11967 Jefferson Ave, Newport News, VA 23606

16,500 SF | Retail Building | Newport News, VA 23606 | $4,400,000 ($267/SF) | 6.75% Cap Rate

Asking Price $4,400,000

Property Type: Retail
Square Feet: 16,500 SF
Price / Square Foot: $267

Listing Contacts

Jay O'Donnell

Verified Profile

Jeffrey Fritz

Verified Profile

Property Info

Property Overview

Colliers’ is pleased to present this La-Z-Boy net lease opportunity along the Peninsula’s dominant commercial corridor of Jefferson Avenue in Newport News, VA. The corporately leased store sits prominently at a signalized intersection seen by almost 50,000 vehicles per day. La-Z-Boy recently demonstrated their commitment to the location with a long-term renewal and complete renovation and modernization of the store.
Square Footage: 16,500 SF
Parcel Size: 1.52 AC
Year Built: 2000
Parking: 36 Spaces
Zoning: C2
Year 1 NOI: $297,000
Ownership: Fee Simple
LONG-TERM, SINGLE TENANT CORPORATE LEASE
• 8 years remaining on recently executed renewal with full Tenant renovation of store
• La-Z-Boy Incorporated, NYSE: LZB Guarantee
• 6% rent bump in 2026
PREMIER CORRIDOR, HEAVILY TRAVELED INTERSECTION
• Jefferson Avenue is the dominant commercial corridor in the submarket and Greater Peninsula region; Hard corner seen by almost 50,000 VPD
• Surrounded by strong employment/demand drivers Jefferson Labs, Tech Center, Newport News/Williamsburg Airport, NASA Langley Research Center and Langley Air Force Base, CHKD Health, Canon, Alion Science and Technology, C² Technologies and Triumph Aerospace Systems
• National retailers within 1-mile include Whole Foods, Costco, Ulta, Aldi, Lidl, Target, and Homesense
EXCELLENT RETAIL LOCATION AND DEMOGRAPHICS
• Densely populated trade-area with over 176,000 people living within 5 miles of the property
• Comfortable average household incomes of over $96,000 that match the target shopper
• Strategic access to regional connector I-64
WELL-MAINTAINED WITH RECENT CAPEX UPGRADES
• Excellent opportunity for passive ownership with recent parking lot, seal coat and line strip, and new HVAC units
UNDER MARKET RENT
• Currently, hard corner parcel retail space is commanding rents north of $30/sf in this corridor

Property Details

Class: C
Year Built: 2000
Stories: 1
Property Subtype: Freestanding
Lot Size (sq. ft): 66,211 SF

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