821 Lynnhaven Pkwy Virginia Beach, VA 23452
Property profile & analytics
821 Lynnhaven Pkwy Virginia Beach, VA 23452
- Turn key restaurants
- 7,332 SF
- 1.47 lot acres
Property ID
US87-0784598
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Red Lobster / Restaurant
- Neptune City Kitchen Remodeling / Hardware & Home Improvement / Interior Design
- General Mills Inc / Distribution Center / Logistics Company
Property Details for 821 Lynnhaven Pkwy
- Year built
- 1981
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.47 lot acres
- Property size
- 7,332 SF
- Zone code
- B2
- Property type
- Turn key restaurants
- APN
- 14964416920000
- APU
- 14964416920000
Description
This exceptional investment opportunity presents a fee-simple ownership of a 7,370-square-foot Red Lobster restaurant situated on a 1.45-acre lot (63,162 square feet) at 821 Lynnhaven Pkwy, Virginia Beach, VA 23452. The property is a single-tenant, net-leased (NNN) retail space, offering a secure and passive income stream. The current tenant, Red Lobster, is backed by a corporate guarantee, mitigating risk. With a remaining lease term of approximately 14.3 years (expiring February 28, 2039), this investment boasts a strong 5.60% capitalization rate and a substantial net operating income (NOI) of $327,761 annually. The lease includes 2% annual rent bumps, providing built-in growth potential. The lease structure is a triple-net lease (NNN), meaning the tenant is responsible for all operating expenses, minimizing landlord responsibilities. Four 5-year lease options are included. The property's prime location in Virginia Beach, a thriving tourist destination, further enhances its value and long-term prospects. The asking price is $5,850,000, translating to a price per square foot of $793.76. This offering represents a compelling opportunity for investors seeking a stable, high-performing retail investment with significant long-term potential. The property is currently 100% occupied.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- ML approach
- $315,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $729,000
Market price range: $542k - $1.24M
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Virginia Beach
- County
- Virginia Beach City
- State
- Virginia
- Longitude
- -76.0698
- Latitude
- 36.813
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$22,124
$1,470,900
$763,800
$2,234,700
-
$1,470,900
$763,800
$2,234,700
