Retail/Shop Building on 1.15
For Sale
$695,000
1152 1154 & 1156 Portsmouth Boulevard, Suffolk, VA 23434
Retail/shop building on 1.15 acre site for sale.
Property Size7,800 SF
Lot Size1.15 Acres
Price / SF$89.10
Days on Market166
Property Features for 1152 1154 & 1156 Portsmouth Boulevard
General Information
Standard status
Active
Size
7,800 SF
Lot size
1.15 Acres
Property subtype
Commercial
Building Details
Building Size
7,800 SF
Listing Agency:
S.L. Nusbaum Realty Co - Corporate
(757) 679-3273
Listed By:
Michael Myers
(757) 679-3273
Source:
Slnusbaum
Added: Mar 6
Changed: Aug 16
Last Checked: Aug 19 at 5:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of S.L. Nusbaum Realty Co - Corporate
Investment Insights
Based on property information with market context.
The property features a 7,800 square foot retail/shop building situated on a 1.15-acre site. Located 300 feet from the signalized intersection of Portsmouth Boulevard and Route 337 (Nansemond Parkway/East Washington Street), the property includes a 6,000 square foot grade-level retail/shop building (60' x 100') with a 10' x 10' overhead door. Additionally, there is an 1,800 square foot automotive shop building equipped with three 12' x 12' overhead doors. The building has a ceiling height of 16' +/-. The yard adjacent to and behind the buildings is partially paved, stabilized, and fenced. The traffic count is 24,000 cars per day (2,016 VPD - Portsmouth Boulevard at C Street). The property is immediately available for an investor or user.
Key Highlights
- High traffic location: 24,000 cars per day
- Large 1.15 acre site with 7,800 S.F. of building space
- Includes both a 6,000 S.F. retail/shop building and a 1,800 S.F. automotive shop building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,916
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,238,320
$1.2M
Cap Rate 7%
$884,514
$884.5K
Cap Rate 9%
$687,956
$688.0K
Market Conditions
NOI Build-Up for 7,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$93.6K $12.00/SF
− Vacancy
−$5.1K −$0.66/SF
EGI
$88.5K $11.34/SF
− OpEx
−$26.5K −$3.40/SF
NOI
$61.9K $7.94/SF
Area
Suffolk County, VA
Vacancy
5.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,238,320
Cap Rate 7%
$884,514
Cap Rate 9%
$687,956
Alternative Uses
Best Use
Retail
$884.5K
$774.0K – $1.03M
NOI $61,916 @ 7.0% cap · market cap 8.91%
Second Best
Industrial
$743.9K
$650.9K – $867.9K
NOI $52,072 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$1.81M
$1.58M – $2.11M
NOI $126,517 @ 7.0% cap · market cap 18.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
51k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 91%
Dining 9%
Royal Farms
Shops & Services
27,160 visits/mo
0.1 miles
7-Eleven
Shops & Services
11,174 visits/mo
0.1 miles
Raceway
Shops & Services
7,959 visits/mo
0.3 miles
Krispy Krunchy Chicken
Dining
4,480 visits/mo
0.4 miles
Mobile Mini - Storage Containers
Shops & Services
327 visits/mo
0.2 miles
Demographics for 23434, VA
51,430
Population
21,764
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
90%
High-School Grad
206.8 sq mi
ZIP Area
249
Density / Sq Mi
$75,798
Median Household Income
$47,291
Median Earnings
$1,242
Median Rent
$293,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail/shop building on 1.15 acre site for sale.
Where is this retail space located?
The property is located at 1152 1154 & 1156 Portsmouth Boulevard Suffolk, VA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: High traffic location: 24,000 cars per day; Large 1.15 acre site with 7,800 S.F. of building space; Includes both a 6,000 S.F. retail/shop building and a 1,800 S.F. automotive shop building
