Leased Retail Strip
3601 3603 & 3605 High Street Portsmouth, VA 23707
3601 3603 & 3605 High Street, Portsmouth, VA, 23707
$1,085,000
For Sale
$1,085,000
Fully leased retail strip center in Portsmouth, Virginia.
Property Size5,043 SF
Lot Size0.44 Acres
Price / SF$215.15
Days on Market137
Property Features for 3601 3603 & 3605 High Street
General Information
- Standard status
- Active
- Size
- 5,043 SF
- Lot size
- 0.44 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1961
Listing agency
S.L. Nusbaum Realty Co - Corporate
(757) 333-1523
Listed by
Martin Murden
(757) 333-1523
Source
Slnusbaum
Added: Mar 6 Updated: Jul 6 at 10:41AM Checked: Jul 21 at 6:25AM
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 at 3601, 3603 & 3605 High Street is a fully leased, three-tenant neighborhood retail strip center located in the Mid-City submarket of Portsmouth, VA. The building has 5,043 square feet and features a mix of tenants. The property is situated at the signalized corner of High Street, near I-264 and national retailers including Chick-fil-A, Walmart Supercenter, Kroger, T.J. Maxx, and Starbucks. The property is on approximately 0.44 acres of land. Co-tenants include a restaurant, a tobacco/vape shop, and Portsmouth Cleaners, which has been at this location since 1998. The building features pylon signage for exposure along High Street. The submarket includes Bon Secours Maryview Medical Center and proximity to the U.S. Coast Guard Base and Norfolk Naval Shipyard. The location is near the intersection of High Street, which has 24,000 vehicles per day.
Key Highlights
- 100% leased retail center providing immediate income.
- Strategic location on highly trafficked High Street (24,000 vehicles per day) at a signalized corner.
- Proximity to I‑264 and national retailers.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.9k | $19.80 |
| − Vacancy | −$4.8k | −$0.95 |
| EGI | $95.1k | $18.85 |
| − OpEx | −$28.5k | −$5.65 |
| NOI | $66.5k | $13.19 |
5,043 SF · lease $19.80/SF/yr · vacancy 4.80% · expense 30.00%
Alternative Uses
Best Use
Retail
$950.6K
$831.8K – $1.11M
NOI $66,541 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.40M – $1.87M
NOI $112,385 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Portsmouth Cleaners
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Strip mall - Fully leased retail strip center in Portsmouth, Virginia.
Where is this strip mall located?
The property is located at 3601 3603 & 3605 High Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $1,085,000.
What are key features of this property?
This property features: 100% leased retail center providing immediate income.; Strategic location on highly trafficked High Street (24,000 vehicles per day) at a signalized corner.; Proximity to I‑264 and national retailers.
