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705-711 London St 6,808 SF 100% Leased Office Building Portsmouth, VA 23704 $750,000 ($110.16/SF) 6.40% Cap Rate
INVESTMENT HIGHLIGHTS
- Close major intersection in Portsmouth.
EXECUTIVE SUMMARY
705-719 London Street, highly visible strip across from Wawa on corner of London and Effingham. Ingress and Egress from London and Green Street. Excellent use for retail and office. Two story building with 4 spaces and one story building with 3 spaces. Lots of parking.
6 units rented for immediate cash flow. One unit open for potential owner use.
6 units rented for immediate cash flow. One unit open for potential owner use.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$67,701
|
$9.94
|
| Other Income |
$3,506
|
$0.51
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$71,207
|
$10.46
|
| Taxes |
$6,400
|
$0.94
|
| Operating Expenses |
$20,600
|
$3.03
|
| Total Expenses |
$27,000
|
$3.97
|
| Net Operating Income |
$44,207
|
$6.49
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $67,701 |
| Annual Per SF | $9.94 |
| Other Income | |
|---|---|
| Annual | $3,506 |
| Annual Per SF | $0.51 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $71,207 |
| Annual Per SF | $10.46 |
| Taxes | |
|---|---|
| Annual | $6,400 |
| Annual Per SF | $0.94 |
| Operating Expenses | |
|---|---|
| Annual | $20,600 |
| Annual Per SF | $3.03 |
| Total Expenses | |
|---|---|
| Annual | $27,000 |
| Annual Per SF | $3.97 |
| Net Operating Income | |
|---|---|
| Annual | $44,207 |
| Annual Per SF | $6.49 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Building Size
6,808 SF
Building Class
C
Year Built/Renovated
1987/2023
Price
$750,000
Price Per SF
$110.16
Cap Rate
6.40%
NOI
$48,000
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
2,298 SF
Slab To Slab
11’
Building FAR
0.46
Lot Size
0.34 AC
Zoning
D-1 - Commercial
Parking
11 Spaces (1.62 Spaces per 1,000 SF Leased)
AMENITIES
- Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- A dash of wax aesthetics
- Services
- 1,173 SF
- -
- -
- Mar 2026
- Arsenia Alterations
- Services
- -
- -
- Plus Electric
- -
- Da Nooty Roots
- Services
- 934 SF
- -
- Negotiable
- Mar 2027
- Hampton Roads Go
- Services
- 1,290 SF
- -
- -
- -
- Raising Hope Home Health Care
- -
- -
- -
- -
- -
- The Barber Shop
- -
- 375 SF
- -
- -
- -
- Vacant Unit
- -
- 1,173 SF
- -
- -
- -
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| A dash of wax aesthetics | Services | 1,173 SF | - | - | Mar 2026 | |
| Arsenia Alterations | Services | - | - | Plus Electric | - | |
| Da Nooty Roots | Services | 934 SF | - | Negotiable | Mar 2027 | |
| Hampton Roads Go | Services | 1,290 SF | - | - | - | |
| Raising Hope Home Health Care | - | - | - | - | - | |
| The Barber Shop | - | 375 SF | - | - | - | |
| Vacant Unit | - | 1,173 SF | - | - | - |
1 1
Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 0018-0770 | Total Assessment | $502,150 (2025) |
| Land Assessment | $137,650 (2025) | Annual Taxes | $6,400 ($0.94/SF) |
| Improvements Assessment | $364,500 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
0018-0770
Land Assessment
$137,650 (2025)
Improvements Assessment
$364,500 (2025)
Total Assessment
$502,150 (2025)
Annual Taxes
$6,400 ($0.94/SF)
Tax Year
2024
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Nextgen Virginia Realty
705-711 London St
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