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Property profile & analytics
FOR LEASE
Drive through restaurants
796 Lynnhaven Pkwy Virginia Beach, VA 23452
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US87-0643998
For Lease
1 / 2
$2,465,000
796 Lynnhaven Pkwy, Virginia Beach, VA 23452
View Listing →
Property profile
Verified
Property type
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Year built
2022
Construction
FRAME
Total area
3,182 SF
Lot
2.02 ac (88,127 SF)
Zoning code
B2
APN
14964495160000
UPID
US87-0643998
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Freddy's Restaurant
-
Freddy's Frozen Custard & Steakburgers Restaurant Take-out & Catering
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.87M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.46M
Blend (final)
Blend
$2.47M
Owner & transaction history
Mrea Virginia Beach LLC · 5 yrs held
Mrea Virginia Beach LLC
since 2021
Last sale
$2.2M
5 recorded transactions
Zoning & alternative use
B2 · Virginia Beach, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$2.3M
+57.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Virginia Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Virginia Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$2,595,000
ML approach
$2,865,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$2,255,000
Change: +57% · Conversion: Difficult
Blend value · Realmo final
$2.47M
Range $2.22M – $2.71M · ±10% · vs last sale $2.20M (Jul 16 2021)
Last sale anchor
$2.20M
Jul 16 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$775 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$25,936
Tax year 2024
Assessed value
$2,619,800
Assessed 2024
Previous assessed
$2,619,800
+0.0% YoY
Effective rate
0.99%
On assessed value
Assessed land
$1,596,400
Assessed improvement
$1,023,400
Land market value
$1,596,400
Improvement market value
$1,023,400
Total market value
$2,619,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Drive through restaurants
Use group
DRIVE-THRU RESTAURANT, FAST FOOD
Status
For Lease
Year built
2022
Construction
FRAME
Heating
NONE
Cooling
CENTRAL
Stories
1
Total area
3,182 SF
Lot
2.02 ac (88,127 SF)
Zoning code
B2
APN
14964495160000
UPID
US87-0643998
Jurisdiction
VIRGINIA BEACH CITY
Zoning & alternative use
B2 · Virginia Beach, VA
Zoning B2 · permitted uses
B2 · Virginia Beach, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Virginia Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$2.3M
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2022
Construction
FRAME
Heating
NONE
Cooling
Yes
Stories
1
Lot
2.02 ac
Current owner
From public records · entity-resolved
Mrea Virginia Beach LLC
Entity
Mailing address
1100 PO BOX 621205TH AVE STE #210, CHARLOTTE, NC 28262-0120
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 16, 2021
—
Mrea Virginia Beach LLC
United Restaurant Group LP
Quit Claim Deed
related
—
Jul 16, 2021
$2,200,000
Mrea Virginia Beach LLC
United Restaurant Group LP
Special Warranty Deed
$3,800,000 · Cogent Bank
—
—
United Restaurant Group LP
—
Loan Modification
related
$23,600,000 · General Electric Capital Corp
—
—
United Restaurant Group
—
Deed Of Trust
related
$1,355,000 · Merrill Lynch Business Finl Sv
—
—
United Restaurant Group LP
—
Deed Of Trust
related
$1,133,000 · General Electric Capital Corp
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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