321 Battlefield S Blvd Chesapeake, VA 23322-5311

Property Details for 321 Battlefield S Blvd

Year built

2002

Lot size

1.62 lot acres

Property size

13,703 SF

Zone code

B1: NEIGHBORHOOD BUSINESS

Property type

Drug stores

APN

481001000020

APU

481001000020

Description

This exceptional investment opportunity presents a 13,678-square-foot Walgreens pharmacy located in Chesapeake, Virginia, on a 1.58-acre lot. Built in 2002, the property boasts a strong 6.20% cap rate and a substantial net operating income (NOI) of $275,500. The Walgreens NNN lease commenced in November 2023 and has approximately 14 years remaining, featuring 5% rent increases every five years and in each of the twelve five-year renewal options. The asking price is $4,443,548, translating to $324.87 per square foot. The property enjoys excellent visibility and accessibility at a signalized intersection with high daily traffic volume, situated near major roadways and surrounded by a dense concentration of retail establishments, including a Kroger-anchored shopping center and other national brands. The location benefits from a substantial built-in customer base, with over 25,170 households within a three-mile radius. This prime retail location is part of Chesapeake's primary commercial corridor, surrounded by a mix of retail, office, industrial, and multifamily properties. The property's position within the Virginia Beach-Chesapeake-Norfolk MSA (population exceeding 1.82 million) provides access to a large and diverse consumer base, further enhanced by the region's robust economy driven by defense, tourism, and other key industries. This is a rare opportunity to acquire a well-positioned, high-performing retail asset with significant long-term growth potential.

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Longitude

-76.2377

Latitude

36.7138

CBSA code

47260

CBSA name

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

Property Tax & Assessments