1024 Eden N Way Chesapeake, VA 23320-2795

Property Details for 1024 Eden N Way

Year built

2004

Lot size

1.59 lot acres

Property size

6,276 SF

Zone code

PUD: PLANNED UNIT DEVELOP

Property type

Turn key restaurants

APN

280000000801

APU

280000000801

Description

This exceptional investment opportunity presents a 6,384 square foot Red Robin restaurant located at 1024 Eden Way N, Chesapeake, VA 23320. The property sits on a 1.59-acre lot and boasts a strong 6.50% cap rate, generating a substantial net operating income (NOI) of $285,652. Secured by a corporate guarantee, the absolute NNN lease features a remaining term of 14 years, expiring July 30, 2038, with three, five-year renewal options. Rent increases of 10% every five years ensure consistent income growth. The property benefits from a prime location near Interstate 64, providing easy access to Norfolk and Virginia Beach. Its proximity to Greenbrier Mall and other national retailers like Walmart, Target, and Chick-fil-A, enhances visibility and customer traffic. The high average household income of $94,947 within a 5-mile radius further strengthens the investment's potential. This is a rare opportunity to acquire a well-performing, nationally branded restaurant property with a long-term lease and significant upside potential. The tenant is responsible for all taxes, common area maintenance (CAM), and insurance, minimizing landlord responsibilities. The property enjoys 100% occupancy.

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Longitude

-76.2251

Latitude

36.7774

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments