Investment Overview

The property is 100% occupied by 2 established tenants with an average tenure of approximately 10.5 years. Verizon has successfully operated at the property for nearly 16 years and has extended its lease three times, demonstrating a long-term commitment to the location. Virginia ABC has occupied the property for approximately 5 years after relocating from Shore Plaza, where they were tenants for about 11 years. The longevity of both tenants highlights the strength of the location and its ability to support successful retail operations. Virginia ABC operates as a state agency with an exclusive monopoly on the sale of distilled spirits throughout the Commonwealth. In fiscal year 2025, Virginia ABC generated more than $1.5 billion in gross revenue. The Verizon store is operated by TCC (The Cellular Connection), one of Verizon’s largest Authorized Retailers. They operate more than 500 locations across 35 states and employ more than 2,000 people. Together, the tenants provide a stable and diversified income stream supported by essential service uses. The Verizon store benefits from its strategic positioning within the Eastern Shore market. The next closest Verizon store is located 20 minutes north, while the nearest location to the south is 1 hour and 12 minutes away. Virginia ABC also benefits from significant barriers to entry as the exclusive retailer of distilled spirits in Virginia. Unlike other states, liquor sales cannot be conducted through grocery stores or private retailers. Additionally, the nearest alternative ABC store is approximately 20 minutes away, reinforcing the importance of this location within the trade area. The property consists of a 6,912-square-foot building situated upon approximately 0.82 acres. It boasts prominent frontage along Lankford Highway (U.S. Route 13) with 17,000 VPD, which is considered the primary artery of the Eastern Shore. This section of the highway serves as the sole north-south transit route for the region, capturing both local daily traffic and seasonal beach traffic. It is also significant for transient traffic traveling between Virginia Beach/Norfolk and points north toward Maryland and Delaware.