Leased Retail Strip
For Sale
$1,085,000
3601 3603 & 3605 High Street, Portsmouth, VA 23707
Fully leased retail strip center in Portsmouth, Virginia.
Property Size5,043 SF
Lot Size0.44 Acres
Price / SF$215.15
Days on Market169
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
Building Size
5,043 SF
Year Built
1961
Listing Agency:
S.L. Nusbaum Realty Co
(757) 333-1523
Listed By:
Martin Murden · License #0225220339
(757) 333-1523
Source:
Slnusbaum
Added: Mar 6
Changed: Aug 22
Last Checked: Aug 22 at 4:04AM
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
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.
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
$66,541
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
6.13%
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%
$1,330,820
$1.3M
Cap Rate 7%
$950,586
$950.6K
Cap Rate 9%
$739,344
$739.3K
Market Conditions
NOI Build-Up for 5,043 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
$99.9K $19.80/SF
− Vacancy
−$4.8K −$0.95/SF
EGI
$95.1K $18.85/SF
− OpEx
−$28.5K −$5.65/SF
NOI
$66.5K $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%
$1,330,820
Cap Rate 7%
$950,586
Cap Rate 9%
$739,344
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
Explore this area
Business Placement
Demographics for 23707, VA
14,316
Population
7,216
Households
2
Avg Household Size
36
Median Age
26%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
3,671
Density / Sq Mi
$51,070
Median Household Income
$37,932
Median Earnings
$1,076
Median Rent
$222,100
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?
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.
