NNN Ground Lease
5741 E Virginia Beach Blvd Norfolk, VA 23502
5741 E Virginia Beach Blvd, Norfolk, VA, 23502
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For Sale
Contact for pricing
Absolute net ground lease with tenant responsibility for all costs and a remaining term through 2044.
Property Size7,724 SF
Price / SF$190.96
Days on Market15
Property Features for 5741 E Virginia Beach Blvd
General Information
- Standard status
- Active
- Size
- 7,724 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2014
Listing agency
Marcus & Millichap | The Patel Yozwiak Group
Listed by
Darpan Patel · License #OH SAL.2012000748
Source
Crexi
Added: Jul 9 Updated: Jul 22 at 3:13PM Checked: Jul 22 at 3:13PM
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 Marcus & Millichap | The Patel Yozwiak Group
Investment Insights
Based on property information with market context.
This property is offered as an absolute net ground lease, with no landlord responsibilities. The tenant is responsible for everything, including the roof and structure. The existing ground lease has approximately 8 years remaining on an original 20-year term, with two 5-year renewal options that extend the lease through 2044.
The rent includes 10% rental increases every 5 years, along with two rental increases during each renewal option.
The property is listed for sale as a ground-leased asset under the stated lease structure and escalation schedule.
The rent includes 10% rental increases every 5 years, along with two rental increases during each renewal option.
The property is listed for sale as a ground-leased asset under the stated lease structure and escalation schedule.
Key Highlights
- Absolute net ground lease with no landlord responsibilities; tenant responsible for everything, including roof and structure
- 8 years remaining on the original 20‑year ground lease term
- Two 5‑year renewal options extend the lease term through 2044
Local Financial Insights For 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 | $131.6k | $17.04 |
| − Vacancy | −$6.3k | −$0.82 |
| EGI | $125.3k | $16.22 |
| − OpEx | −$37.6k | −$4.87 |
| NOI | $87.7k | $11.36 |
7,724 SF · lease $17.04/SF/yr · vacancy 4.80% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.25M
$1.10M – $1.46M
NOI $87,710 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,697 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Advance Auto Parts
Auto Parts Store
UPS Access Point ...
Courier Service
Similar For Sale Nearby
FAQs
What type of property is this?
NNN property - Absolute net ground lease with tenant responsibility for all costs and a remaining term through 2044.
Where is this nnn property located?
The property is located at 5741 E Virginia Beach Blvd Norfolk, VA.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Absolute net ground lease with no landlord responsibilities; tenant responsible for everything, including roof and structure; 8 years remaining on the original 20‑year ground lease term; Two 5‑year renewal options extend the lease term through 2044
