Hobby Lobby NNN — Ashland, VA

Updated November 2, 2026

$6,875,000 · 6.00% CAP · 11.8 YRS

2023 build-to-suit Hobby Lobby, 55,000 SF on five acres off I-95 in the Richmond MSA, offered at $6,875,000 and a 6.00% cap on $412,500 NOI. It is NN: the landlord keeps roof, structure and CAM, with CAM reimbursement capped at 3% a year. The ask is 25 bps over the 5.75% median of 187 active listings.

Lease Abstract

Price

$6,875,000

Cap rate

6.00% CAP

NOI

$412,500

Term remaining

11.8 YRS

Lease type

NN

Increases

$0.25 PSF every 5 years (next September 2028)

Options

3 x 5-year

Guarantee

Corporate

Building

55,000 SF

Lot

5 AC

Year built

2023

Listing information is deemed reliable but not guaranteed — pricing, cap rates, and lease terms are subject to change, prior sale, or withdrawal without notice.

Property Details

55,000 SF building, built 2023, 5 acres of land. $125/SF asking, $7.50/SF NOI. Rent increases: $0.25 PSF every 5 years (next September 2028). Renewal options: 3 x 5-year. Corporate guarantee. Primary term ends around 2038 (11.8 yrs left at listing, Nov 2026).

Location

Ashland, Virginia — 11684 Lakeridge Pkwy, Ashland, VA 23005. Full address and offering memorandum released on request — see our Hobby Lobby tenant guide and the Virginia market page for the underwriting context.