4107 Portsmouth BlvdChesapeake, VA 23321

Property Details for 4107 Portsmouth Blvd

Year built

1991

Lot size

12.28 AC

Property size (Sq ft)

114,956 SF

Zone code

B2: GENERAL BUSINESS

Property type

Retail properties

Property subtype

Community centers

APN

151010000090

APU

151010000090

Description

Chesapeake Commons offers exceptional retail opportunities in a thriving Chesapeake, Virginia location. This power center boasts 198,741 square feet and features three suites, with 4,621 square feet currently vacant. Spaces range from a minimum of 1,090 square feet to a maximum contiguous space of 2,400 square feet, providing flexibility for various retail concepts. The center enjoys a prime location just off I-664, easily accessible via the Portsmouth Boulevard interchange, ensuring high visibility and convenient customer access. Anchored by national retailers such as Best Buy, Ross, Old Navy, and Aldi, Chesapeake Commons benefits from significant existing traffic and strong brand recognition. The property sits within the Chesapeake Square submarket, directly across from the Chesapeake Square Mall, which is undergoing a major redevelopment project that will include a substantial multi-family component. This redevelopment promises to further enhance the area's appeal and drive even more foot traffic to the center. The submarket itself comprises approximately 2,162,000 square feet of retail space, reflecting a dynamic and growing retail environment. This presents a unique opportunity to establish or expand a retail business in a high-growth area with excellent accessibility and strong anchor tenants. The combination of established brands, convenient location, and ongoing area development makes Chesapeake Commons an attractive investment for discerning retailers.

• CAP approach

  CAP return

  Valuation

  6%

  $31,352,508

  6.5%

  $28,940,776

  7%

  $26,873,578

• Comparable approach

  Method

  Valuation

  Relative Method

  $32,512,078

  Geo Method

  $48,380,980

• Alternative Use

  Use

  Valuation

  Residential

  $24,412,628

  Hospitality

  $22,361,836

  Educational

  $18,604,784

  Medical

  $19,244,632

  Retail

  $28,940,776

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Latitude

36.8223

Longitude

-76.4117

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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