Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1429 Chestnut Street Portsmouth, VA 23704

    View on Map
    Claim this Listing
    Picture of Commercial land at 1429 Chestnut Street, Portsmouth, VA
    For Sale
    $39,500

    LAND - Portsmouth, VA

    Added:
    Jan 9, 2026
    Days on Market:
    113
    Last Refresh:
    May 2 at 5:06 pm

    Property Features for 1429 Chestnut Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    NMU
    Standard status
    Active

    Taxes and HOA fees

    Tax Annual Amount
    142

    Utilities

    Water front features
    Waterfront

    We can help!

    Listing Contact
    Phillip Hines

    Listing agent Phillip Hines

    Listing office Aweigh Real Estate 780 Lynnhaven Parkway #160, Virginia Beach, VA

    Listing date Jan 9, 2026

    MLS# 10615828 Listing URL

    Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Cleared Land Ready for Construction

    This cleared land is located in Portsmouth, Virginia. The property is zoned NMU and is suitable for new construction.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth
    State
    Virginia
    Longitude
    -76.307877
    Latitude
    36.827713

    Nearby Similar for Sale

    • $510,000
      3,460 SF

      Updated Triplex in Portsmouth, VA

      Updated triplex with strong income potential in Portsmouth, Virginia.
      1510 Parker Avenue, Portsmouth, VA 23704
      View Details
    • $320,000
      3,390 SF

      Portsmouth Duplex with Spacious Units

      Four-bedroom duplex in Portsmouth, near military bases and amenities.
      1503 Elm Avenue, Portsmouth, VA 23704
      View Details
    • $324,998
      2,400 SF

      Turnkey Income-Producing Duplex

      Fully leased duplex with strong cash flow and updated features.
      1802 Atlanta Avenue, Portsmouth, VA 23704
      View Details
    • $425,000
      2,450 SF

      Remodeled Duplex Near the Bay

      Recently remodeled duplex with income potential near the bay.
      416 Maryland Avenue, Portsmouth, VA 23707
      View Details
    • $349,000
      3,134 SF

      Portsmouth Multifamily Investment Opportunity

      Multifamily property in Portsmouth's historic district, close to amenities.
      73 Webster Avenue, Portsmouth, VA 23704
      View Details
    • $555,000
      3,440 SF

      Office/Warehouse Asset in Portsmouth

      Well-located office/warehouse with flexible zoning and modern construction.
      628 Dunedin Rd, Portsmouth, VA 23701
      View Details
    • $155,000
      2,448 SF

      Portsmouth Flex Space For Sale

      Flex space property available in Portsmouth, Virginia.
      1900 Charleston Avenue, Portsmouth, VA 23704
      View Details
    • $255,000
      1,912 SF

      Income-Producing Duplex in Cradock

      Two-unit duplex with updates, sun porches, and ample parking.
      8 Dahlgren Avenue, Portsmouth, VA 23702
      View Details
    • $279,900
      1,476 SF

      Portsmouth Duplex Investment Opportunity

      Two adjacent properties with redevelopment potential in Portsmouth, Virginia.
      1525 Des Moines Avenue, Portsmouth, VA 23704
      View Details
    • $120,000
      1,800 SF

      Portsmouth Duplex with Renovation Potential

      1930s duplex in Portsmouth, ready for transformation and renovation.
      1925 Elm Avenue, Portsmouth, VA 23704
      View Details
    • $1,085,000
      5,043 SF

      Leased Retail Strip Center

      Fully leased retail strip center in Portsmouth, Virginia.
      3601, 3603 & 3605 High Street, Portsmouth, VA 23707
      View Details
    • $275,000
      1,600 SF

      Updated Duplex in Portsmouth, VA

      Renovated duplex with modern amenities and tenant occupancy.
      57 Grand Street, Portsmouth, VA 23701
      View Details

    FAQs

    What type of property is this?
    Commercial land - Cleared land available for new construction in Portsmouth, Virginia.
    Where is this commercial land located?
    The property is located at 1429 Chestnut Street Portsmouth, VA.
    What is the asking price?
    The asking price for this property is $39,500.
    What are key features of this property?
    This property features: Cleared land ready for new construction; Waterfront property; Desirable location
    (757) 724-8657
    We can help!
    Listing Contact
    Phillip Hines
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    1429 Chestnut Street, Portsmouth, VA 23704

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!