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    1020 High St Portsmouth, VA 23704

    Sponsored
    For Sale
    Contact for pricing

    Prime 1.08-acre site, 50-unit potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional redevelopment opportunity encompasses approximately 1.08 acres of land strategically located in Portsmouth, Virginia, zip code 23704. The property, encompassing multiple parcels at 1020 High St, 1028 High St, 1015 Queen St, 1013 Queen St, and 400 Hatton St, is zoned NMU (Neighborhood Mixed Use), presenting significant potential for a variety of development projects. Its prime location within the Portsmouth Innovation District HUB & Enterprise Zone offers access to numerous incentives and benefits. The site is particularly attractive due to its adjacency to a newly constructed 50-unit apartment development, suggesting strong market demand and potential for synergistic development. The combined lot size provides ample space for a substantial project, allowing for creative and expansive design possibilities. This is a rare chance to acquire a sizable parcel in a thriving urban area with a proven track record of successful development. The property's versatility and strategic location make it an ideal investment for developers seeking a high-impact project in a rapidly growing market. Detailed site plans and zoning information are available upon request. This is a truly unique opportunity to shape the future of this vibrant neighborhood.

    Property Features for 1020 High St

    General Information

    Property type
    Multifamily properties
    Lot Size
    3,920 SF

    Building Details

    Units
    50

    HighLights

    • 1.08‑acre redevelopment opportunity in Portsmouth, VA.
    • NMU (Neighborhood Mixed Use) zoning.
    • Prime redevelopment opportunity in the Portsmouth Innovation District HUB & Enterprise Zone.
    • Adjacent to a newly constructed 50‑unit apartment building.
    • Contact brokers for availability.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth
    State
    Virginia
    Longitude
    -76.3104772
    Latitude
    36.8353782

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    FAQs

    What type of property is this?
    Multifamily property - Prime 1.08-acre site, 50-unit potential.
    Where is this multifamily property located?
    The property is located at 1020 High St Portsmouth, VA.
    What are key features of this property?
    This property features: 1.08-acre redevelopment opportunity in Portsmouth, VA.; NMU (Neighborhood Mixed Use) zoning.; Prime redevelopment opportunity in the Portsmouth Innovation District HUB & Enterprise Zone.
    Request Owner's contact information
    1020 High St Portsmouth, VA 23704
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    Portsmouth, VA 23704
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    Realmo Value Estimation

    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.

    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.

    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
    1020 High St Portsmouth, VA 23704
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