7727 Tidewater DrNorfolk, VA 23505

Property Details for 7727 Tidewater Dr

Year built

2024

Lot size

0.89 AC

Property size (Sq ft)

3,500 SF

Property type

Retail properties

Description

Exceptional investment opportunity featuring a brand-new, 3,500 square foot Panera Bread restaurant in Norfolk, Virginia. This single-tenant, absolute NNN net lease boasts a corporate guarantee from Panera, LLC, providing investment-grade credit (Baa/BBB+). The property enjoys a prime location on Tidewater Drive, benefiting from high visibility (30,000 vehicles per day) as an outparcel to a major shopping center (219,926 square feet of retail space). The 14.9-year remaining lease term (expiring 09/29/2039) includes 10% rent bumps every five years, ensuring consistent income growth. The property sits within a dense retail corridor (3.1 million square feet within a 2-mile radius) and a high-population area (228,004 residents within a 5-mile radius). Proximity to major employers, including Naval Station Norfolk (82,000 active-duty personnel), Sentara Leigh Hospital, Old Dominion University, and Norfolk International Airport, further enhances its appeal. The 0.885-acre lot includes 40 parking spaces. The asking price is $3,290,000, representing a 5.00% cap rate and a price per square foot of $940. Built in 2024, this property offers a secure, long-term investment with significant upside potential. Lease options include 3 and 5-year terms. The property's strong tenant, prime location, and favorable lease terms make it an attractive addition to any portfolio.

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.9141

Longitude

-76.2548

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