5917 High W St Portsmouth, VA 23703-4505
This exceptional investment opportunity presents a fee-simple, freestanding Walgreens located at 5917 High St W, Portsmouth, VA 23703. The property, built in 2004, boasts 14,490 square feet on a 1.49-acre lot and features a convenient drive-thru. This single-story building enjoys 100% occupancy with a corporate-guaranteed NNN lease, minimizing landlord responsibilities. The current lease term has 4.8 years remaining, with Walgreens demonstrating strong commitment through a recent extension. Annual sales exceed $2.9 million, reflecting the location's robust performance. The property is strategically situated at a signalized intersection of High Street W (Hwy 17) and Tyre Neck Rd, benefiting from high visibility and traffic flow. Nearby retailers include AutoZone, Starbucks, Aldi, Great Clips, and Hardee's, further enhancing the location's appeal. The asking price is $4,200,000, representing a compelling cap rate of 8.75% and a price per square foot of $289.86. This investment offers a secure, passive income stream with significant upside potential, situated just 15 miles from Norfolk International Airport. The property is offered as a fee-simple ownership with no ground lease. There are no rent bumps included in the current lease.
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Walgreens Photo (Bike/Boat/Book/etc) Store
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Walgreens Pharmacy Pharmacy
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Western Union Bank Credit Union
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LibertyX Bitcoin ATM Atm
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Redbox Cinema (Bike/Boat/Book/etc) Store
Window signs located in the NMU, GMU, IN, and WF districts; and if consistent with applicable adopted design standards, window signs located in the MU-H district Signs oriented toward the interior of and intended to be viewed from within an outdoor recreation or entertainment establishment or facility Outdoor Advertising Signs (Billboards) These signs requir…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
GMU · Portsmouth, VAWindow signs located in the NMU, GMU, IN, and WF districts; and if consistent with applicable adopted design standards, window signs located in the MU-H district Signs oriented toward the interior of and intended to be viewed from within an outdoor recreation or entertainment establishment or facility Outdoor Advertising Signs (Billboards) These signs require a Use Permit in accordance with the following: A Use Permit must be obtained prior to undertaking any of the following activities: Installation of a new outdoor advertising sign Replacement of an outdoor advertising sign Changing the technology of the sign face on an outdoor advertising sign, including a conversion to an LED electronic display View the use permit process . Zoning Sign Permit Application View the Zoning Sign Permit Application (PDF) . Applicants should be sure to consult the checklist on the application to ensure that all the required information and materials are included with the application when it is submitted. The Zoning staff can be consulted if additional information is needed prior to submitting an application. Applicants should ensure that the following items are included. Completed Zoning Sign Permit application, with details of each sign provided on additional sheets. Façade dimensions and square footage Sign Renderings/Specifications - Materials, Heights, Dimensions Surveys for Free Standing Signs - Showing placement and setbacks from the right-of-way. Manufacturer's Specifications for the illumination showing: Luminance at 1500 nits during daylight hours Luminance at 150 nits at all other times The light comes with an automatic dimmer The Zoning Sign Permit Application Fee is $30 plus applicable review fee as established in City Code Appendix A, Portsmouth Fee Schedule. ( Note: that fee will be paid after the permit is approved.) Credit card payments can now be accepted over the phone. Please call the Planning Department at 757-393-8836 for more information. Please note that a signed credit card authorization form is required to be submitted before a credit card payment can be processed. Zoning Sign Permit Application Submission Completed applications should be submitted by email whenever possible. Email zoning for applications and associated supporting materials for zoning sign permits. Electronic/digital submission of applications and other materials is encouraged whenever feasible. Zoning application materials and documents should not be placed in any dropbox or included with submissions to other city departments.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.