5000 Portsmouth BlvdChesapeake, VA 23321

Property Details for 5000 Portsmouth Blvd

Year built

1964

Construction

WOOD FRAME

Lot size

1.04 AC

Property size (Sq ft)

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.

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $662,296

  Retail / Commercial

  $338,787

  Mixed-Use / Specialty

  $336,922

  Hospitality / Lodging

  $246,332

  Office

  $334,235

  Institutional / Educational

  $350,028

  Residential Income

  $409,532

  Multifamily

  $494,818

  Automotive / Energy

  $300,024

  Parking / Income-Based Land

  $104,184

  Restaurant / Food Service

  $173,832

  Healthcare / Senior Housing

  $346,182

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Latitude

36.8167

Longitude

-76.4493

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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