Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    New Veterans Affairs Clinic Title is generated by Realmo AI

    4300 Portsmouth Boulevard, Chesapeake, VA 23321

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Under construction clinic 100% leased to Veterans Affairs.

    Type:office.medical
    Added:
    Mar 7, 2026
    Days on Market:
    91
    Last Refresh:
    Mar 7 at 7:05 pm

    Property Features for 4300 Portsmouth Boulevard

    General Information

    Standard status
    Active
    Property subtype
    office.medical

    We can help!

    Listing Contact
    Wesley Boatwright

    Listing agent Wesley Boatwright

    Listing office Washington, DC

    Listing date Mar 7, 2026

    Source Avisonyoung

    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 Washington, DC

    HighLights

    • 100% Leased to U.S. Department of Veterans Affairs with a 10‑year lease upon construction completion.
    • New construction, essential CBOC facility developed at the request of the Department of Veteran Affairs.
    • High density Veteran concentration: The Greater Hampton Roads area’s veteran concentration is 2x higher than the national average.
    • Long‑term income security: The lease guarantees operating expense reimbursements throughout the term, with no cap on reimbursable real estate taxes.
    • Ease of accessibility: Less than 1.5 miles from Interstate 64.
    • Opportunity to retain experienced property manager CMI, a top‑rated developer and property manager of VA facilities nationwide.

    Overview

    The Western Branch Veterans Administration Community Based Outpatient Clinic is currently under construction at 4300 Portsmouth Boulevard, Chesapeake, VA. Upon completion, the property will be 100% leased and occupied by the U.S. Department of Veterans Affairs. The lease is estimated to begin in September 2025, upon the Veteran Administration’s acceptance of the completed space. This vital outpatient clinic will serve the Veteran community in and around western Chesapeake, VA. The property will offer a full suite of Veteran healthcare services onsite, from mental health and civilian transition support to toxic exposure screening and women’s care, an extensive range of other critical care, and Pact ACT services. The property was developed at the request of the Department of Veteran Affairs to service the Western Chesapeake Region. The current site was one of only a few that met the VA’s criteria. There is a 10-year lease option upon construction completion. The lease guarantees operating expense reimbursements throughout the term, with no cap on reimbursable real estate taxes. The Greater Hampton Roads area’s veteran concentration is two times higher than the national average; there are 177,100 Veterans living within 25 miles of the property. The property is less than 1.5 miles from Interstate 64.
    Location Intelligence

    Current Use by Public Records

    Aaditya Ajmani, OD Physician Hair vamp Salon Hair Salon Smoke Shop (Bike/Boat/Book/etc) Store Tabitha King, LMT Alternative Medicine Practice Harrell's Bodywork & Massage ... Alternative Medicine Practice

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center 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
    Chesapeake
    County
    Chesapeake
    State
    Virginia
    Longitude
    -76.4196092
    Latitude
    36.8223171

    Nearby Similar for Sale

    • $349,000
      825 SF

      Renovated Commercial Building on Corner Lot

      Fully renovated commercial building on high-visibility corner lot for sale.
      1234 Bainbridge Boulevard, Chesapeake, VA 23324
      View Details
    • $1,500,000
      7,200 SF

      Retail Business for Sale

      Turn-key retail business sale with inventory included, offered for business-only transfer under B4 zoning.
      3116 Western Branch Boulevard, Chesapeake, VA 23321
      View Details
    • $4,000,000
      28,400 SF

      Versatile Commercial Property in Chesapeake

      Multi-building commercial property with warehouse, office, and showroom spaces.
      4653 Battlefield Boulevard, Chesapeake, VA 23320
      View Details
    • $295,000
      1,250 SF

      Turnkey Commercial Opportunity in Chesapeake

      Versatile commercial property in Chesapeake's South Norfolk Business District.
      4208 Bainbridge Boulevard, Chesapeake, VA 23324
      View Details
    • $700,000

      Versatile Chesapeake Medical/Professional Office

      Adaptable office space in a desirable Chesapeake location.
      3808 POPLAR HILL Road, CHESAPEAKE, VA 23321
      View Details
    • $145,000
      3,200 SF

      Established Restaurant and Lounge For Sale

      Turnkey restaurant and lounge with seating for 160.
      2139 Chesapeake Drive, Chesapeake, VA 23324
      View Details
    • $435,000
      4,000 SF

      Mixed-Use Building with Rental Units

      Fully rented mixed-use property with two retail spaces and three apartments, supported by five electric meters.
      1300 Bainbridge Boulevard, Chesapeake, VA 23324
      View Details
    • $495,000
      2,679 SF

      Commercial Property in Great Bridge

      Commercial property with potential in the heart of Great Bridge.
      372 S Battlefield Boulevard, Chesapeake, VA 23322
      View Details
    • $230,000
      2,345 SF

      Chesapeake Duplex Investment Opportunity

      Duplex in South Norfolk with income potential near major interstates.
      1136 Jackson Avenue, Chesapeake, VA 23324
      View Details
    • $2,900,000
      13,813 SF

      Freestanding Retail Building with Drive-Thru

      Former drug store with drive-thru at signalized intersection.
      2040 Atlantic Ave, Chesapeake, VA
      View Details
    • $389,900
      1,624 SF

      Chesapeake Duplex on Corner Lot

      Rare duplex opportunity with income potential in Chesapeake, Virginia.
      2300 Battery Park Road, Chesapeake, VA 23323
      View Details
    • $1,199,000
      2,623 SF

      Restaurant Space on South Military

      High-visibility restaurant space centrally located on South Military Highway.
      1370 S Military Hwy, Chesapeake, VA
      View Details

    FAQs

    What type of property is this?
    Medical center - Under construction clinic 100% leased to Veterans Affairs.
    Where is this medical center located?
    The property is located at 4300 Portsmouth Boulevard Chesapeake, VA.
    What are key features of this property?
    This property features: 100% Leased to U.S. Department of Veterans Affairs with a 10‑year lease upon construction completion.; New construction, essential CBOC facility developed at the request of the Department of Veteran Affairs.; High density Veteran concentration: The Greater Hampton Roads area’s veteran concentration is 2x higher than the national average.
    (202) 644-8700
    We can help!
    Listing Contact
    Wesley Boatwright
    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
    4300 Portsmouth Boulevard, Chesapeake, Virginia 23321
    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!