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    1115 Colonial Ave Norfolk, VA 23507

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    For Sale
    $1,700,000

    Long-term leased 7-Eleven with rental increases and no landlord responsibilities.

    Property size:
    2,811 SF
    Lot size:
    0.30 Acres

    Property Features for 1115 Colonial Ave

    General Information

    Size
    2,811 SF
    Lot size
    0.30 Acres

    Source: SRS Real Estate Partners | McLean Agent Andrew Fallon

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Established 7-Eleven Investment Opportunity

    This property is leased to 7-Eleven, which operates this location as a 24-hour store that serves beer and wine. The tenant recently extended their lease for an additional 13 years, with two 5-year options to extend, demonstrating their commitment to the site. The lease features a 6% rental increase in December 2030, and rental increases at the beginning of each option, growing net operating income and hedging against inflation. The tenant is responsible for common area maintenance, taxes, insurance, and maintains all aspects of the premises. This is an ideal, management-free investment for a passive investor. 7-Eleven operates, franchises and/or licenses more than 14,000 stores in the U.S. and Canada. The property size is 2,811 square feet.
    Location Intelligence

    Current Use by Public Records

    7-Eleven Convenience Store Citibank ATM Atm Western Union Money Transfer Service

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    The Fresh Market

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2946896
    Latitude
    36.8635491

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    FAQs

    What type of property is this?
    Grocery and convenience store - Long-term leased 7-Eleven with rental increases and no landlord responsibilities.
    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.
    (202) 286-1542
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    Norfolk, VA 23507
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1115 Colonial Ave Norfolk, VA 23507
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