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Havertys Furniture 11871 Jefferson Ave 49,716 sq ft Retail Property Newport News, VA 23606 £3,398,746 (£68.36/sq ft) 7.75% Net Initial Yield

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INVESTMENT HIGHLIGHTS

  • Absolute NNN Lease | No Landlord Responsibilities
  • Near Term Bump | 6% Increase in ±2 years, bringing the unlevered return up ±40 basis points
  • One, 5-Year Renewal Option Remaining | 6% Rent Increases in 2027 & 2032 (during option period)
  • Long-Term Operating History of 29 Years
  • Havertys recently exercised its first renewal option, extending the lease through 2031 and now features ±5.9 years of term remaining
  • Less Than 2 Miles from Downtown Newport News, VA (MSA Population: 1.8M+)

EXECUTIVE SUMMARY

The CBRE Net Lease Property Group is pleased to offer for sale the 49,716-square-foot Havertys Furniture located on 2.78 acres in Newport News, Virginia — part of the Virginia Beach-Norfolk-Newport News, VA-NC MSA (MSA Population: 1.8M+). Havertys recently exercised its first renewal option, extending the lease through 2031 and now features ±5.9 years of term remaining, one 5-year renewal option, and 6% rent increases in 2027 and 2032 (during option period).

PROPERTY FACTS

Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Standalone
Property Size
49,716 sq ft
Costar Property Class
B
Year Built
1996
Price
£3,398,746
Price per sq ft
£68.36
Yield
7.75%
NOI
£263,403
Tenancy
Single
Number of Floors
1
Loading Docks
1 Exterior
Plot ratio
0.41
Total Plot Size
2.78 ac
Use Class
M1
Parking
86 Spaces (1.73 Spaces per 1,000 sq ft Leased)
Frontage
250 ft on Jefferson Ave

AMENITIES

  • Bus Route
  • Pylon Sign
  • Signage

NEARBY MAJOR RETAILERS

CrossFit
Lidl
Fit Body Boot Camp
Chase Bank
Truist
Atlantic Union Bank
Wells Fargo
Fulton Bank
Waffle House
IHOP

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
183.00-01-21
Land Assessment
£1,491,705
Improvements Assessment
£3,645,249
Total Assessment
£5,136,954
  • Listing ID: 35396053

  • Date on Market: 07/04/2025

  • Last Updated:

  • Address: 11871 Jefferson Ave, Newport News, VA 23606

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