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5409 Indian River Rd
Virginia Beach, VA 23464
Retail Property For Sale
Investment Highlights
- Absolute net ground lease with zero landlord responsibilities.
- Chick-fil-A in third renewal term with four five-year options and 10% escalations.
- Positioned near KempsRiver Crossing and major consumer demand drivers.
- Located along Indian River Road with frontage and strong retail corridor positioning.
- Daily vehicular traffic of over 66,000 and easy access to I-64.
- Tenant is one of the nation’s highest-performing restaurant brands with strong financials.
Executive Summary
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 ofover 66,000 vehicles per day. The combination of purchasing a Chik-fil-A ground lease below replacement cost with below market rents, zerolandlord obligations, rental increases and desirable location make this an ideal NNN leased investment opportunity.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Fast Food
Building Size
4,817 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
1998
Price
$2,400,000
Price Per SF
$498.24
Cap Rate
4.15%
NOI
$99,600
Tenancy
Single
Building Height
1 Story
Building FAR
0.08
Lot Size
1.39 AC
Zoning
B2 - Commercial
Parking
41 Spaces (8.2 Spaces per 1,000 SF Leased)
Frontage
163’ on Indian River Rd
Amenities
- Bus Line
- Dedicated Turn Lane
- Pylon Sign
- Drive Thru
- Air Conditioning
Property Taxes
| Parcel Number | 1465-28-4642 | Improvements Assessment | $979,600 |
| Land Assessment | $1,553,500 | Total Assessment | $2,533,100 |
Property Taxes
Parcel Number
1465-28-4642
Land Assessment
$1,553,500
Improvements Assessment
$979,600
Total Assessment
$2,533,100
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