5917 High StPortsmouth, VA 23703

Property Details for 5917 High St

Year built

2004

Construction

BRICK

Lot size

1.76 AC

Property size (Sq ft)

14,392 SF

Zone code

GMU

Property type

Drug stores

APN

0816-0022

APU

8160022

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $3,925,200

  6.5%

  $3,623,262

  7%

  $3,364,457

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,070,373

  Geo Method

  $6,057,092

• Alternative Use

  Use

  Valuation

  Residential

  $3,056,356

  Hospitality

  $2,799,606

  Educational

  $2,329,240

  Medical

  $2,409,346

  Retail

  $3,623,262

Location Insight

City

Portsmouth

County

Portsmouth City

State

Virginia

Latitude

36.8602

Longitude

-76.3969

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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