1817 Frederick Blvd Portsmouth, VA 23707
Property profile & analytics
1817 Frederick Blvd Portsmouth, VA 23707
- Medical Office Space
- 7,520 SF
- 5.27 lot acres
Property ID
US87-1948459
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.
Location Intelligence
Current Use by Public Records
- Medical Office Space
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 Office Space
- 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.
Value Estimations
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CAP approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- 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
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
2024
$39,841
$1,565,850
$1,673,290
$3,239,140
-
$1,565,850
$1,673,290
$3,239,140
