743 Lynnhaven Pkwy Virginia Beach, VA 23452-7304
- Community centers
- 4,459 SF
- 1.15 lot acres
Current Use by Public Records
- Panera Bread / Takeout Restaurant / Salad Shop
Property Details for 743 Lynnhaven Pkwy
- Year built
- 2021
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.15 lot acres
- Property size
- 4,459 SF
- Zone code
- B2
- Property type
- Community centers
- APN
- 14964680270000
- APU
- 14964680270000
Description
This exceptional investment opportunity presents a fee-simple interest in a 4,450-square-foot Panera Bread restaurant located at 743 Lynnhaven Parkway, Virginia Beach, VA 23452. The property boasts a 15.1-year absolute NNN ground lease with a corporate guarantee from Panera Bread, providing significant security and stability. With 11.4 years remaining on the initial lease term, this investment offers substantial long-term income potential. The lease includes three 5-year renewal options, with rent increases of 10% every five years during the initial term and the first two renewal options, and a 15% increase in the third option. The property sits on a 1.15-acre outparcel of Lynnhaven Mall, the largest shopping center in southeastern Virginia, benefiting from high visibility and significant foot traffic. Built in 2021, this single-story building features 82 parking spaces and is zoned B-2 Community Business. The property's strong location, coupled with the established Panera Bread brand and favorable lease terms, makes it an attractive investment with a 5.00% cap rate and a current NOI of $165,000. The asking price is $3,300,000, representing a price per square foot of $741.57. The property's strategic location near major roadways, including Interstate 264 and US Highway 58, and its proximity to significant employment centers, including Naval Air Station Oceana and upcoming commercial developments, further enhance its investment appeal. This is a rare opportunity to acquire a high-performing, well-located Panera Bread property with a secure, long-term lease.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Virginia Beach
- County
- Virginia Beach City
- State
- Virginia
- Longitude
- -76.0677
- Latitude
- 36.817
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
