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1024 N Eden Way 6,384 sq ft Retail Property Chesapeake, VA 23320 £3,287,592 (£514.97/sq ft) 6.50% Net Initial Yield
INVESTMENT HIGHLIGHTS
- The tenant is responsible for all Taxes, CAM, and insurance, providing no landlord ownership responsibilities.
- The property is conveniently located near Interstate 64, offering direct access to Norfolk, Virginia Beach
- The lease calls for rental increases of 10% every five years including the option periods.
- Additional national retailers in the area include Chick Fil’a, Walmart Super Center, TJ Maxx, Target, and Raising Cains.
EXECUTIVE SUMMARY
Remaining 14 year lease with Red Robin, one of the most recognized national brand in the casual dining industry., with more than 500 restaurants across the United States and Canada.
The site is a pad to Greenbrier Mall, the dominant retail center, providing superior visibility and access compared to other restaurants in the submarket.
Chesapeake is centrally located within the Hampton Roads metropolitan area, with an average household income of $94,947 within 5 miles of the site. Proximity to Eden Way North, a well-traveled local road, ensures ease of access for customers arriving by car or public transportation.
The site is a pad to Greenbrier Mall, the dominant retail center, providing superior visibility and access compared to other restaurants in the submarket.
Chesapeake is centrally located within the Hampton Roads metropolitan area, with an average household income of $94,947 within 5 miles of the site. Proximity to Eden Way North, a well-traveled local road, ensures ease of access for customers arriving by car or public transportation.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Property Size
6,384 sq ft
Costar Property Class
B
Year Built
2004
Price
£3,287,592
Price per sq ft
£514.97
Yield
6.50%
NOI
£213,676
Tenancy
Single
Number of Floors
1
Plot ratio
0.09
Total Plot Size
1.59 ac
Use Class
PUD: PLANN - Ah4 - Restaurant
Frontage
29 ft on Eden Way
AMENITIES
- Dedicated Turn Lane
- Pylon Sign
- Signalised Intersection
Walk Score®
Easily Walkable (72)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 0280000000801 | Improvements Assessment | £968,242 |
| Land Assessment | £969,074 | Total Assessment | £1,937,316 |
PROPERTY TAXES
Parcel Number
0280000000801
Land Assessment
£969,074
Improvements Assessment
£968,242
Total Assessment
£1,937,316
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1024 N Eden Way
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