5224 Providence Rd Virginia Beach, VA 23464-4202

Property Details for 5224 Providence Rd

Year built

1987

Construction

TYPE NOT SPECIFIED

Lot size

0.62 lot acres

Property size

2,292 SF

Zone code

B2

Property type

Banks

APN

14665492150000

APU

14665492150000

Description

This exceptional investment opportunity presents a fee-simple ownership of a 2,262 square foot, Class A, single-tenant retail property leased to PNC Bank, a highly creditworthy tenant with a corporate guarantee. Located at 5224 Providence Rd, Virginia Beach, VA 23464, this property boasts a strong 6.00% cap rate based on a current NOI of $98,483. The absolute NNN ground lease features a remaining term of four years with favorable 2% annual rent increases, minimizing landlord responsibilities. Built in 1977, the building sits on a 0.62-acre lot and benefits from a high-traffic location at the intersection of Kempsville Rd and Providence Rd, within a thriving retail hub featuring national tenants such as TJ Maxx, Kroger, Starbucks, Verizon, and Chase. The property's strong demographics include over 322,000 people within a 5-mile radius and an average household income nearing $100,000. The asking price is $1,641,000, translating to a price per square foot of $725.46. PNC Bank has occupied this location for over 20 years, recently extending their lease in 2023. This is a rare opportunity to acquire a stable, high-performing investment with a strong tenant and significant upside potential. The property is 100% occupied and offers a secure, long-term investment prospect. The Fairfield Shopping Center, nearby, recently completed $1.5 million in capital improvements, further enhancing the area's appeal.

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Longitude

-76.1667

Latitude

36.8139

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments