11127 Jefferson Ave Newport News, VA 23601-2528

Property Details for 11127 Jefferson Ave

Year built

2009

Construction

FRAME

Lot size

2.33 lot acres

Property size

13,225 SF

Zone code

C2

Property type

Commercial real estate

APN

240000410

APU

240000410

Description

This exceptional investment opportunity features a 13,225 square foot CVS Pharmacy in Newport News, Virginia, situated on a 2.33-acre lot at 11127 Jefferson Ave, zip code 23601. The property boasts a Class A, absolute NNN lease with a credit-rated corporate guarantor (CVS Health Corp), offering a secure, passive income stream. The lease commenced September 30, 2009, and has a remaining term of 9.9 years, with ten 5-year renewal options extending to October 31, 2034. The current asking price is $7,116,000, representing a price per square foot of $538 and an 8.50% cap rate based on a net operating income (NOI) of $604,836. Built in 2009, this single-building property enjoys 100% occupancy and benefits from rent bumps. The strategic location at a hard corner signalized intersection, across from a Walmart Neighborhood Market and near major medical centers, ensures high visibility and strong foot traffic. This fee-simple ownership presents a compelling opportunity for 1031 exchange investors seeking a stable, long-term investment with significant upside potential in a thriving market. The property's strong demographics, within a 10-mile radius of over 180,000 residents, further enhance its investment appeal. All property expenses, including real estate taxes, insurance, and maintenance, are the tenant's responsibility.