12103 Jefferson Ave Newport News, VA 23602-6916

Property Details for 12103 Jefferson Ave

Year built

1999

Lot size

0.81 lot acres

Property size

4,500 SF

Zone code

C1

Property type

Commercial real estate

APN

151000110

APU

151000110

Description

This newly renovated, 3,000 square foot Shake Shack is located at a prime intersection in Newport News, Virginia, on a 0.81-acre lot. The property boasts a new 10-year net lease with four, five-year renewal options, featuring 10% rent increases every five years. The lease commenced October 28, 2024, and expires October 31, 2034. The property benefits from exceptional visibility and access, situated at the signalized intersection of Oyster Point Road (VA Route 171) and Jefferson Avenue (VA Route 143), a major retail corridor. The area is densely populated with high household incomes, and includes numerous national retailers, restaurants, a major mall, hospital, and airport, driving significant traffic. The property's strong location, coupled with the established Shake Shack brand and favorable lease terms, presents a compelling investment opportunity with a 5.50% cap rate and a Net Operating Income (NOI) of $195,000. The building, constructed in 1999, underwent renovations in 2024. The tenant, Shake Shack, provides a corporate guarantee, minimizing management responsibilities for the landlord (responsible for roof and structure only). Over 88,500 vehicles pass the property daily. The surrounding area includes major roadways (US Routes 17 & 60, Interstate 64), and is within close proximity to several schools and residential neighborhoods. The property is a fee-simple ownership. This is a single-tenant, single-story building.