3480 Military Hwy Chesapeake, VA 23323-2306

Property Details for 3480 Military Hwy

Year built

1955

Lot size

2.46 lot acres

Property size

1,200 SF

Zone code

B2: GENERAL BUSINESS

Property type

Auto shops

APN

252011000134

APU

252011000134

Description

Exceptional investment opportunity: a brand-new, 1,674 square foot auto shop in Chesapeake, VA, boasting a 14.2-year remaining lease term with a prominent national tenant, Strickland Brothers 10-Minute Oil Change. This absolute NNN lease, commencing October 26, 2023, and expiring January 31, 2039, offers a secure, passive income stream with minimal landlord responsibilities. The property features a 6.25% cap rate and a $155,000 annual net operating income (NOI). Rent increases of 10% are built into the lease every five years, ensuring consistent growth in returns. Situated on a 2.46-acre lot at 3480 S Military Hwy, Chesapeake, VA 23323, this fee-simple investment includes both land and building, presenting potential bonus depreciation opportunities. The tenant, Strickland Brothers, is a rapidly expanding franchise with over 250 locations nationwide, backed by significant private equity investment. The property benefits from a strong location, shadow-anchored by a high-performing Food Lion grocery store, and is situated within a rapidly growing area of Chesapeake, a city experiencing significant population growth and boasting a robust economy. The lease includes four 5-year renewal options, each with a 10% rent increase. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with significant long-term growth potential.