694 J Clyde Morris Blvd - Restaurant FOR SALE


Newport News, VA 23601- Watkins
$1,800,000 USD
757-272-6500
694 J Clyde Morris Blvd, Newport News, VA for Sale
$1,800,000 USD
Restaurant - FOR SALE
1/10
null | 6% Cap Rate

694 J Clyde Morris Blvd
Newport News, VA 23601
Watkins


OVERVIEW

This single-tenant property is currently secured by a ten-year lease agreement, which includes an option for an additional ten-year renewal. The asset is triple-net leased to a reputable Mexican restaurant chain that boasts over 60 locations. The tenant is responsible for a monthly payment of $8,500 under the triple-net (NNN) lease, featuring built-in rent escalations every two years, thereby ensuring consistent income growth.Significant upgrades have been made to the property, including the installation of brand-new HVAC units, a new roof, a modern plumbing and sewer system, and a 100-pound grease trap, all completed in 2024. The entire facility has been re-wired, and substantial renovations are currently underway, which will help minimize near-term capital expenditures for the owner.This asset is offered at a 6.0% cap rate with an asking price of $1.8 million, representing a stable and passive investment backed by a strong regional credit tenant with a proven history of long-term operational success.

FOR SALE DETAILS

PRICE

$1,800,000 USD

PRICE/SF

$358 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Restaurant

ADD'L SUBTYPES

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1980

SPRINKLERS

-

PARKING SPACES

45

LAND DETAILS

LAND ACRES

0.94 AC

LAND SF

40,946 SF

ZONING

C-1

APN/PARCEL ID

214.00-02-24

ASK ABOUT THIS PROPERTY

Nonna TairovaFlip Depot LLCMore Info
757-272-6500

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Nonna TairovaFlip Depot LLCMore Info
757-272-6500

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.