CAP RATE: 6.75%
BUILDING SIZE: 6,052 Sq Ft
YEAR BUILT | RENOVATED: 1985 | 2007
LOT SIZE: +/- 1.01 Acres
- Corporate Guarantee from Childtime Childcare, Incorporated – Childtime Childcare is a subsidiary of Learning Care Group Incorporated, the second largest for-profit childcare operator in the United States. Learning Care Group Operates over 1,000 facilities under several different brands including La Petite Academy, Childtime, Tutor Time, The Children’s Courtyard, Montessori Unlimited, Everbrook Academy, Creative Kids, Pathways, U-Gro, and Young School.
- New 10-Year Lease Extension in 2021 – Childtime recently extended their lease for an additional 10 years, showing a long-term commitment to this location. The lease calls for an increase in rent every five years of 10%, offering an important hedge against inflation. This location has operated as an early learning center since 1985 and is a respected and known entity for families in the city of Virginia Beach.
- U.S. Child Care Market Size ($60.4 Billion – 2022) – The U.S. child care market size was valued at USD 60.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.18% from 2023 to 2030. The key factor driving the growth is the rising demand for early daycare & education services with more parents returning to working in offices, the rising number of single & working mothers, advancements in learning technologies for children, and the accessibility of government funding. The expenditure on daycare in the U.S. is very high. As per the cost of care survey facilitated by the U.S. Department of Health and Human Services, the expenditure on these services reached up to 7% of the household income in 2021. Families in the U.S. are willing to spend more on childcare services, indicating the high service demand in the U.S.
- Dense Marketplace with over 300,000+ People in 5-Miles – Hampton Roads, also known as the Virginia Beach-Norfolk-Newport News metro, is recognized for its miles of waterfronts and beaches, military presence, harbors, shipyards and coal piers. The area is composed of James, Gloucester, Mathews, York and Isle of Wight counties in Virginia, and Gates and Currituck counties in North Carolina, as well as the cities of Virginia Beach, Williamsburg, Chesapeake, Norfolk, Newport News, Hampton, Poquoson, Portsmouth and Suffolk. Approximately 1.8 million people reside in the market, 463,000 of whom are in Virginia Beach, the most populous city in the market.