Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    114 Chowan Dr Portsmouth, VA 23701
    Back to Search
    Property profile & analytics

    114 Chowan Dr, Portsmouth, VA 23701

    View on Map
    • Shopping centers
    • 11,044 SF
    • 1.09 lot acres
    For Sale
    $1,250,000
    View Listing →
    Retail Property For Sale For Sale
    $1,250,000

    Retail Property For Sale

    Retail property suitable for owner-occupant with short-term leases.

    114 Chowan Dr, Portsmouth, VA 23701
    View Listing
    Property ID
    US87-0621578
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Katy's D'Lites Health / Specialty Food Shop

    Property Details for 114 Chowan Dr

    Year built
    1980
    Lot size
    1.09 lot acres
    Zone code
    GMU
    Property type
    Shopping centers
    Property subtype
    Shopping centers
    APN
    0576-0032
    APU
    5760032

    Description

    This exceptional 11,044 square foot shopping center in Portsmouth, Virginia, presents a compelling investment opportunity. Located at 114 Chowan Drive, 23701, this 1.09-acre property boasts 100% occupancy, with leases expiring April 24, 2024, offering an immediate owner-occupant potential or strong rental income. The property is zoned GMU and features a multi-tenant configuration, ideal for a variety of retail businesses. Its prime location offers close proximity to a wealth of amenities, including numerous retail shops and restaurants, and enjoys the added benefit of being just one mile from the Rivers Casino, ensuring high foot traffic and visibility. The asking price for this thriving retail center is $1,250,000. This is a rare opportunity to acquire a fully occupied, well-located retail property with significant upside potential. The short-term nature of the existing leases provides flexibility for future development and tenant management. Don't miss this chance to secure a valuable asset in a vibrant and growing market. Serious inquiries only.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3656
    Latitude
    36.8113
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $11,127
    $303,620
    $311,540
    $615,160
    -
    $303,620
    $311,540
    $615,160

    Comparable in this City

    • Value Estimation
      $5,710,000
      4,835 SF

      5606 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA
      5606 Portsmouth Blvd, Portsmouth, VA 23701-1835
      View Details
    • Value Estimation by Request
      8,559 SF

      4217 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA
      4217 Portsmouth Blvd, Portsmouth, VA 23701-2530
      View Details
    • Value Estimation
      $535,000
      12,000 SF

      4032 Victory Blvd

      SHOPPING CENTER COMMON AREA
      4032 Victory Blvd, Portsmouth, VA 23701-2836
      View Details
    • Value Estimation by Request
      6,548 SF

      3335 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA
      3335 Portsmouth Blvd, Portsmouth, VA 23701
      View Details
    • Value Estimation
      $4,875,000
      8,872 SF

      5660 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA
      5660 Portsmouth Blvd, Portsmouth, VA 23701-1827
      View Details
    • Value Estimation
      $4,230,000
      12,662 SF

      5515 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA
      5515 Portsmouth Blvd, Portsmouth, VA 23701-1832
      View Details

    Similar Nearby for Sale

    • $1,100,000
      1,827 SF

      Income-Producing Commercial Property Near Casino

      High-visibility commercial property near Rivers Casino Portsmouth with recent updates.
      2498 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      Pending

      Versatile Victory Boulevard Commercial Property

      Adaptable commercial space near Rivers Casino, suitable for diverse ventures.
      3328 Victory Blvd, Portsmouth, VA 23701
      View Details
    • $425,000

      Retail Building Car Sales Lot

      Retail building currently used as a car sales lot.
      4301 Portsmouth Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      2,625 SF

      3700 Turnpike Rd, Portsmouth, VA 23701

      Auto shops
      3700 Turnpike Rd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      26,000 SF

      Victory Boulevard Corridor Land

      Centrally located land near Rivers Casino with high traffic.
      2880 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      4,018 SF

      Retail Space Near Rivers Casino

      Retail property near new casino and entertainment district for rent.
      2830-2886 Airline Blvd, Portsmouth, VA 23701
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      600 SF

      Retail Space in Elmhurst Square

      Newly renovated retail space in a bustling Portsmouth shopping center.
      5630 Portsmouth Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing

      Retail Space in Portsmouth Hub

      Retail space for lease in Portsmouth's vibrant retail hub.
      4020 Victory Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing

      Retail Space Near I-264

      Retail space for lease with easy highway access and parking.
      3537-3539 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      11,600 SF

      Retail Space in Portsmouth Corridor

      Retail space in Portsmouth's dominant retail corridor, easy access.
      2570 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      1,626 SF

      Retail Space Available For Lease

      Retail space available for lease in Portsmouth, Virginia.
      2850 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space on Airline Boulevard

      4,000 SF retail end cap available on busy corridor.
      3300-3308 Airline Blvd, Portsmouth, VA 23701
      View Details
    View Listing
    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.
    114 Chowan Dr
    Portsmouth, VA 23701
    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
    114 Chowan Dr, Portsmouth, VA, 23701
    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!