Address: 1301 N. Laburnum Avenue, Richmond, Virginia, United States 23223
Type: Gas & Conv. Store
Cap Rate: 5.10%
Lease Type: Absolute Triple-Net (NNN)
Annual Rent: $338,371
Net Operating Income: $338,371
Lease Term Remaining: 14.9 Years
Rentable Sq/Ft: 3,440 SF
Rent Sq/Ft: $98.36
Price Sq/Ft: $1929
Lot Size: +/- 1.65 Acres
Marcus & Millichap is pleased to present the exclusive listing for a 7-Eleven located at 1301 N. Laburnum Avenue, Richmond, Virginia The property consists of roughly 3,440 rentable square feet of building space on an estimated 1.65-acre parcel of land.
The 7-Eleven is subject to brand new 15-year Absolute Triple-Net (NNN) lease beginning on December 6th, 2019. The initial rent is $338,371 with ten percent rental increases every five (5) years. There are four (4), five (5)-year tenant renewal options, extending the total possible lease term to 35 years.
This 7-Eleven property is located at 1301 N. Laburnum Ave in Richmond, Virginia which boasts average daily traffic counts of 28,000. N. Laburnum Avenue is off U.S. Interstate 64 and intersects Creighton Road which has an average daily traffic count of 15,000. Additionally this 7-Eleven is in a densely populated area with more than 190,000 people in a five-mile radius.
The property is positioned in a dense retail corridor surrounded by many national and local tenants, shopping centers and academic institutions. Nearby national tenants include: Family Dollar, CVS, Dollar Tree, Wawa, Extra Space Storage, and Jiffy Lube. The subject property also benefits from being within a two (2) mile radius of ten (10) elementary schools. Additionally, the investment property benefits from being just over six (6) miles from Richmond International Airport. The Bon Secours Richmond Community Hospital, a state of the art 104 bed facility, is located under three (3) miles from the investment property. Recently, the surrounding area has seen an increase in investment and development as Ryan Homes is developing the Kensington Meadows and Grove Pointe neighborhoods which will consist of 64 single-family homes and 95 townhomes, respectively.
The investment property is located roughly six-miles outside of downtown Richmond. With a regional population of 1.3 million people it is the third largest metropolitan population in Virginia. Richmond is the Capital City of the Commonwealth of Virginia, consistently ranking among the “Best Places to Live and Work in America” in several national publications. Richmond features beautiful neighborhoods with striking architecture, a vast cultural and educational heritage. An economically progressive City as well, Richmond offers a wealth of amenities not easily found among other East Coast Municipalities. Richmond’s economy is primarily driven by law, finance, and government. The city is home to both the United States Court of appeals for the Fourth Circuit, one of 13 United States courts of appeals, and the Federal Reserve Bank of Richmond, one of 12 federal reserve banks. The Greater Richmond Area is also home to seven (7) Fortune 500 companies: electric utility Dominion Resources; CarMax; Owens & Minor; Genworth Financial; WestRock; McKesson Medical-Surgical; Performance Food Group; Markel Corporation, and Altria Group
Dawson Rinder License: #0225215181