5000 Portsmouth Blvd Chesapeake, VA 23321-1426
Property Lookup
Property profile & analytics
5000 Portsmouth Blvd Chesapeake, VA 23321-1426
- Commercial land
- 1,722 SF
- 1.04 lot acres
Property ID
US87-3939449
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
- Wirth Development Corporation / Construction Company
- Starbucks / Cafe & Coffee Shop
Property Details for 5000 Portsmouth Blvd
- Year built
- 1964
- Construction
- WOOD FRAME
- Lot size
- 1.04 lot acres
- Property size
- 1,722 SF
- Zone code
- B2: GENERAL BUSINESS
- Property type
- Commercial land
- APN
- 150000001920
- APU
- 150000001920
Description
Exceptional investment opportunity: a brand-new, 2,500 square foot Starbucks located at 5000 Portsmouth Blvd, Chesapeake, VA 23321. This Class A, single-tenant net lease property boasts a 10-year lease commencing May 1, 2024, with a remaining term of 9.4 years and a 10% rent bump every five years. The property sits on a 1.04-acre lot with 19 parking spaces and enjoys a prime location on a signalized corner intersection with excellent visibility. The strong tenant, Starbucks Corporation, is investment-grade credit rated (Baa1/BBB+), providing financial stability. The property benefits from its proximity to major thoroughfares, including I-664, and a dense industrial corridor with 6.3 million square feet of space within a two-mile radius. The surrounding area features a high population density (169,835 residents within a five-mile radius) and numerous destination retailers, including Walmart, Target, and Home Depot. Furthermore, the property is conveniently located near significant landmarks such as the Suffolk Amazon Fulfillment Center, Chesapeake Square (undergoing extensive redevelopment), Bon Secours Maryview Medical Center, Western Branch High School, and Hampton Roads Executive Airport. The property's high occupancy (100%) generates a strong net operating income (NOI) of $173,650, resulting in an attractive 6.00% cap rate. The asking price is $2,895,000. Lease options include 6 and 5-year extensions.
Value Estimations
based on Realmo’s proprietary methodology
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Chesapeake
- County
- Chesapeake City
- State
- Virginia
- Longitude
- -76.4493
- Latitude
- 36.8167
- 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
2019
$3,257
$414,000
$0.00
$414,000
-
$414,000
$0.00
$414,000
