8621 Quioccasin Rd Henrico, VA 23229

Property Details for 8621 Quioccasin Rd

Year built

2020

Lot size

0.34 lot acres

Property size

3,615 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a fee-simple ownership of a First Watch restaurant in Henrico, Virginia. Located at 8621 Quioccasin Rd, this 3,615 square foot Class A property boasts a 100% occupancy rate with a corporate guarantee lease expiring March 29, 2030 (5.4 years remaining). The absolute NNN lease includes 10% rent bumps every five years and offers two, five-year lease options. The property sits on a 0.34-acre lot and benefits from a prime location within the Regency redevelopment project, a 2 million square foot mixed-use development anchored by over 1,200 new apartments. This high-traffic area (17,000 vehicles per day) enjoys strong retail and entertainment synergies, including nearby Performance Pickleball, Nova Swimming, Surge Adventure Park, and Walmart. The property's proximity to several schools with approximately 3,750 students further enhances its appeal. The area demonstrates significant growth, with a population increase of over 10% within a one-mile radius between 2010 and 2020, and an average household income exceeding $129,000 within a five-mile radius. The property's Net Operating Income (NOI) is $180,677, resulting in a 6.25% cap rate, and the asking price is $2,890,800 ($799.67 per square foot). Built in 2020, this is a rare chance to acquire a net-leased asset in a thriving, high-income area.