9650 Shr Dr Norfolk, VA 23518-1637

This exceptional mixed-use property in Norfolk, VA, presents a compelling investment opportunity. The 10,235 square foot building, constructed in 2018, features a thriving veterinary clinic occupying the majority of the space, currently under a triple-net (NNN) lease with 11.3 years remaining, including two five-year renewal options. The lease boasts a 2% annual rent increase, providing a hedge against inflation. Above the clinic are three fully occupied apartments offering additional income and commanding market rents. The property sits on a 0.18-acre lot, enjoys excellent visibility from Shore Drive, and provides ample parking. The clinic's tenant, a leading national veterinary group, has a strong track record and significant market presence. The property's location benefits from a high-income demographic, with an average household income exceeding $78,033 within a five-mile radius. The asking price is $3,200,000, representing a price per square foot of $312.65, and the current Net Operating Income (NOI) is $177,931. This investment offers a blend of stable income and future growth potential within a resilient industry. The two-story building is 100% occupied.