1280 Military Hwy Norfolk, VA 23502
- Retail properties
- 4,500 SF
- 1.60 lot acres
Current Use by Public Records
- Wells Fargo Bank / Bank / Atm
- Wells Fargo Advisors / Investment Service
- Wells Fargo ATM / Atm
Property Details for 1280 Military Hwy
- Lot size
- 1.60 lot acres
- Property size
- 4,500 SF
- Property type
- Retail properties
- Property subtype
- Banks
Description
This exceptional investment opportunity presents a prime retail property in Norfolk, Virginia, featuring a Wells Fargo Bank branch. The property boasts a substantial 4,500 square foot building situated on a 1.604-acre lot, zoned C2. The current lease, an Absolute NNN lease with a single tenant, commenced March 23, 2003, and expires March 30, 2028. The asking price is $2,813,633, representing a 6.00% cap rate. The property benefits from a strong tenant with nearly $108 million in deposits and an investment-grade credit rating (S&P: BBB+). A key feature is the presence of eight drive-thru lanes, a rarity for this type of property. Further enhancing the return, the property generates additional annual income exceeding $11,000 from a billboard. The lease includes provisions for rental increases during option periods, ensuring future income growth. The location enjoys high visibility with a traffic count of 43,000 vehicles per day. This is a unique opportunity to acquire a stable, high-yielding asset with significant long-term potential. All information is believed to be accurate but should be independently verified.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk City
- State
- Virginia
- Longitude
- -76.2105
- Latitude
- 36.867
