5256 Providence Rd Virginia Beach, VA 23464

This exceptional investment opportunity presents a brand-new, 3,333 square foot Chase Bank located at 5256 Providence Rd, Virginia Beach, VA 23464. Situated on a 0.6-acre lot with 35 parking spaces, this property boasts a 15-year absolute NNN ground lease commencing October 14, 2024, and expiring October 31, 2039. The lease includes a 10% rent increase every five years, ensuring consistent income growth. The property benefits from its location on a signalized corner intersection of Providence Rd and Fairfield SC, within the well-established Fairfield Village Shopping Center (approx. 200,000 square feet), anchored by Food Lion and TJ Maxx. Recent center renovations, totaling $1.5 million, have enhanced the property's appeal. The surrounding area demonstrates strong demographics, with an average household income of $127,418 within a one-mile radius and a population density of 322,678 within five miles. The property's proximity to major hospitals, universities, and Norfolk International Airport further enhances its value. The current Net Operating Income (NOI) is $127,300, representing a compelling return on investment. This is a 100% occupied, single-tenant property with an investment-grade (A+/A2) tenant, offering exceptional stability and long-term growth potential. The asking price is $2,738,000.