1420 N Parham Rd | Henrico, VA 23229
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1420 N Parham Rd
Henrico, VA 23229
First Watch · Retail Property For Sale
Investment Highlights
- Trophy Net Leased First Watch Restaurant Located on a Heavily Trafficked Section of Quiocassin Road (17,000 Vehicles Per Day (VPD)).
- Surrounded by Retail and Entertainment Venues Attracting Substantial Customer Traffic Including Performance Pickelball & Nova Swimming.
- Area Experienced Population Growth of Over 10% Between 2010-2020 (1-Mile Radius) and AHI Exceeding $129,000 (5-Mile Radius).
- Outparcel to “Regency” w/Hundreds of Millions in Investment - 1,200+ Apartments of Which 300 arr Delivered.
- Within 4 Driving Minutes of +/- 3,750 Students.
- Corporately Guaranteed Lease: Lease Corporately Guaranteed by First Watch with 500+ Locations Nationwide.
Executive Summary
-Trophy Net Leased First Watch Restaurant: Trophy Net Leased First Watch Restaurant Located on a Heavily Trafficked Section of Quiocassin Road (17,000 Vehicles Per Day (VPD)) Just Off a Signalized Intersection in Richmond, Virginia.
-Outparcel to “Regency” w/Hundreds of Millions in Investment: Within the Regency Redevelopment, a 2 Million Square Foot Mixed-Use Work-Live-Play Project to be Anchored by 1,200+ New Apartments of Which 320 are Delivered w/300+ More to Break Ground in 2024.
-Retail and Entertainment Synergies Driving Customer Traffic: Subject Property is Surrounded by a Host of Retail and Entertainment Venues Attracting Substantial Customer Traffic Including Performance Pickelball, Nova Swimming, Surge Adventure Park and Walmart.
-Within 4 Driving Minutes of +/- 3,750 Students: Just Four Driving Minutes or Less from Douglas Southall Free High, Tuckahoe Middle, Ridge Elementary and Pemberton Elementary with +/- 3,750 Student Enrolled.
-Dense, Rapid Growth, High Income Area: Rare Opportunity to Purchase a Net Leased Asset in a Dense Area that Experienced Population Growth of Over 10% Between 2010-2020 (1-Mile Radius) and AHI Exceeding $129,000 (5-Mile Radius).
-Corporately Guaranteed Lease: Lease Corporately Guaranteed by First Watch, an Award Winning Daytime Dining Concept Serving Made-to-Order Breakfast, Brunch, and Lunch with Over 500 Locations Nationwide.
-Outparcel to “Regency” w/Hundreds of Millions in Investment: Within the Regency Redevelopment, a 2 Million Square Foot Mixed-Use Work-Live-Play Project to be Anchored by 1,200+ New Apartments of Which 320 are Delivered w/300+ More to Break Ground in 2024.
-Retail and Entertainment Synergies Driving Customer Traffic: Subject Property is Surrounded by a Host of Retail and Entertainment Venues Attracting Substantial Customer Traffic Including Performance Pickelball, Nova Swimming, Surge Adventure Park and Walmart.
-Within 4 Driving Minutes of +/- 3,750 Students: Just Four Driving Minutes or Less from Douglas Southall Free High, Tuckahoe Middle, Ridge Elementary and Pemberton Elementary with +/- 3,750 Student Enrolled.
-Dense, Rapid Growth, High Income Area: Rare Opportunity to Purchase a Net Leased Asset in a Dense Area that Experienced Population Growth of Over 10% Between 2010-2020 (1-Mile Radius) and AHI Exceeding $129,000 (5-Mile Radius).
-Corporately Guaranteed Lease: Lease Corporately Guaranteed by First Watch, an Award Winning Daytime Dining Concept Serving Made-to-Order Breakfast, Brunch, and Lunch with Over 500 Locations Nationwide.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Restaurant
Building Size
5,000 SF
Building Class
B
Year Built
2020
Price
$2,890,800
Price Per SF
$578
Cap Rate
6.25%
NOI
$180,677
Tenancy
Single
Building Height
1 Story
Building FAR
0.34
Lot Size
0.34 AC
Opportunity Zone
Yes
Zoning
B3 - Restaurant Building
Parking
17 Spaces (4.7 Spaces per 1,000 SF Leased)
Frontage
137 FT on Quioccasin Road
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $17,965,300 | |
| Land Assessment | $8,970,000 | Total Assessment | $26,935,300 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$8,970,000
Improvements Assessment
$17,965,300
Total Assessment
$26,935,300
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