3464 Military Hwy Chesapeake, VA 23323-2306
- Drive through restaurants
- 1.36 lot acres
Current Use by Public Records
- Bojangles / Restaurant / Family Restaurant
Property Details for 3464 Military Hwy
- Lot size
- 1.36 lot acres
- Zone code
- B2: GENERAL BUSINESS
- Property type
- Drive through restaurants
- APN
- 252011000138
- APU
- 252011000138
Description
Exceptional investment opportunity: a 2,858 square foot Bojangles' restaurant located at 3464 S Military Hwy, Chesapeake, VA 23323, is available for purchase. This absolute NNN net lease property boasts a strong 6.00% cap rate and a substantial remaining lease term of 19 years, expiring November 30, 2043. The property sits on a 1.36-acre lot and includes 35 parking spaces. Built in 2023, the single-tenant building enjoys 100% occupancy with a franchisee tenant. The lease features rent bumps of 3.46% after year one, 3.34% after year two, flat for years three through five, and then 10% increases every five years thereafter. The property benefits from high visibility on S Military Hwy, with a daily traffic count of 18,000 vehicles. Its strategic location near George Washington Commons (a 44,357 square foot retail center anchored by Food Lion), and a significant population density (147,934 residents within a 5-mile radius) ensures consistent customer traffic. The area also features a large industrial presence (5.6 million square feet within a 2-mile radius), further enhancing the property's appeal. Limited competition, with only two other Bojangles within a 20-minute drive, solidifies its market position. Proximity to major institutions like Chesapeake Regional Medical Center, Tidewater Community College, and Deep Creek High School, along with convenient access to Hampton Roads Executive Airport, adds to its desirability. Nearby destination retailers include McDonald's, Wendy's, Dunkin', Subway, Arby's, Hardee's, Wawa, and more. The property generates a Net Operating Income (NOI) of $199,874. The lease includes two, five-year options. This is a turnkey investment with minimal landlord responsibilities.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $630,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $565,000
- 6.5%
- $670,000
- 7%
- $615,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $585,000
- Geo Method
- $535,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $580,000
- Retail
- $565,000
- Mixed-Use
- $495,000
- Hospitality
- $530,000
- Educational
- $680,000
- Residential Income
- $490,000
- Energy
- $610,000
- Income-Based Land
- $520,000
- Food Service
- $625,000
Location Insight
- Map
- Local Demand
- City
- Chesapeake
- County
- Chesapeake City
- State
- Virginia
- Longitude
- -76.347
- Latitude
- 36.7716
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
