1081 N Military Hwy
Norfolk, VA 23502
Chipotle | Aspen | Sprint · Retail Property For Sale

Marcus & Millichap is pleased to offer the opportunity to acquire Sprint|Aspen Dental|Chipotle Plaza located at 1081 North Military Hwy, Norfolk, Virginia 23502. The subject property is a 7,820 square-foot multi-tenant building on .825 acres of land. Sprint|Aspen Dental|Chipotle Plaza offers brand new 10-Year corporate guaranteed leases, with rental escalations in year 6. Sprint|Aspen Dental|Chipotle Plaza is ideally situated with excellent access and visibility off North Military Blvd, with more than 45,000 vehicles per day. This asset further benefits from its location within close proximity to Interstate 64, with a daily traffic count of 92,000 vehicles, and Interstate 264, with a daily traffic count of 74,000 vehicles. Sprint|Aspen Dental|Chipotle Plaza is conveniently located in a dense retail corridor across the street from JANAF Shopping Center, which is one of the first large suburban shopping centers in the United States and the Oldest Shopping Center in Norfolk. Major national retailers in the area include Lowes, Walmart Supercenter, Costco Wholesale, BJ’s, Big Lots, Home Depot, Target, Petsmart, Food Lion, T.J. Maxx, Ross, Northern Tool + Equipment, Dollar General, Olive Garden, Panera Bread, Applebee’s, Hooters, 7-Eleven, CVS and many more. The property is less than seven miles from Old Dominion University, with more than 24,500 students. It is also less than four miles from Norfolk International Airport, Norfolk State University and Virginia Wesleyan University and six miles from the Joint Expeditionary Base Little Creek-Fort Story - the major operating base for U.S. Navy’s Atlantic Fleet. Located in the heart of Norfolk, the property offers attractive demographics. The city has a history as a strategic military and transportation point. The population is the 2nd largest concentration of military personnel in the United States. It boasts a population of 1.8 Million residents, and an average household income of $60,500. Median home prices are above the U.S. level and homeownership in this area is 61%. It also has a great quality of life and offers beaches, water recreation and prominent attractions that draw tourists.