3527 Charles M Lankford Jr Mem Hwy
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3527 Charles M Lankford Jr Mem Hwy
5,300 SF Retail Building Exmore, VA 23350 $1,300,000 ($245/SF) 7.22% Cap Rate
INVESTMENT HIGHLIGHTS
- Brand new construction next door-6,912 SF Advance Auto Parts.
EXECUTIVE SUMMARY
-TC Verizon: 3527-A Lankford Highway Exmore VA 23350
-2800 s.f.
-Term-5 years (03/16/21- 03/15/26)
-Options Two 3 year options. First option rental increase of 20%; second option 6%
-Rent- $48,000.00/yr throughout term
-CAM-Full prorata but cap of 5% annual non-cumulative
-RE Taxes. Full pro rata
-HVAC Tenant maintains, contributes up to $1500.00/ yearly on repairs/replacement
-Roof and Structure-Landlord responsibility
-ABC Liquors-3527-B Lankford Highway Exmore, VA 23350
-2400 s.f.
-State of VA credit
-Term-10 years (06/01/21-05/31/31)
-Options-One 5 year 2% annual increases
-Rent $45,844.00 Increases 2% annually
-CAM-Full prorata
-RE Taxes-Full prorate
-HVAC-Landlord maintains and Tenant reimburses up to $1500.00/year for maintenance/repairs/replacement
-Roof and structure-Landlord responsibility
-2800 s.f.
-Term-5 years (03/16/21- 03/15/26)
-Options Two 3 year options. First option rental increase of 20%; second option 6%
-Rent- $48,000.00/yr throughout term
-CAM-Full prorata but cap of 5% annual non-cumulative
-RE Taxes. Full pro rata
-HVAC Tenant maintains, contributes up to $1500.00/ yearly on repairs/replacement
-Roof and Structure-Landlord responsibility
-ABC Liquors-3527-B Lankford Highway Exmore, VA 23350
-2400 s.f.
-State of VA credit
-Term-10 years (06/01/21-05/31/31)
-Options-One 5 year 2% annual increases
-Rent $45,844.00 Increases 2% annually
-CAM-Full prorata
-RE Taxes-Full prorate
-HVAC-Landlord maintains and Tenant reimburses up to $1500.00/year for maintenance/repairs/replacement
-Roof and structure-Landlord responsibility
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
5,300 SF
Building Class
B
Year Built
1996
Price
$1,300,000
Price Per SF
$245
Cap Rate
7.22%
NOI
$93,844
Tenancy
Single
Building Height
1 Story
Building FAR
0.15
Lot Size
0.82 AC
Parking
26 Spaces (4.91 Spaces per 1,000 SF Leased)
Frontage
193 FT on Lankford Hwy
AMENITIES
- Signage
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 10-11-B | Improvements Assessment | $497,800 |
| Land Assessment | $90,000 | Total Assessment | $587,800 |
PROPERTY TAXES
Parcel Number
10-11-B
Land Assessment
$90,000
Improvements Assessment
$497,800
Total Assessment
$587,800
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3527 Charles M Lankford Jr Mem Hwy
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