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450 N Military Hwy
Norfolk, VA 23502
A-Mayes-N-Soulfood: 8+ Years on NNN Lease · Retail Property For Sale
PROPERTY FACTS
Amenities
- 24 Hour Access
- Bus Line
- Corner Lot
- Dedicated Turn Lane
- Freeway Visibility
- Pylon Sign
- Restaurant
- Signage
- Signalized Intersection
- Tenant Controlled HVAC
- Storage Space
- Monument Signage
- Air Conditioning
About 450 N Military Hwy , Norfolk, VA 23502
A-Mayes-N-Soulfood has 8+ years remaining on an initial 10 year Absolute NNN lease (personally guaranteed) with annual rental increases lesser of 2% OR 1.25X CPI. The tenant, A-Mayes-N Soulfood, Inc. is a locally owned and operated restaurant specializing in soul food with upwards of $175,000 spent on renovations in 2017. This asset has strong intrinsic value as it is priced well below replacement cost! A-Mayes-N Soulfood is located in Norfolk, Virginia on the main north/south thoroughfare of Norfolk with excellent driveby visibility. Nearby retailers include: Military Circle Mall (anchored by Ross Dress for Less & Cinemark), Walmart Supercenter, Target, Lowe’s Home Improvement, The Home Depot, Costco Wholesale, Food Lion, Ollie’s Bargain Outlet, Dollar Tree, Harbor Freight, T.J. Maxx, PetSmart, OfficeMax. This location is also located just 4.5 miles from Virginia Wesleyan University (enrollment of 1,470), 9 miles from Old Dominion University (enrollment of 24,375), and 2 miles from Sentara Leigh Hospital (250 beds). *In Association with Virginia Local Broker: Andrew T. Knight, New England Commercial Brokerage, Inc. #225214094
PROPERTY TAXES
| Parcel Number | 19927200 | Improvements Assessment | $768,100 |
| Land Assessment | $525,200 | Total Assessment | $1,293,300 |
PROPERTY TAXES
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