745 Lynnhaven Pkwy Virginia Beach, VA 23452-7304

Property Details for 745 Lynnhaven Pkwy

Year built

1982

Construction

TYPE NOT SPECIFIED

Lot size

0.55 lot acres

Property size

2,740 SF

Zone code

B2

Property type

Banks

APN

14964690930000

APU

14964690930000

Description

This exceptional investment opportunity presents a 3,217 square foot Bank of America branch located at 745 Lynnhaven Parkway, Virginia Beach, VA 23452. The property sits on a 0.56-acre lot and is part of a thriving commercial area, benefiting from high visibility and traffic flow of approximately 55,000 vehicles daily. Built in 1982, this single-story building operates under a corporate-guaranteed absolute triple-net (NNN) ground lease with Bank of America, offering minimal landlord responsibilities. The current lease term expires January 30, 2027, with 2.2 years remaining, followed by one 5-year renewal option with a 10% rent increase. The annual net operating income (NOI) is $181,429, resulting in a 6.00% cap rate and a price per square foot of $939.95. The property boasts 22 parking spaces and is zoned B-2 Community Business. With a strong credit tenant, favorable lease terms, and a prime location in a densely populated area (237,844 people within a 5-mile radius, average household income $98,176), this presents a compelling investment opportunity in a growing market. The property's location within Virginia Beach, a city experiencing steady economic growth, further enhances its long-term value. The asking price is $3,023,812.