Operating Gas Station & Convenience
For Sale
$699,000
2910 Victory Boulevard, Portsmouth, VA 23702
Commercial/Industrial, Portsmouth, VA
Property Size1,600 SF
Lot Size0.35 Acres
Price / SF$436.88
Days on Market125
Property Features for 2910 Victory Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IL
Subdivision
SOUTH LOXLEY PLACE
Standard status
Active
Size
1,600 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Annual Amount
2640
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1952
Roof type
Tar/Gravel
Listing Agency:
The Real Estate Group
(757) 410-8500
Listed By:
Theresa Rock
(757) 410-8500
Added: Apr 24
Changed: Aug 19
Last Checked: Aug 26 at 4:06AM
MLS# 10631186
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Investment Insights
Based on property information with market context.
This 1,600-square-foot gas station and convenience store occupies a 0.35-acre site at 2910 Victory Boulevard. The business is fully operational and open daily, with central air conditioning, heat pump heating, and a tar/gravel roof. Constructed in 1952, the property is zoned IL.
The site is positioned approximately one mile from Rivers Casino and along a corridor reporting an average daily traffic count of approximately 20,000 vehicles. Its existing gas station and convenience-store configuration supports continued operation in its current format. The Portsmouth property offers an established commercial use with defined building improvements and an operating business in place.
The site is positioned approximately one mile from Rivers Casino and along a corridor reporting an average daily traffic count of approximately 20,000 vehicles. Its existing gas station and convenience-store configuration supports continued operation in its current format. The Portsmouth property offers an established commercial use with defined building improvements and an operating business in place.
Key Highlights
- Operating gas station and convenience store open daily
- 1,600 square feet on a 0.35‑acre site
- Approximately 20,000 vehicles in average daily traffic
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
$21,112
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
3.02%
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%
$422,240
$422.2K
Cap Rate 7%
$301,600
$301.6K
Cap Rate 9%
$234,578
$234.6K
Market Conditions
NOI Build-Up for 1,600 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
$31.7K $19.80/SF
− Vacancy
−$1.5K −$0.95/SF
EGI
$30.2K $18.85/SF
− OpEx
−$9.0K −$5.65/SF
NOI
$21.1K $13.19/SF
Area
Portsmouth County, VA
Vacancy
4.80%
Lease Rate
$19.80 /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%
$422,240
Cap Rate 7%
$301,600
Cap Rate 9%
$234,578
Alternative Uses
Best Use
Retail
$301.6K
$263.9K – $351.9K
NOI $21,112 @ 7.0% cap · market cap 3.02%
Second Best
Specialty Retail
$297.6K
$260.4K – $347.2K
NOI $20,831 @ 7.0% cap · market cap 2.98%
Theoretical Best
Office A
$509.4K
$445.7K – $594.3K
NOI $35,657 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20,000 VPD
Traffic count
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
227
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 95%
Home Improvements & Furnishings 5%
WilcoHess
Shops & Services
2,401 visits/mo
0.5 miles
Sunoco
Shops & Services
2,165 visits/mo
0.4 miles
Citgo
Shops & Services
1,835 visits/mo
0.4 miles
Airgas
Home Improvements & Furnishings
348 visits/mo
0.3 miles
Demographics for 23702, VA
12,239
Population
5,278
Households
2.3
Avg Household Size
33
Median Age
9%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
5,100
Density / Sq Mi
$48,288
Median Household Income
$35,716
Median Earnings
$1,228
Median Rent
$188,600
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?
Gas station - Operational retail site with IL zoning, central air, and heat pump heating.
Where is this gas station located?
The property is located at 2910 Victory Boulevard Portsmouth, VA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Operating gas station and convenience store open daily; 1,600 square feet on a 0.35‑acre site; Approximately 20,000 vehicles in average daily traffic
