457 Charles H Dimmock PkwyColonial Heights, VA 23834
- Retail properties
- 1,512 SF
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
- Retail properties
- Property subtype
- 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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
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
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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