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701 Airline Blvd 2,557 SF 100% Leased Retail Building Portsmouth, VA 23707 $699,000 ($273.37/SF)
Executive Summary
Below market rents with long term investment upside
- For sale below assessed value
- High traffic location
- Two connected properties: 4,098 and 2,924 square feet
- 701 has 0.2 acres and 703 has 0.45 acres
- Total of 7,022 square feet on 0.65 acres
- Current City assessment of $763,490.00
- Tidewater Sew Vac just renewed their lease for an additional 5 year term
- Current lease has gross rent fixed for the full term
- Landlord pays taxes, insurance and maintenance
- For sale below assessed value
- High traffic location
- Two connected properties: 4,098 and 2,924 square feet
- 701 has 0.2 acres and 703 has 0.45 acres
- Total of 7,022 square feet on 0.65 acres
- Current City assessment of $763,490.00
- Tidewater Sew Vac just renewed their lease for an additional 5 year term
- Current lease has gross rent fixed for the full term
- Landlord pays taxes, insurance and maintenance
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
2,557 SF
Building Class
C
Year Built
1948
Price
$699,000
Price Per SF
$273.37
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.30
Lot Size
0.20 AC
Zoning
GMU - Commercial
Parking
9 Spaces (3.52 Spaces per 1,000 SF Leased)
Frontage
162’ on Airline Blvd
Amenities
- Bus Line
- Signage
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0300-0470 | Improvements Assessment | $227,880 |
| Land Assessment | $208,580 | Total Assessment | $436,460 |
Property Taxes
Parcel Number
0300-0470
Land Assessment
$208,580
Improvements Assessment
$227,880
Total Assessment
$436,460
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701 Airline Blvd