DriveTime | 1.5yr Remaining Corp NNN | 11203 Jefferson Ave
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DriveTime | 1.5yr Remaining Corp NNN 11203 Jefferson Ave
7,677 SF Retail Building Newport News, VA 23601 $2,870,000 ($374/SF) 6.90% Cap Rate
Investment Highlights
- 1.5 Years Remaining | Scheduled Rental Increases | Corporate Signed Lease | Well-Known & Established Brand
- Direct Residential Consumer Base |Demographics In 5-Mile Trade Area
- Located Along Jefferson Avenue | Centralized Location | Major Nearby Shopping Centers | Strong Tenant Presence
Executive Summary
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, DriveTime investment property located in Newport News, VA. The tenant, DriveTime Car Sales Company, LLC, has over 1 year of firm term remaining with an additional 3 (5-year) option periods left to extend. The lease features 10% rental increases at the beginning of each option, growing NOI and hedging against inflation. The lease is signed by the corporate entity and is NNN with limited landlord responsibilities, making it an ideal, low-management investment opportunity for a passive investor. Founded in 2002, DriveTime is among the nation’s largest used car dealerships with over 140 dealerships and 15 reconditioning centers.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
7,677 SF
Building Class
C
Year Built
1973
Price
$2,870,000
Price Per SF
$374
Cap Rate
6.90%
NOI
$198,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Land Acres
2.17 AC
Zoning
C2 - General Commercial
Frontage
165 FT on Jefferson
Amenities
- Bus Line
- Freeway Visibility
- Pylon Sign
- Signage
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
- DriveTime
- Services
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99,999 SF
- -
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Lorem Ipsum
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Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
| DriveTime | Services | 99,999 SF | - | Lorem Ipsum | Jan 0000 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $815,600 | |
| Land Assessment | $1,134,500 | Total Assessment | $1,950,100 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,134,500
Improvements Assessment
$815,600
Total Assessment
$1,950,100
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Britt Raymond -
Kyle Fant -
SRS Real Estate Partners
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DriveTime | 1.5yr Remaining Corp NNN | 11203 Jefferson Ave
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