5000 Portsmouth Blvd Chesapeake, VA 23321-1426

Property Details for 5000 Portsmouth Blvd

Year built

1964

Construction

WOOD FRAME

Lot size

1.04 lot acres

Property size

1,722 SF

Zone code

B2: GENERAL BUSINESS

Property type

Commercial land

APN

150000001920

APU

150000001920

Description

Exceptional investment opportunity: a brand-new, 2,500 square foot Starbucks located at 5000 Portsmouth Blvd, Chesapeake, VA 23321. This Class A, single-tenant net lease property boasts a 10-year lease commencing May 1, 2024, with a remaining term of 9.4 years and a 10% rent bump every five years. The property sits on a 1.04-acre lot with 19 parking spaces and enjoys a prime location on a signalized corner intersection with excellent visibility. The strong tenant, Starbucks Corporation, is investment-grade credit rated (Baa1/BBB+), providing financial stability. The property benefits from its proximity to major thoroughfares, including I-664, and a dense industrial corridor with 6.3 million square feet of space within a two-mile radius. The surrounding area features a high population density (169,835 residents within a five-mile radius) and numerous destination retailers, including Walmart, Target, and Home Depot. Furthermore, the property is conveniently located near significant landmarks such as the Suffolk Amazon Fulfillment Center, Chesapeake Square (undergoing extensive redevelopment), Bon Secours Maryview Medical Center, Western Branch High School, and Hampton Roads Executive Airport. The property's high occupancy (100%) generates a strong net operating income (NOI) of $173,650, resulting in an attractive 6.00% cap rate. The asking price is $2,895,000. Lease options include 6 and 5-year extensions.