NNN Ground Lease
For Sale
Contact for pricing
5741 E Virginia Beach Blvd, Norfolk, VA 23502
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 Market105
Property Features for 5741 E Virginia Beach Blvd
General Information
Standard status
Active
Size
7,724 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$71,500
Building Details
Year Built
2014
Tenancy
Single
Listing Agency:
Marcus & Millichap | The Patel Yozwiak Group
Listed By:
Darpan Patel · License #OH SAL.2012000748
Source:
Crexi
Added: Jul 9
Changed: Oct 11
Last Checked: Oct 20 at 7:32PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,710
Cap Rate
5.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,754,200
$1.8M
Cap Rate 7%
$1,253,000
$1.3M
Cap Rate 9%
$974,556
$974.6K
Market Conditions
NOI Build-Up for 7,724 SF
Gross rent
$131.6K $17.04/SF
− Vacancy
−$6.3K −$0.82/SF
EGI
$125.3K $16.22/SF
− OpEx
−$37.6K −$4.87/SF
NOI
$87.7K $11.36/SF
Area
Norfolk, VA
Vacancy
4.80%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,754,200
Cap Rate 7%
$1,253,000
Cap Rate 9%
$974,556
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 authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,245
Businesses Nearby
612k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 27%
Superstores 22%
Shops & Services 16%
Apparel 15%
Walmart
Superstores
132,231 visits/mo
0.5 miles
Wawa
Shops & Services
49,804 visits/mo
0.4 miles
T.J. Maxx
Apparel
44,595 visits/mo
0.4 miles
Lowe's
Home Improvements & Furnishings
41,289 visits/mo
0.2 miles
Five Below
Shops & Services
25,690 visits/mo
0.4 miles
Demographics for 23502, VA
20,547
Population
8,839
Households
2.3
Avg Household Size
39
Median Age
24%
College-Educated
89%
High-School Grad
9.9 sq mi
ZIP Area
2,075
Density / Sq Mi
$66,467
Median Household Income
$37,213
Median Earnings
$1,335
Median Rent
$244,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Norfolk, VA
Frequently Asked Questions
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
