Walgreens | 645 First Colonial Rd
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Walgreens 645 First Colonial Rd
13,904 SF Retail Building Virginia Beach, VA 23451 $8,322,580 ($599/SF) 7.75% Cap Rate
Executive Summary
Avison Young’s U.S. Capital Markets Group, as exclusive advisors to the owner, is pleased to present the opportunity to acquire a Walgreens in Virginia Beach, VA. Built in 2015, this offering is 13,904 square feet with a corporate guarantee from Walgreen Co. The property is situated at a signalized intersection on the corner of First Colonial Road & Laskin Road, seeing a combined traffic count of 70,000+ VPD. Demographics are excellent, especially with the Oceana Naval Air Station nearby, allowing this location to fill prescriptions for military personnel. This offering represents a rare chance to acquire an incredibly well-located asset with a drive-thru that is leased for 10+ years by a credit-worthy tenant.
- Signalized intersection with 70,000+ combined VPD at the intersection of First Colonial Road & Laskin Road
- Location has a beer and wine license
- 2015 build-to-suit construction with drive-thru pharmacy window Lease signed by Walgreens Boots Alliance (S&P: BB | Moody’s: Ba2)
- Excellent demographics – 134,375 residents and average household incomes of $107,695 within a 5-mile radius of the property
- Several nearby national retailers on the heavily trafficked corridor driving traffic to the property
- Close proximity to Oceana Naval Air Station so location fills prescriptions for military personnel
- Signalized intersection with 70,000+ combined VPD at the intersection of First Colonial Road & Laskin Road
- Location has a beer and wine license
- 2015 build-to-suit construction with drive-thru pharmacy window Lease signed by Walgreens Boots Alliance (S&P: BB | Moody’s: Ba2)
- Excellent demographics – 134,375 residents and average household incomes of $107,695 within a 5-mile radius of the property
- Several nearby national retailers on the heavily trafficked corridor driving traffic to the property
- Close proximity to Oceana Naval Air Station so location fills prescriptions for military personnel
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Drug Store
Building Size
13,904 SF
Building Class
B
Year Built
2015
Price
$8,322,580
Price Per SF
$599
Cap Rate
7.75%
NOI
$645,000
Tenancy
Single
Building Height
1 Story
Slab To Slab
14’
Building FAR
0.31
Land Acres
1.04 AC
Opportunity Zone
Yes
Parking
45 Spaces (3.24 Spaces per 1,000 SF Leased)
Walk Score ®
Very Walkable (85)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 2407-78-7523 | Improvements Assessment | $2,817,800 |
| Land Assessment | $1,515,700 | Total Assessment | $4,333,500 |
PROPERTY TAXES
Parcel Number
2407-78-7523
Land Assessment
$1,515,700
Improvements Assessment
$2,817,800
Total Assessment
$4,333,500
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Walgreens | 645 First Colonial Rd
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