For Sale
$3,331,000

3464 Military HwyChesapeake, VA 23323

High-yield Bojangles, 19-year lease.

Overview

Added:
Dec 11, 2024
Days on market:
114
Exceptional investment opportunity: a 2,858 square foot Bojangles' restaurant located at 3464 S Military Hwy, Chesapeake, VA 23323, is available for purchase. This absolute NNN net lease property boasts a strong 6.00% cap rate and a substantial remaining lease term of 19 years, expiring November 30, 2043. The property sits on a 1.36-acre lot and includes 35 parking spaces. Built in 2023, the single-tenant building enjoys 100% occupancy with a franchisee tenant. The lease features rent bumps of 3.46% after year one, 3.34% after year two, flat for years three through five, and then 10% increases every five years thereafter. The property benefits from high visibility on S Military Hwy, with a daily traffic count of 18,000 vehicles. Its strategic location near George Washington Commons (a 44,357 square foot retail center anchored by Food Lion), and a significant population density (147,934 residents within a 5-mile radius) ensures consistent customer traffic. The area also features a large industrial presence (5.6 million square feet within a 2-mile radius), further enhancing the property's appeal. Limited competition, with only two other Bojangles within a 20-minute drive, solidifies its market position. Proximity to major institutions like Chesapeake Regional Medical Center, Tidewater Community College, and Deep Creek High School, along with convenient access to Hampton Roads Executive Airport, adds to its desirability. Nearby destination retailers include McDonald's, Wendy's, Dunkin', Subway, Arby's, Hardee's, Wawa, and more. The property generates a Net Operating Income (NOI) of $199,874. The lease includes two, five-year options. This is a turnkey investment with minimal landlord responsibilities.

Highlights

  • Absolute NNN net lease; no landlord responsibilities.
  • 19-year remaining lease term.
  • Experienced operator (NAKA OPCO, LLC) with 6+ Virginia locations.
  • High visibility on S Military Hwy (18,000 VPD).
  • Proximity to Food Lion-anchored George Washington Commons (44,357 SF).
  • 1.36-acre lot.

Property Details for 3464 Military Hwy

Property type
Retail properties
Square Feet
2,858 SF
Year Built
2023
Buildings
1
Lot Size (sq. ft)
59,242 SF

Location Insight

City
Chesapeake
County
Chesapeake City
State
Virginia
Latitude
36.7720657
Longitude
-76.347078
3464 Military Hwy, Chesapeake, Virginia

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3464 Military Hwy
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