For Sale
$2,796,000

7519 Tidewater DrNorfolk, VA 23505

High-Yield Norfolk Restaurant Investment

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • Absolute Net Ground Lease.
  • Prime location less than 10 minutes from Naval Station Norfolk (82,000 active-duty personnel).
  • High visibility from Tidewater Drive (30,000 vehicles per day).
  • Outparcel to Southern Shopping Center (219,926 SF of retail space).
  • Situated in a dense retail corridor (3.1M SF within 2 miles).
  • Continuously leased since 2009.

Property Details for 7519 Tidewater Dr

Property type
Retail properties, Restaurants
Square Feet
3,524 SF
Year Built
2008
Buildings
1
Lot Size (sq. ft)
31,363 SF
Units
1

Location Insight

City
Norfolk
County
Norfolk City
State
Virginia
Latitude
36.91313856
Longitude
-76.25563108
7519 Tidewater Dr, Norfolk, Virginia

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7519 Tidewater Dr
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