457 Charles H Dimmock PkwyColonial Heights, VA 23834

Property Details for 457 Charles H Dimmock Pkwy

Year built

2006

Construction

STEEL FRAME

Lot size

0.91 AC

Property size (Sq ft)

1,512 SF

Zone code

B3

Property type

Drive through restaurants

APN

68216200006

APU

68216200006

Description

This exceptional investment opportunity features a 1,600 square foot Sonic Drive-In restaurant located at 457 Charles H Dimmock Pkwy, Colonial Heights, VA 23834. Built in 2006 on a 0.91-acre lot, this single-tenant property boasts a 10-year remaining lease term (expiring 11/30/2034) with four 5-year options, and 1.5% annual rent increases. The property is an absolute NNN lease with a credit-rated franchisee, Saja Restaurant Group, a 10-unit Virginia-based franchisee, ensuring financial stability. The restaurant achieved impressive sales of $2.79 million in 2023, representing a 14.67% year-over-year growth, resulting in a favorable rent-to-sales ratio of 5.58%. This prime location, ranked in the top 20% nationally and second in Virginia by Placer.ai, benefits from high visibility on Charles H Dimmock Pkwy and Temple Ave (combined 56,000 vehicles per day), with convenient access to I-95 (107,000 VPD). The property is strategically situated near major retailers including Target, Walmart, and Sam's Club, and enjoys proximity to Virginia State University, Fort Gregg-Adams military base, and major medical facilities. The surrounding area boasts a strong demographic profile with over 101,800 residents and an average household income exceeding $73,500 within a 5-mile radius. The property's NOI is $155,783, and the asking price is $2,492,525, representing a 6.25% cap rate. This is a rare opportunity to acquire a high-performing, well-located Sonic Drive-In with significant long-term growth potential. The property is zoned commercial and offers a fee-simple ownership structure.

• CAP approach

  CAP return

  Valuation

  6%

  $412,375

  6.5%

  $380,654

  7%

  $353,464

• Comparable approach

  Method

  Valuation

  Relative Method

  $427,627

  Geo Method

  $636,348

• Alternative Use

  Use

  Valuation

  Residential

  $321,096

  Hospitality

  $294,122

  Educational

  $244,706

  Medical

  $253,122

  Retail

  $380,654

Location Insight

City

Colonial Heights

County

Colonial Heights City

State

Virginia

Latitude

37.2533

Longitude

-77.3839

CBSA code

40060

CBSA name

RICHMOND, VA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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