4106 Portsmouth Blvd Portsmouth, VA 23701

Property Details for 4106 Portsmouth Blvd

Year built

2007

Lot size

1.63 lot acres

Property size

14,550 SF

Property type

Retail properties

Property subtype

Drug stores

Description

This exceptional investment opportunity presents a fee-simple, single-tenant retail property in Portsmouth, Virginia. The 14,550 square foot building, constructed in 2007, is currently 100% occupied by a Walgreens, subleased to JenCare Senior Medical Center. The property sits on a 1.63-acre lot at a signalized intersection of Portsmouth Boulevard and Turnpike Road, benefiting from high visibility and significant daily traffic counts exceeding 26,100 vehicles. The absolute NNN lease with Walgreens commenced May 31, 2007, and expires May 30, 2032, offering a remaining lease term of 7.5 years, followed by fifty 1-year renewal options. The lease includes annual rent bumps of 3%. The property boasts a strong 8.25% cap rate and a net operating income (NOI) of $316,600. The asking price is $3,837,575. The strategic location is proximate to major roadways (including Interstate 264 and US Route 17), the Norfolk Naval Shipyard, and the Naval Medical Center Portsmouth, ensuring a robust and stable tenant base. The surrounding area features a dense concentration of residential neighborhoods and commercial businesses, including a casino, large retailers, and numerous restaurants, further enhancing the property's value and appeal. The property's demographics are equally compelling, with over 87,400 people residing within a 3-mile radius and an average household income exceeding $87,891. This presents a rare opportunity to acquire a high-performing, low-maintenance retail investment with significant long-term growth potential.

Location Insight

City

Portsmouth

County

Portsmouth City

State

Virginia

Longitude

-76.3542

Latitude

36.8162