821 Lynnhaven PkwyVirginia Beach, VA 23452

Property Details for 821 Lynnhaven Pkwy

Year built

1981

Construction

TYPE NOT SPECIFIED

Lot size

1.47 AC

Property size (Sq ft)

7,332 SF

Zone code

B2

Property type

Turn key restaurants

APN

14964416920000

APU

14964416920000

Description

This exceptional investment opportunity presents a fee-simple ownership of a 7,370-square-foot Red Lobster restaurant situated on a 1.45-acre lot (63,162 square feet) at 821 Lynnhaven Pkwy, Virginia Beach, VA 23452. The property is a single-tenant, net-leased (NNN) retail space, offering a secure and passive income stream. The current tenant, Red Lobster, is backed by a corporate guarantee, mitigating risk. With a remaining lease term of approximately 14.3 years (expiring February 28, 2039), this investment boasts a strong 5.60% capitalization rate and a substantial net operating income (NOI) of $327,761 annually. The lease includes 2% annual rent bumps, providing built-in growth potential. The lease structure is a triple-net lease (NNN), meaning the tenant is responsible for all operating expenses, minimizing landlord responsibilities. Four 5-year lease options are included. The property's prime location in Virginia Beach, a thriving tourist destination, further enhances its value and long-term prospects. The asking price is $5,850,000, translating to a price per square foot of $793.76. This offering represents a compelling opportunity for investors seeking a stable, high-performing retail investment with significant long-term potential. The property is currently 100% occupied.

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Latitude

36.813

Longitude

-76.0698

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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