Investment Overview

Register to Bid and Access Due Diligence Documents on RealINSIGHT Marketplace - https://rimarketplace.com/auction/2093/ Marcus & Millichap is pleased to offer for sale the fee simple interest in Buckroe Shopping Center, a ±29,694 square foot retail center located at 1933 E Pembroke Avenue in Hampton, Virginia (the "Property”). The Property presents a strong value-add opportunity for investors to purchase an infill shopping center within the dense Hampton/Newport News region. The Offering provides stable cash flow with the opportunity to quickly enhance NOI through vacancy lease-up and marking up the well-below market Dollar General rent to market rent. Buckroe Shopping Center is improved with a ±29,694 square feet building and is strategically positioned on ±2.366 acres with ample, dedicated parking and multiple points of ingress/egress. The Property is anchored by a top performing Dollar General with major renovations completed in 2020. Recent capital improvements include a newly built-up roof membrane, gutters, and downspouts. Zoned C-2, Limited Commercial, this zoning offers favorable flexible zoning allowing for a variety of commercial and retail uses via adaptive reuse or repositioning including retail, medical services, office, self-storage, restaurant, financial services, and many others. Tenants nearby include Family Dollar, Metro, Citi Trends, O’Reilly, Food Lion, Little Caesars, Dunkin, Advance Auto Parts, and more. Save A Lot closed this location as part of a national restructuring program. The Property has the upside of a newly available turnkey grocery store as all the fixtures, furniture, and equipment remain with the vacant unit. Significant upside can be realized via strategic capital infusion, leasing of remaining space, and proactive management. Currently, Dollar General is paying just $2.88/SF, which is over 80% below market rents, as CoStar estimates market rent at $17.19/SF. New Dollar General leases are achieving net operating incomes of $120K-$170K, equating to $10-$15/SF, while older stores in shopping centers are paying between $6-$9/SF. The Buckroe Dollar General is benefiting from rents that are 50-75% below what other Dollar General locations are currently being signed for. Situated on the southeastern end of the Virginia Peninsula, Hampton is strategically positioned near major transportation routes, including Interstate 64, which provides easy access to nearby cities such as Newport News, Norfolk, and Virginia Beach. Hampton is also home to the Hampton Roads Bridge-Tunnel, a critical infrastructure link connecting the Virginia Peninsula to the rest of the region. The Property is situated along Pembroke Avenue, a major retail corridor within the Buckroe Beach submarket, and benefits from traffic counts of 12,561 vehicles per day. The Property benefits from proximity to major traffic generators and is within ±0.5 miles of Jones Magnet Middle School, John B Cary Elementary School, and Phoebus High School. As of 2023, the Property’s demographics have ±91,800 individuals residing within a 5-mile radius, with an average household income of ±$77,080. The Property is located within a steady growth area with population growth of 1.1% from 2010-2023 and an anticipated 2.07% growth expected from 2023-2028 within five miles of the Property.