For Sale
$2,480,000

3480 Military HwyChesapeake, VA 23323

Brand new, single-tenant auto shop.

Overview

Added:
Dec 11, 2024
Days on market:
113
Exceptional investment opportunity: a brand-new, 1,674 square foot auto shop in Chesapeake, VA, boasting a 14.2-year remaining lease term with a prominent national tenant, Strickland Brothers 10-Minute Oil Change. This absolute NNN lease, commencing October 26, 2023, and expiring January 31, 2039, offers a secure, passive income stream with minimal landlord responsibilities. The property features a 6.25% cap rate and a $155,000 annual net operating income (NOI). Rent increases of 10% are built into the lease every five years, ensuring consistent growth in returns. Situated on a 2.46-acre lot at 3480 S Military Hwy, Chesapeake, VA 23323, this fee-simple investment includes both land and building, presenting potential bonus depreciation opportunities. The tenant, Strickland Brothers, is a rapidly expanding franchise with over 250 locations nationwide, backed by significant private equity investment. The property benefits from a strong location, shadow-anchored by a high-performing Food Lion grocery store, and is situated within a rapidly growing area of Chesapeake, a city experiencing significant population growth and boasting a robust economy. The lease includes four 5-year renewal options, each with a 10% rent increase. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with significant long-term growth potential.

Highlights

  • Brand new, 1,674 SF single-tenant Strickland Brothers 10-Minute Oil Change. Corporate guaranteed lease.
  • Absolute NNN lease; zero landlord responsibilities.
  • 14.2-year remaining lease term with 10% rent increases every five years.
  • Fee-simple ownership; land and building. Bonus depreciation potential.
  • Strickland Brothers: 250+ US locations; rapid growth; backed by Princeton Equity Group.
  • Shadow-anchored by a top-performing Food Lion grocery store.

Property Details for 3480 Military Hwy

Property type
Retail properties, Retail space
Year Built
2023
Lot Size (sq. ft)
107,158 SF

Location Insight

City
Chesapeake
County
Chesapeake City
State
Virginia
Latitude
36.772188303877
Longitude
-76.347912918435
3480 Military Hwy, Chesapeake, Virginia

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3480 Military Hwy
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