1817 Frederick Blvd Portsmouth, VA 23707

Property Details for 1817 Frederick Blvd

Year built

2024

Lot size

5.27 lot acres

Property size

7,520 SF

Zone code

GMU

Property type

Medical offices

Property subtype

Medical centers

APN

0189-0325

APU

1890325

Description

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.

Location Insight

City

Portsmouth

County

Portsmouth City

State

Virginia

Longitude

-76.3371

Latitude

36.8242

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments