Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    LongHorn Steakhouse Ground Lease Opportunity Title is generated by Realmo AI

    9695 Liberia Ave, Manassas, VA 20110

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Long-term ground lease with established tenant in growing retail corridor.

    Type:Restaurant
    Property size:
    5,600 SF
    Lot size:
    0.78 Acres
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 4:58 am

    Property Features for 9695 Liberia Ave

    General Information

    Standard status
    Active
    Size
    5,600 SF
    Lot size
    0.78 Acres
    Property subtype
    Restaurant

    We can help!

    Listing Contact
    Dean Zang
    Dean Zang

    Listing agent Dean Zang License #MD: 665335, VA: 0225239201

    Listing office Washington, D.C. Office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Washington, D.C. Office

    HighLights

    • High credit ground lease with LongHorn Steakhouse (Darden Restaurants, S&P Rated: “BBB,” Investment Grade) as tenant.
    • Long‑term ground lease commenced in 2008 with nearly 8 years of remaining term and two renewal options remaining.
    • Located in a high‑traffic Northern Virginia retail corridor on Liberia Avenue.
    • Benefits from cross‑parking with the neighboring Evergreen Terrace Shopping Center.
    • Situated amongst high‑volume national tenants, including Walmart, Harris Teeter, Aldi, Wawa, Chick‑Fil‑A, and Starbucks.
    • Located in an area with a population of 88,230 and an average household income of $152,001.

    Overview

    This commercial property features a long-term ground lease with Rare Hospitality International, Inc., a subsidiary of Darden Restaurants (S&P Rated: BBB). The tenant operates as LongHorn Steakhouse. The lease commenced in 2008 and has nearly 8 years of remaining term. In 2023, the tenant exercised their second renewal option, extending the lease term to ten years. Rent remains flat during years 1-5 of the option period, with increases scheduled to begin in 2029. The tenant has two options remaining. The property is 0.78 acres and includes cross-parking with the neighboring Evergreen Terrace Shopping Center on Liberia Avenue in Manassas, Virginia. The building has 5,600 square feet. Situated on Liberia Avenue, the location is in a dense retail corridor with national tenants. The corridor includes a Walmart with 2.4 million annual visits, a Harris Teeter with 785,700 visits annually, and an Aldi with 354,000 visits annually. Other national tenants include Wawa, Chick-Fil-A, Wendy’s, Chipotle, Starbucks, and Raising Canes. The Evergreen Village Shopping Center, located immediately south, includes over 110,000 square feet of retail space with Lidl, Texas Roadhouse, Jersey Mike’s, and Cold Stone Creamery, and over 240 apartment units. The retail corridor is supported by a population of 88,230 with an average household income of $152,001.
    Location Intelligence

    Current Use by Public Records

    LongHorn Steakhouse Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manassas
    County
    Manassas Park
    State
    Virginia
    Longitude
    -77.4495211
    Latitude
    38.746624

    Nearby Similar for Sale

    • $399,000

      Move-In Ready Manassas Office Space

      Well-equipped office with reserved parking, ready for immediate occupancy.
      9161 LIBERIA Avenue, MANASSAS, VA 20110
      View Details
    • $2,130,000

      Standalone Building in Manassas

      Standalone commercial building with road visibility and signage opportunities.
      8803 SUDLEY Road, MANASSAS, VA 20110
      View Details
    • $318,000
      927 SF

      Zoned B1 Office Space

      Compact office space positioned near I-66 and Route 234 for B1-zoned business use.
      7528 DIPLOMAT Drive, MANASSAS, VA 20109
      View Details
    • $345,000

      Office Space with Retail Frontage

      Well-maintained office unit with retail frontage, washer/dryer hookups, and visibility along a major commuting corridor.
      8632 CENTREVILLE Road, MANASSAS, VA 20110
      View Details
    • $750,000
      3,100 SF

      Established Daycare Center Near Manassas

      Turnkey daycare center with established enrollment and updated facilities.
      8904 YORKSHIRE Ln, Manassas, VA 20111
      View Details
    • $295,000

      Modern Medical Office in Manassas

      Turnkey medical office/dental clinic in Manassas, VA for sale.
      10620 CRESTWOOD DRIVE Burg, MANASSAS, VA 20109
      View Details
    • $300,000

      Bright Corner Unit for Sale

      Second-floor office with excellent natural light and hardwood flooring.
      10521 CRESTWOOD, MANASSAS, VA 20109
      View Details
    • $150,000
      760 SF

      Professional Office Condo Near Courthouse

      760 SF office condo near Old Town Manassas.
      9851 BUSINESS Way, Manassas, VA 20110
      View Details
    • $250,000

      Move-in Ready Office Condo

      Functional office space with flexibility to support various business needs.
      8781 MATHIS Ave, Manassas, VA 20110
      View Details
    • $674,900
      875 SF

      Manassas Commercial Brick Building

      Commercial brick building with street frontage in Old Town Manassas.
      9109 CENTER Street, MANASSAS, VA 20110
      View Details
    • $2,500,000
      3,010 SF

      Industrial Unit with Outdoor Storage

      3,010 SF industrial unit with gated outdoor storage.
      11900 Livingston Rd, Manassas, VA 20109
      View Details
    • $399,000

      Move-In Ready Office Space

      Office space with reserved parking and modern kitchenette.
      9161 LIBERIA Ave 302, Manassas, VA 20110
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Long-term ground lease with established tenant in growing retail corridor.
    Where is this conventional restaurant located?
    The property is located at 9695 Liberia Ave Manassas, VA.
    What are key features of this property?
    This property features: High credit ground lease with LongHorn Steakhouse (Darden Restaurants, S&P Rated: “BBB,” Investment Grade) as tenant.; Long‑term ground lease commenced in 2008 with nearly 8 years of remaining term and two renewal options remaining.; Located in a high‑traffic Northern Virginia retail corridor on Liberia Avenue.
    (202) 536-3754
    We can help!
    Listing Contact
    Dean Zang
    Dean Zang
    Real Estate License ID: MD: 665335, VA: 0225239201
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    9695 Liberia Ave, Manassas, VA 20110
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!