area includes national retailers such as Lowe’s, Wal-Mart, Food Lion, Belk, Roses, and BB&T.

Key Highlights

• Absolute triple‑net (NNN) single‑tenant Rite Aid leased asset in Franklin, VA
• 5 years remaining on the lease base term with expiration on June 7, 2025, plus four five‑year options with annual rental increases
• Single‑story 10,908 SF free‑standing Rite Aid building on a 1.27‑acre lot

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FAQs

What type of property is this?

NNN property - Single-tenant Rite Aid building with a three-lane drive-thru on a 1.27-acre lot with 54 parking spaces.

Where is this nnn property located?

The property is located at 1031 Armory Dr Franklin, VA.

What are key features of this property?

This property features: Absolute triple‑net (NNN) single‑tenant Rite Aid leased asset in Franklin, VA; 5 years remaining on the lease base term with expiration on June 7, 2025, plus four five‑year options with annual rental increases; Single‑story 10,908 SF free‑standing Rite Aid building on a 1.27‑acre lot