3464 Military HwyChesapeake, VA 23323

Property Details for 3464 Military Hwy

Lot size

1.36 AC

Zone code

B2: GENERAL BUSINESS

Property type

Retail properties

Property subtype

Drive through restaurants

APN

252011000138

APU

252011000138

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $16,157,358

  6.5%

  $14,914,484

  7%

  $13,849,164

• Comparable approach

  Method

  Valuation

  Relative Method

  $16,754,937

  Geo Method

  $24,932,896

• Alternative Use

  Use

  Valuation

  Residential

  $12,580,925

  Hospitality

  $11,524,060

  Educational

  $9,587,883

  Medical

  $9,917,625

  Retail

  $14,914,484

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Latitude

36.7716

Longitude

-76.347

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].