Freestanding Retail Drug
For Sale
Contact for pricing
1031 Armory Dr, Franklin, VA 23851
Single-tenant Rite Aid building with a three-lane drive-thru on a 1.27-acre lot with 54 parking spaces.
Property Size10,908 SF
Lot Size1.27 Acres
Days on Market122
Property Features for 1031 Armory Dr
General Information
Standard status
Active
Size
10,908 SF
Total Parking Spaces
54
Lot size
1.27 Acres
Property subtype
Retail
Occupancy
100%
Additional Details
Road Access
Yes
Amenities
three lane drive thru
Building Details
Stories
1
Tenancy
Single
Listing Agency:
Colliers - Richmond, Virginia
Listed By:
Mark Williford · License #CO FA100036567
Source:
Crexi
Added: Apr 11
Changed: Aug 8
Last Checked: Jul 23 at 4:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Richmond, Virginia
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.
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
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
44k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Home Improvements & Furnishings 16%
Groceries 12%
Dining 12%
Ace Hardware - Farmers Produce Co
Home Improvements & Furnishings
6,761 visits/mo
0.3 miles
Dollar General
Shops & Services
5,890 visits/mo
0.4 miles
Virginia ABC
Groceries
5,407 visits/mo
0.4 miles
Dunkin' Donuts
Dining
5,404 visits/mo
0.4 miles
Family Dollar
Shops & Services
5,391 visits/mo
0.5 miles
Demographics for 23851, VA
13,258
Population
6,063
Households
2.2
Avg Household Size
44
Median Age
25%
College-Educated
88%
High-School Grad
108.7 sq mi
ZIP Area
122
Density / Sq Mi
$73,333
Median Household Income
$42,841
Median Earnings
$1,006
Median Rent
$222,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
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
