Single-Tenant NNN Restaurant Ground
For Sale
Contact for pricing
Pending
11450 Midlothian Turnpike, Richmond, VA 23235
For sale Carrabba’s Italian Grill on an absolute NNN ground lease with about 10 years remaining and scheduled 10% escalations.
Property Size6,692 SF
Days on Market149
Property Features for 11450 Midlothian Turnpike
General Information
Standard status
Pending
Size
6,692 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Stabilized
Net Operating Income
$177,156
Building Details
Year Built
2001
Year Renovated
2026
Stories
1
Tenancy
Single
Listing Agency:
JLL - Washington, D.C.
Listed By:
Jordan Lex · License #DC SP98373803
(202) 533-2517
Source:
Crexi
Added: Jun 8
Changed: Nov 1
Last Checked: Nov 3 at 4:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JLL - Washington, D.C.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The offering is a single-tenant Carrabba’s Italian Grill configured under an absolute NNN ground lease. The lease structure provides zero landlord responsibilities, and the existing term includes approximately 10 years remaining. Rent is scheduled to escalate by 10.0% every five years, supporting long-term contractual rent growth within the lease.
The property is located in the Richmond MSA in North Chesterfield, Virginia, with the asset identified as 11450 Midlothian Turnpike (as provided). This is a purpose-built, operator-specific restaurant investment where the tenant occupies the site under the stated ground lease terms.
This asset is well suited for investors seeking an absolute NNN ground lease ownership position with a single tenant and clearly defined rent escalation intervals. For brokers and tenants evaluating related opportunities, the key decision points here are the single-tenant lease profile, the approximate time remaining on the term, and the documented zero landlord responsibility structure. The contract terms are the primary driver of the property’s income characteristics as presented in the offering materials.
The property is located in the Richmond MSA in North Chesterfield, Virginia, with the asset identified as 11450 Midlothian Turnpike (as provided). This is a purpose-built, operator-specific restaurant investment where the tenant occupies the site under the stated ground lease terms.
This asset is well suited for investors seeking an absolute NNN ground lease ownership position with a single tenant and clearly defined rent escalation intervals. For brokers and tenants evaluating related opportunities, the key decision points here are the single-tenant lease profile, the approximate time remaining on the term, and the documented zero landlord responsibility structure. The contract terms are the primary driver of the property’s income characteristics as presented in the offering materials.
Key Highlights
- Single‑tenant Carrabba’s Italian Grill built in 2001, located at 11450 Midlothian Turnpike in North Chesterfield, VA (Richmond MSA).
- Absolute NNN ground lease with approximately 10 years of remaining lease term.
- Rent escalations of 10.0% every five years.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,819
Cap Rate
2.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,736,380
$1.7M
Cap Rate 7%
$1,240,271
$1.2M
Cap Rate 9%
$964,656
$964.7K
Market Conditions
NOI Build-Up for 6,692 SF
Gross rent
$124.5K $18.60/SF
− Vacancy
−$8.7K −$1.30/SF
EGI
$115.8K $17.30/SF
− OpEx
−$28.9K −$4.32/SF
NOI
$86.8K $12.97/SF
Area
Richmond, VA
Vacancy
7.00%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,736,380
Cap Rate 7%
$1,240,271
Cap Rate 9%
$964,656
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.09M – $1.45M
NOI $86,819 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.35M – $1.80M
NOI $108,225 @ 7.0% cap · market cap 3.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,299
Businesses Nearby
197k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Apparel 21%
Shops & Services 20%
Groceries 9%
Raising Cane's Chicken Fingers
Dining
33,762 visits/mo
0.4 miles
Michaels
Shops & Services
29,236 visits/mo
0.4 miles
Burlington
Apparel
26,792 visits/mo
0.4 miles
The Fresh Market
Groceries
17,041 visits/mo
0.4 miles
DSW Designer Shoe Warehouse
Apparel
15,160 visits/mo
0.5 miles
Demographics for 23235, VA
34,058
Population
14,973
Households
2.3
Avg Household Size
42
Median Age
50%
College-Educated
92%
High-School Grad
17.8 sq mi
ZIP Area
1,913
Density / Sq Mi
$89,959
Median Household Income
$54,403
Median Earnings
$1,663
Median Rent
$324,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Richmond, VA
Similar Off Market Nearby
- Teppanyaki — 1321 carmia way, bon air, va 23235
Frequently Asked Questions
What type of property is this?
Conventional restaurant - For sale Carrabba’s Italian Grill on an absolute NNN ground lease with about 10 years remaining and scheduled 10% escalations.
Where is this conventional restaurant located?
The property is located at 11450 Midlothian Turnpike Richmond, VA.
What is the asking price?
The asking price for this property is $2,953,000.
What are key features of this property?
This property features: Single‑tenant Carrabba’s Italian Grill built in 2001, located at 11450 Midlothian Turnpike in North Chesterfield, VA (Richmond MSA).; Absolute NNN ground lease with approximately 10 years of remaining lease term.; Rent escalations of 10.0% every five years.
