Investment Offering
Hampton, VA - Pep Boys
2224 W. Mercury Boulevard | Hampton, VA 23666
$5,534,000
Price7%
Cap Rate$387,368
NOI22,211
± SF Offering GLA3.13
± AC Land AreaDescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, Pep investment property located in Hampton, Virginia. The tenant, Manny, Moe & Jack, LLC, recently signed a brand new 5-year lease with 3 (5-year) options to extend, demonstrating their commitment to the site. The lease features 1.5% annual rental increases throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor. Founded in 1921, Pep Boys now operates more than 9,000 services bays I approximately 1,000 locations across 35 states and Puerto Rico.
Location
Pep Boys is strategically located at the signalized, hard corner intersection of West Mercury Boulevard and Todds Lane which serves over 86,000 vehicles per day. Furthermore, the site benefits from direct nearby on/off ramp access to Interstate 64 (177,000PD), making this a centralized location with easy commutes. The asset is within walking distance from Peninsula Town Center, a 667,000 S regional mall that’s home to Target, Floor & Décor, Barnes & Noble, Petsmart, and more. Other nearby national/credit tenants include Walmart, Lowes, BJ’s Wholesale, Bass Pro Shop, Kroger, Big Lots, Ross, At Home, Food Lion, and more. Strong tenant synergy increases consumer draw to the immediate subject trade area and promotes crossover tenant exposure to the site. Moreover, the site is ideally positioned within close proximity of multiple apartment complexes including The Chapman (213 units), Axis at PTC (169 units), and more providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by more than 193,000 residents and 120,000 daytime residents who earn an average household income of more than $79,000.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215