1817 Frederick Blvd Portsmouth, VA 23707

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 7,500-square-foot Class A medical office building in Portsmouth, Virginia. The property is 100% occupied by Humana CenterWell, a leading healthcare provider, under a 10-year net lease (NNN) with a corporate guarantee. The lease commenced May 31, 2024, and expires May 30, 2034, offering significant long-term stability. The building, constructed in 2024, sits on a 5.3-acre lot and features convenient ingress and egress on Turnpike Road (6,700 vehicles per day) and Frederick Boulevard (19,000 vehicles per day). The property benefits from its strategic location within a thriving retail hub, boasting over 1.1 million square feet of retail space within a one-mile radius, including major retailers such as Kroger, Walmart, TJ Maxx, Chipotle, and Starbucks. The lease includes 10% rent bumps every five years and two five-year renewal options, ensuring consistent income growth. The property's Net Operating Income (NOI) is $262,500, resulting in a 6.00% cap rate. This investment offers a compelling combination of strong tenant credit, a prime location, and attractive lease terms, making it an ideal addition to any portfolio. The property is situated in an Opportunity Zone, potentially offering significant tax advantages. This is a single-story building within a multi-tenant retail development, providing direct access to Seaboard Square, a 234-unit apartment complex.