32-Bed Assisted Living
New
For Sale
$1,000,000
3736 Turnpike Rd, Portsmouth, VA 23701
UR-zoned property occupies a corner parcel at Turnpike Road and Utah Street.
Property Size8,583 SF
Lot Size0.80 Acres
Price / SF$116.51
Days on Market3
Property Features for 3736 Turnpike Rd
General Information
Standard status
Active
Size
8,583 SF
Lot size
0.80 Acres
Property subtype
Commercial/Industrial
Zoning
UR
Additional Details
Tenant in Place
Yes
Building Details
Building Size
8,583 SF
Year Built
1930
Stories
2
Listing Agency:
Hogge Real Estate Inc
Listed By:
Wendy Hogge · License #0225104842
(804) 815-2355
Source:
Hoggerealestate
Added: Oct 23
Changed: Oct 24
Last Checked: Oct 24 at 3:20PM
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 Hogge Real Estate Inc
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This assisted living property contains 8,583 square feet and is approved for 32 beds. The building dates to 1930 and sits on a 0.8-acre parcel with UR zoning.
The site occupies the corner of Turnpike Road and Utah Street in Portsmouth, Virginia.
The site occupies the corner of Turnpike Road and Utah Street in Portsmouth, Virginia.
Key Highlights
- Approved for 32 assisted living beds
- 8,583‑square‑foot building constructed in 1930
- 0.8‑acre corner parcel at Turnpike Road and Utah Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,718
Cap Rate
6.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,374,360
$1.4M
Cap Rate 7%
$981,686
$981.7K
Cap Rate 9%
$763,533
$763.5K
Market Conditions
NOI Build-Up for 8,583 SF
Gross rent
$136.0K $15.84/SF
− Vacancy
−$11.0K −$1.28/SF
EGI
$124.9K $14.56/SF
− OpEx
−$56.2K −$6.55/SF
NOI
$68.7K $8.01/SF
Area
Portsmouth County, VA
Vacancy
8.10%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,374,360
Cap Rate 7%
$981,686
Cap Rate 9%
$763,533
Alternative Uses
Best Use
Apartment 5plus
$981.7K
$859.0K – $1.15M
NOI $68,718 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,276 @ 7.0% cap · market cap 19.13%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23701, VA
24,629
Population
10,318
Households
2.4
Avg Household Size
41
Median Age
23%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,199
Density / Sq Mi
$63,389
Median Household Income
$44,633
Median Earnings
$1,313
Median Rent
$218,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Similar Off Market Nearby
- SHRUG Computer Club — 4351 Portsmouth Blvd, Portsmouth, VA 23701
- Bambi's Haus Of LOVE LLC — 4000 Dartmouth St, Portsmouth, VA 23707
Frequently Asked Questions
What type of property is this?
Assisted living facility - UR-zoned property occupies a corner parcel at Turnpike Road and Utah Street.
Where is this assisted living facility located?
The property is located at 3736 Turnpike Rd Portsmouth, VA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Approved for 32 assisted living beds; 8,583‑square‑foot building constructed in 1930; 0.8‑acre corner parcel at Turnpike Road and Utah Street
