$4,877,945 USD
404-441-3849
HIGHLIGHTS
- Absolute NNN Lease | No Landlord Responsibilities
- Long-Term Operating History of 29 Years
- Near Term Bump | 6% Increase in ±2 years, bringing the unlevered return up ±40 basis points
- Havertys recently exercised its first renewal option, extending the lease through 2031 and now features ±6.4 years of term remaining
- One, 5-Year Renewal Option Remaining | 6% Rent Increases in 2027 & 2032 (during option period)
- Less Than 2 Miles from Downtown Newport News, VA (MSA Population: 1.8M+)
OVERVIEW
The CBRE Net Lease Property Group is pleased to offer for sale the 49,716-square-foot Havertys Furniture located on 2.78 acres in Newport News, Virginia — part of the Virginia Beach-Norfolk-Newport News, VA-NC MSA (MSA Population: 1.8M+). Havertys recently exercised its first renewal option, extending the lease through 2031 and now features ±6.4 years of term remaining, one 5-year renewal option, and 6% rent increases in 2027 and 2032 (during option period).
FOR SALE DETAILS
PRICE
$4,877,945 USD
PRICE/SF
$98 USD /SF
CAP RATE
7.25%
% LEASED
-
TENANCY
Single
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
Havertys Furniture
PROPERTY TYPE
Retail
PROPERTY SUBTYPE
Freestanding
TOTAL BUILDING SIZE
-
STORIES
1
YEAR BUILT
1996
SPRINKLERS
-
PARKING SPACES
86
LAND DETAILS
LAND ACRES
2.78 AC
LAND SF
121,097 SF
ZONING
M1
APN/PARCEL ID
183.00-01-21
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404-441-3849
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404-441-3849
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