Current Use by Public Records
- Retail properties & Spaces
Property Details for 7727 Tidewater Dr
- Year built
- 2024
- Lot size
- 0.89 lot acres
- Property type
- Retail properties & Spaces
Description
Exceptional investment opportunity featuring a brand-new, 3,500 square foot Panera Bread restaurant in Norfolk, Virginia. This single-tenant, absolute NNN net lease boasts a corporate guarantee from Panera, LLC, providing investment-grade credit (Baa/BBB+). The property enjoys a prime location on Tidewater Drive, benefiting from high visibility (30,000 vehicles per day) as an outparcel to a major shopping center (219,926 square feet of retail space). The 14.9-year remaining lease term (expiring 09/29/2039) includes 10% rent bumps every five years, ensuring consistent income growth. The property sits within a dense retail corridor (3.1 million square feet within a 2-mile radius) and a high-population area (228,004 residents within a 5-mile radius). Proximity to major employers, including Naval Station Norfolk (82,000 active-duty personnel), Sentara Leigh Hospital, Old Dominion University, and Norfolk International Airport, further enhances its appeal. The 0.885-acre lot includes 40 parking spaces. The asking price is $3,290,000, representing a 5.00% cap rate and a price per square foot of $940. Built in 2024, this property offers a secure, long-term investment with significant upside potential. Lease options include 3 and 5-year terms. The property's strong tenant, prime location, and favorable lease terms make it an attractive addition to any portfolio.
Value Estimations
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk City
- State
- Virginia
- Longitude
- -76.2548
- Latitude
- 36.9141
