Listed by Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia, Cushman & Wakefield Thalhimer - Newport News, Virginia
$2,652,000
5409 Indian River Rd
Details
Property Type Retail
Sub Type Commercial
Square Footage 4,817
Cap Rate 3.75%
Tenancy Single
Lease Type NNN
Lease Expiration 10/30/2028
Pro-Forma NOI $99,449
Year Built 1998
Acreage 1.390
Zoning B-2
Retail | 3.75% CAP | 4,817 SqFt
Marketing description
Cushman & Wakefield | Thalhimer is pleased to exclusively offer for sale 5409 Indian River Road (the “Property”), a 1998-built Chick fil-A in the third (3rd) renewal option period with four (4) remaining five (5) year option terms remaining with 10% rent increases in each option term.
The property is located near the intersection of Indian River Road and Kempsville Road directly across from KempsRiver Crossing shopping center offering vehicle traffic counts of over 66,000 vehicles per day.
The combination of purchasing a Chik-fil-A ground lease below replacement cost with below market rents, zero landlord obligations, rental increases and desirable location make this an ideal NNN leased investment opportunity.
Investment highlights
- Tenant Facts: Third (3rd) Renewal Option Period with Four (4) Remaining Five (5) Year Option Terms with 10% Rent Increases in Each Option Term Ideal Nnn Leased Investment Opportunity— Chik-Fil-A Ground Lease Below Replacement Cost with Below Market Rents, Zero Landlord Obligations, Rental Increases, and Desirable Location
- Below Market Rent: Long-Term Highperforming Location for Chick-Fil-A Original Ground Lease Was Signed in 1998 Opportunity for An Investor to Purchase Best in Class Stnl Deal at Below Replacement Cost with Below Market Rents
- Nnn Leased Investment: Absolute Net Ground Lease
- Highly Trafficked Location: Direct Access To/from Interstate 64 Located Near the Busy Intersection of Indian River Road and Kempsville Road Directly Across from Kemps River Crossing Shopping Center Offering Exposure to Over 66,000 Vehicles per Day.
- Rental Increases: 10% Rental Increases in Each of The Four (4) Remaining Five (5) Year Renewal Option Terms
- Proximity to Demand Drivers: Strong Retail Market, High Occupancy Rates, Accessibility to Major Highways (i-264/i-64), Proximity to Parks and Potential New Developments (like Nearby Military/ Tech Growth) Central Corridor Connecting Residential Areas to Business Hubs, Attracting Both Commercial and Residential Interest
Listing Contacts
Listed by Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia, Cushman & Wakefield Thalhimer - Newport News, Virginia
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