11967 Jefferson Ave Newport News, VA 23606-4344
- Commercial real estate
- 16,510 SF
- 1.52 lot acres
Current Use by Public Records
- La-Z-Boy Home Furnishings & Décor / Furniture Store
Property Details for 11967 Jefferson Ave
- Year built
- 2000
- Construction
- FRAME
- Lot size
- 1.52 lot acres
- Property size
- 16,510 SF
- Zone code
- C2
- Property type
- Commercial real estate
- APN
- 172000109
- APU
- 172000109
Description
This exceptional investment opportunity presents a fee-simple ownership of a 16,500 square foot Class A storefront, currently 100% occupied by La-Z-Boy Incorporated (NYSE: LZB) under a triple-net (NNN) lease. The lease, boasting a corporate guarantee, commenced June 1st, 2000, and has a remaining term of eight years, expiring May 31st, 2031. A significant 6% rent increase is built into the lease for 2026. The property, built in 2000 and renovated in 2021, sits on a 1.52-acre lot zoned C2 in a high-traffic area of Newport News, Virginia, at 11967 Jefferson Avenue, zip code 23606. Jefferson Avenue is a major commercial corridor experiencing nearly 50,000 vehicles per day. The property benefits from its proximity to significant employers, including Jefferson Labs, a technology center, Newport News/Williamsburg Airport, NASA Langley Research Center, Langley Air Force Base, CHKD Health, Canon, and several other major corporations. National retailers such as Whole Foods, Costco, Ulta, Aldi, Lidl, Target, and Homesense are located within a one-mile radius. The property's strong demographics include over 176,000 residents within a five-mile radius, with average household incomes exceeding $96,000. Recent capital expenditures include parking lot improvements and new HVAC units. The asking price is $4,400,000, representing a 6.75% cap rate and a price per square foot of $266.67. The current Net Operating Income (NOI) is $297,000. This offering presents a compelling opportunity for passive income generation with a strong tenant and a desirable location. The property is well-maintained and benefits from below-market rent compared to similar properties in the area, which command rents exceeding $30 per square foot.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $495,000
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Location Insight
- Map
- Local Demand
- City
- Newport News
- County
- Newport News City
- State
- Virginia
- Longitude
- -76.4882
- Latitude
- 37.0942
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
