4644 George Washington HwyPortsmouth, VA 23702

Property Details for 4644 George Washington Hwy

Year built

1988

Construction

BRICK

Lot size

9.63 AC

Property size (Sq ft)

90,025 SF

Zone code

GMU

Property type

Specialty properties

Property subtype

Other shopping centers

APN

0457-0010

APU

4570010

Description

This exceptional Portsmouth, Virginia commercial property, Williams Court II, offers a unique investment opportunity. Located at 4644 George Washington Hwy, at the corner of Victory Boulevard, this 90,025 square foot shopping center boasts a prime location in the Northern Chesapeake and Southern Portsmouth area. The property features three available suites, ranging from a minimum of 750 square feet to a maximum contiguous space of 5,520 square feet, ideal for a variety of retail, office, or warehouse uses. The flexible space allows for customization to meet individual business needs. The center is strategically positioned near major transportation arteries, less than two miles from the Thomas Nelson Community College (TCC) Portsmouth Campus and the I-264 on/off ramps, ensuring excellent accessibility. High traffic counts of 23,000 vehicles per day (VPD) on George Washington Highway and 18,000 VPD on Victory Boulevard guarantee significant visibility and foot traffic. Ample parking is available for customers and employees. The property benefits from strong neighboring businesses, including Ollie's Bargain Outlet, Dollar General, and a Food Lion-anchored center reporting above-average sales. This presents a compelling opportunity to establish a presence in a thriving commercial area with highly competitive lease rates. The property is classified as Retail and Office, with a Warehouse subtype and multiple tenancy.

• CAP approach

  CAP return

  Valuation

  6%

  $24,552,954

  6.5%

  $22,664,266

  7%

  $21,045,390

• Comparable approach

  Method

  Valuation

  Relative Method

  $25,461,044

  Geo Method

  $37,888,388

• Alternative Use

  Use

  Valuation

  Residential

  $19,118,156

  Hospitality

  $17,512,128

  Educational

  $14,569,885

  Medical

  $15,070,966

  Retail

  $22,664,266

Location Insight

City

Portsmouth

County

Portsmouth City

State

Virginia

Latitude

36.799

Longitude

-76.3267

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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