1115 Colonial Ave Norfolk, VA 23507
Freestanding 7-Eleven with extended lease and rental increases.
Property size:
2,811 SFLot size:
0.30 AcresProperty Features for 1115 Colonial Ave
General Information
- Size
- 2,811 SF
- Lot size
- 0.30 Acres
Source:
Moodyscre
Listing Agent: Andrew Fallon
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
7-Eleven Store Investment Opportunity
This property is occupied by a 7-Eleven store, operating as a 24-hour establishment that sells beer and wine. The tenant recently extended their lease for an additional 13 years, with two 5-year options to extend. The lease includes a 6% rental increase in December 2030, and further rental increases at the beginning of each option period. The tenant is responsible for CAM, taxes, insurance, and all maintenance of the premises, presenting a management-free investment opportunity. 7-Eleven operates, franchises, and/or licenses more than 14,000 stores in the U.S. and Canada. The property contains 2,811 square feet.
Location Intelligence
Current Use by Public Records
7-Eleven
Convenience Store
Citibank ATM
Atm
Western Union
Money Transfer Service
Similar Places Nearby
The Fresh Market
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk
- State
- Virginia
- Longitude
- -76.2946896
- Latitude
- 36.8635491
Nearby Similar for Sale
FAQs
What type of property is this?
Grocery and convenience store - Freestanding 7-Eleven with extended lease and rental increases.
Where is this grocery and convenience store located?
The property is located at 1115 Colonial Ave Norfolk, VA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: - Long-term lease: Tenant recently extended their lease for 13 years with two 5-year options, ensuring stable income.; - Passive Investment: No landlord responsibilities, offering a management-free investment.; - Rental Increases: Lease includes 6% rental increases in Dec. 2030 and at the beginning of each option period, hedging against inflation.