Located at 359, South Battlefield Boulevard, Chesapeake, Virginia, this Papa John’s property comes with an absolute net lease that includes zero landlord responsibilities. The subject property is strategically positioned adjacent to Walgreens. The immediate area has an average annual household income of over $106,640. The current lease includes a 2% hike in rent every year. Papa John’s Pizza is an American restaurant company. Headquartered in Jeffersontown, Kentucky, the company operates the third-largest pizza takeaway and delivery restaurant chain in the world. The company’s logo says, “Better Ingredients. Better Pizza. Papa John’s.” Papa John’s operates over 4,600 restaurants, out of which more than 3,200 restaurants are located in the U.S., and the rest are spread across 34 other countries. The company opened its 4,000th restaurant in September 2012 in New Hyde Park, New York.
This investment property is suitable for a 1031 exchange.
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