1024 N Eden Way
6,384 SF Retail Building Chesapeake, VA 23320 $4,395,000 ($688/SF) 6.50% Cap Rate
INVESTMENT HIGHLIGHTS
- The tenant is responsible for all Taxes, CAM, and insurance, providing no landlord ownership responsibilities.
- The property is conveniently located near Interstate 64, offering direct access to Norfolk, Virginia Beach
- The lease calls for rental increases of 10% every five years including the option periods.
- Additional national retailers in the area include Chick Fil’a, Walmart Super Center, TJ Maxx, Target, and Raising Cains.
EXECUTIVE SUMMARY
Remaining 14 year lease with Red Robin, one of the most recognized national brand in the casual dining industry., with more than 500 restaurants across the United States and Canada.
The site is a pad to Greenbrier Mall, the dominant retail center, providing superior visibility and access compared to other restaurants in the submarket.
Chesapeake is centrally located within the Hampton Roads metropolitan area, with an average household income of $94,947 within 5 miles of the site. Proximity to Eden Way North, a well-traveled local road, ensures ease of access for customers arriving by car or public transportation.
The site is a pad to Greenbrier Mall, the dominant retail center, providing superior visibility and access compared to other restaurants in the submarket.
Chesapeake is centrally located within the Hampton Roads metropolitan area, with an average household income of $94,947 within 5 miles of the site. Proximity to Eden Way North, a well-traveled local road, ensures ease of access for customers arriving by car or public transportation.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
6,384 SF
Building Class
B
Year Built
2004
Price
$4,395,000
Price Per SF
$688
Cap Rate
6.50%
NOI
$285,652
Tenancy
Single
Building Height
1 Story
Building FAR
0.09
Lot Size
1.59 AC
Zoning
PUD: PLANN - Ah4 - Restaurant
AMENITIES
- Dedicated Turn Lane
- Pylon Sign
- Signalized Intersection
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 0280000000801 | Improvements Assessment | $1,329,100 |
| Land Assessment | $1,281,200 | Total Assessment | $2,610,300 |
