7519 Tidewater Dr, Norfolk, VA 23505
- Commercial real estate
- 3,524 SF
- 0.72 lot acres
Current Use by Public Records
- Bojangles / Restaurant
Property Details for 7519 Tidewater Dr
- Year built
- 2008
- Lot size
- 0.72 lot acres
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 3,524 square foot Bojangles restaurant located at 7519 Tidewater Dr, Norfolk, VA 23505. The property is a 100% occupied, absolute NNN ground lease with a corporate guarantee, offering a strong 7.00% cap rate and a substantial NOI of $195,705. The lease features a remaining term of 4.2 years, expiring January 30, 2029, with built-in rent bumps of 10% every five years in the lease options (4 and 5-year options available). Situated on a 0.72-acre lot with 25 parking spaces, the property benefits from high visibility on Tidewater Drive, boasting 30,000 vehicles per day. The location is strategically positioned within a dense retail corridor, less than 10 minutes from Naval Station Norfolk and close to major retailers, including Walmart, Costco, and Target, as well as significant medical facilities and educational institutions. Built in 2008, this single-unit property offers a compelling investment with a proven track record, having been continuously leased since January 27, 2009. The asking price is $2,796,000, translating to $793.42 per square foot. The property is zoned for commercial use and enjoys a strong population density within a 5-mile radius, exceeding 228,000 residents. This presents a rare opportunity to acquire a well-established, high-performing asset in a prime Norfolk location.
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Location Insight
- Map
- Local Demand
- City
- Norfolk
- County
- Norfolk City
- State
- Virginia
- Longitude
- -76.25563108
- Latitude
- 36.91313856
