Hobby Lobby NNN Properties for Sale (1 Listing)
1 active listing · Updated November 2, 2026
Hobby Lobby on this page means one live deal: a 2023 build-to-suit store anchoring the 185-acre Winding Brook mixed-use development in Ashland, Hanover County, in the Richmond MSA. It sits on I-95 (about 127,000 VPD) with Bass Pro Shops, Starbucks, Boot Barn and Wendy's as neighbors, per the offering package.
The asking cap is 6.00%. That is one listing, not a market average. Other inventory is under properties for sale.
Quick Facts
- Typical cap range
- 6.00–6.00%
- Lease type
- NN on the listed Ashland, VA site: landlord keeps roof, structure and CAM
- Typical term
- About 11.8 years left on the listed site, three 5-year options
- Credit
- Hobby Lobby Stores, Inc.; private, no credit rating stated in the package
Hobby Lobby Listings
Listing information is deemed reliable but not guaranteed — pricing, cap rates, and lease terms are subject to change, prior sale, or withdrawal without notice.
Get off-market Hobby Lobby deals
Price the landlord duties
A 55,000 SF big box with roof, structure and CAM on the landlord is a different instrument from absolute-net paper. Budget reserves for the roof and structure, and model the CAM slippage the 3% cap creates. Put those costs in the NOI calculator before you compare this cap to an absolute-net deal.
Check the demographics
The package gives two different population figures within 5 miles: 54,000 in one place and 200,591 in another. Confirm which is right before you lean on either.
Nearby state pages
The listed store is in Virginia. The North Carolina and Maryland links point to nearby markets covered here; they say nothing about Hobby Lobby's store footprint.
Hobby Lobby NNN FAQs
What Hobby Lobby property is listed right now?
One: a 2023 build-to-suit Hobby Lobby at 11684 Lakeridge Pkwy in Ashland, Virginia, 55,000 SF on 5 acres, fee simple. It asks $6,875,000 at a 6.00% cap on $412,500 of NOI.
Is the Ashland Hobby Lobby absolute net?
No. It is NN. The landlord handles roof, structure and CAM, the tenant reimburses its share of CAM, capped at 3% a year, and the tenant insures the building. The package marks the NOI with an asterisk because that CAM cap causes some slippage.
Who is the tenant?
Hobby Lobby Stores, Inc., per the package. The package gives no credit rating for this privately held retailer, so request the operator financials the seller can share.
How does the rent grow?
Rent rises $0.25 per square foot every five years, with the next step in September 2028. The lease began August 2023 and expires August 2038, with three 5-year options.
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