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450 N Military Hwy
Norfolk, VA 23502
A-Mayes-N-Soulfood: 8+ Years on NNN Lease · Retail Property For Sale
Investment Highlights
- 8+ Years Remaining on Initial 10-Year Absolute NNN (Personally Guaranteed) Lease with Annual Rental Increases – Lesser of 2% or 1.25x CPI
- Great Drive-By Visibility on N Military Hwy (Main North/South Thoroughfare through Norfolk) where Traffic Counts Exceed 60,000 CPD!
- 2018 Demographics (5-MI): Total Population: 300,829 | Avg HH Income: $70,100
- A-Mayes-N Soulfood, Inc. is a Locally Owned & Operated, Restaurant Specializing in Soul Food – Spent ±$175,000 on Renovations in 2017!
- Strong Intrinsic Value: Priced Well Below Replacement Cost!
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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