457 Charles H Dimmock PkwyColonial Heights, VA 23834

  • Retail properties
  • 1,512 SF
For Sale
$2,492,525 View listing

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
457 Charles H Dimmock Pkwy, Colonial Heights, Virginia

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$13,382
$699,200
$416,000
$1,115,200
-
$699,200
$416,000
$1,115,200

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