32-Bed Assisted Living
For Sale
$750,000
3736 Turnpike Road, Portsmouth, VA 23701
Commercial/Industrial, Portsmouth, VA
Property Size8,583 SF
Lot Size0.80 Acres
Price / SF$87.38
Days on Market359
Property Features for 3736 Turnpike Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
UR
Subdivision
KINGMAN HEIGHTS
Standard status
Active
Size
8,583 SF
Lot size
0.80 Acres
Taxes and HOA fees
Tax Annual Amount
5952
Utilities
Heating system
Forced Air
Building Details
Year built
1930
Listing Agency:
EXIT Realty Central
(757) 466-1009
Listed By:
Timothy Churchwell
(757) 636-1161
Added: Oct 14, 2025
Changed: Oct 1
Last Checked: Oct 7 at 3:06PM
MLS# 10606072
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.
Investment Insights
Based on property information with market context.
This assisted living property at 3736 Turnpike Road in Portsmouth includes 8,583 square feet of improvements on a 0.8-acre parcel. The facility is approved for 32 beds and includes forced-air heating. Built in 1930, the building is situated on a corner lot at Turnpike Road and Utah Street.
The property carries UR zoning and is offered for sale. Showings are limited to pre-qualified buyers, and the occupied premises should not be disturbed outside an authorized appointment. Its established building footprint and corner placement provide the key physical characteristics for evaluating the facility and site together.
The property carries UR zoning and is offered for sale. Showings are limited to pre-qualified buyers, and the occupied premises should not be disturbed outside an authorized appointment. Its established building footprint and corner placement provide the key physical characteristics for evaluating the facility and site together.
Key Highlights
- Approved assisted living facility with capacity for 32 beds
- 8,583‑square‑foot building on 0.8 acres
- Corner property at Turnpike Road and Utah Street
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,718
Cap Rate
9.16%
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 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,276 @ 7.0% cap · market cap 25.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Paved road access
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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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 - Approved assisted living property with forced-air heating on a corner parcel in Portsmouth.
Where is this assisted living facility located?
The property is located at 3736 Turnpike Road Portsmouth, VA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Approved assisted living facility with capacity for 32 beds; 8,583‑square‑foot building on 0.8 acres; Corner property at Turnpike Road and Utah Street
