5224 Providence Rd Virginia Beach, VA 23464-4202

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.