NNN Leased Grocery
2535 WARDS RD Lynchburg, VA 24502
2535 WARDS RD, Lynchburg, VA, 24502
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For Sale
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US Foods Chef’s Store is leased under a double net structure, with limited investor responsibilities to roof and structure.
Property Size23,939 SF
Price / SF$319.56
Days on Market43
Property Features for 2535 WARDS RD
General Information
- Standard status
- Active
- Size
- 23,939 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2021
Listing agency
SRS Real Estate Partners McLean
(480) 221-4221
Listed by
Andrew Fallon · License #MD 5002882
Source
Crexi
Added: Jun 9 Updated: Jul 20 at 9:23PM Checked: Jul 21 at 6:08AM
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 SRS Real Estate Partners McLean
Investment Insights
Based on property information with market context.
SRS National Net Lease is pleased to offer the fee simple interest in a NNN leased US Foods Chef’s Store investment property. The property is leased by US Foods Chef’s Store, Inc., under a 15-year lease signed in 2022 with four (5-year) options to extend. Lease provisions include 10% rental increases every five years throughout the initial term and at the beginning of each option period.
The store is located near the exchange of Wards Rd and Lynchburg Expressway, with Wards Rd listed at 40,000 VPD and Lynchburg Expressway at 46,000 VPD. The property is adjacent to River Ridge Mall, a 260,000-square-foot Dick’s Sporting Goods and HomeGoods-anchored shopping center, and sits in the middle of Wards Road’s densest retail corridor. It is also described as less than one mile from Sam’s Club, Walmart, and Kroger, along with multiple Chick-fil-A locations.
The lease is a double net (NN) structure, limiting investor responsibilities to the roof and the structure; the roof is under warranty for another 16 years.
The store is located near the exchange of Wards Rd and Lynchburg Expressway, with Wards Rd listed at 40,000 VPD and Lynchburg Expressway at 46,000 VPD. The property is adjacent to River Ridge Mall, a 260,000-square-foot Dick’s Sporting Goods and HomeGoods-anchored shopping center, and sits in the middle of Wards Road’s densest retail corridor. It is also described as less than one mile from Sam’s Club, Walmart, and Kroger, along with multiple Chick-fil-A locations.
The lease is a double net (NN) structure, limiting investor responsibilities to the roof and the structure; the roof is under warranty for another 16 years.
Key Highlights
- Fee simple NNN leased US Foods Chef’s Store investment property in Lynchburg, VA (Year Built: 2021).
- Tenant US Foods Chef’s Store, Inc signed a 15‑year lease in 2022 with four 5‑year options to extend.
- 10% rental increases every 5 years during the initial term and at the start of each option period.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $430.9k | $18.00 |
| − Vacancy | −$15.9k | −$0.67 |
| EGI | $415.0k | $17.33 |
| − OpEx | −$103.7k | −$4.33 |
| NOI | $311.2k | $13.00 |
23,939 SF · lease $18.00/SF/yr · vacancy 3.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$4.45M
$3.89M – $5.19M
NOI $311,219 @ 7.0% cap · market cap 4.07%
Second Best
Retail
$4.15M
$3.63M – $4.84M
NOI $290,471 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$7.09M
$6.20M – $8.27M
NOI $496,399 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
US Foods CHEF'STORE
Grocery & Convenience Store
Similar For Sale Nearby
FAQs
What type of property is this?
Grocery and convenience store - US Foods Chef’s Store is leased under a double net structure, with limited investor responsibilities to roof and structure.
Where is this grocery and convenience store located?
The property is located at 2535 WARDS RD Lynchburg, VA.
What is the asking price?
The asking price for this property is $7,650,000.
What are key features of this property?
This property features: Fee simple NNN leased US Foods Chef’s Store investment property in Lynchburg, VA (Year Built: 2021).; Tenant US Foods Chef’s Store, Inc signed a 15‑year lease in 2022 with four 5‑year options to extend.; 10% rental increases every 5 years during the initial term and at the start of each option period.
