1061 Virginia Bch Blvd Virginia Beach, VA 23451-5641
- Retail space
- 7,544 SF
- 1.04 lot acres
Current Use by Public Records
- O'Reilly Auto Parts / Motorcycle Parts Store / Trailer Supply Store
Property Details for 1061 Virginia Bch Blvd
- Year built
- 2015
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.04 lot acres
- Property size
- 7,544 SF
- Zone code
- B2
- Property type
- Retail space
- APN
- 24175595730000
- APU
- 24175595730000
Description
This exceptional investment opportunity presents a 7,544 square foot O'Reilly Auto Parts store in Virginia Beach, VA. Built in 2015, this single-tenant, net-lease property boasts a remaining lease term of 11 years with three, five-year options, extending to November 30, 2035. The property sits on a 1.03-acre lot and enjoys a prime location on Virginia Beach Boulevard, a high-traffic area with an average daily traffic count of approximately 54,000 vehicles. Its strategic placement near the intersection of Birdneck Road and Virginia Beach Boulevard ensures high visibility and accessibility. The property benefits from its proximity to major roadways, including Interstate 264, and is less than a mile from the Virginia Beach shoreline, a significant tourist destination attracting over 13.64 million visitors annually. The surrounding area features a dense concentration of retail establishments, including a Food Lion, Dollar Tree, and Workout Anytime, as well as other national brands such as AutoZone, Dunkin', McDonald's, Walmart, Target, and Whole Foods, ensuring a robust customer base. Furthermore, the property's location near the Virginia Beach Convention Center, the Virginia Beach Sports Center, and Naval Air Station Oceana contributes to a strong and diverse demographic. The property's strong financial performance is reflected in its $113,652 net operating income (NOI) and a 6.00% cap rate. The asking price is $1,894,204, translating to a price per square foot of $251.09. The affluent market, with an average household income exceeding $112,000 within a 5-mile radius, and a projected population growth of 2.4% by 2028, ensures long-term stability and potential for appreciation. This is a rare opportunity to acquire a well-established, high-performing retail property in a thriving coastal market.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,875,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,910,000
- 6.5%
- $1,870,000
- 7%
- $1,875,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,950,000
- Geo Method
- $1,860,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,485,000
- Retail
- $2,345,000
- Mixed-Use
- $2,075,000
- Hospitality
- $2,490,000
- Educational
- $2,380,000
- Residential Income
- $2,500,000
- Energy
- $1,945,000
- Income-Based Land
- $2,390,000
- Food Service
- $2,200,000
Location Insight
- Map
- Local Demand
- City
- Virginia Beach
- County
- Virginia Beach City
- State
- Virginia
- Longitude
- -75.9945
- Latitude
- 36.8413
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
