1817 Frederick Blvd - Health Club FOR SALE


Portsmouth, VA 23707- Midtown Portsmouth
$4,200,000 USD
619-218-6427
1817 Frederick Blvd, Portsmouth, VA for Sale
$4,200,000 USD
Health Club - FOR SALE
1/5
null | 6.25% Cap Rate

1817 Frederick Blvd
Portsmouth, VA 23707
Midtown Portsmouth


HIGHLIGHTS

  • New 2024 High-Quality Construction
  • Corporate Guarantee by Humana (NYSE: HUM) --- The Fourth Largest Health Insurance Provider in the United States
  • New 10-Year Lease with 10% Rental Increases Every 5-Years
  • Traffic Counts Exceed 49,000 Vehicles Per Day
  • Over 223,000 Residents & Average Household Income Exceeding $82,000 Within a 5-Mile Radius
  • Excellent Visibility & Access on Two Main Commuter Thoroughfares (Turnpike Rd & Frederick Blvd)

OVERVIEW

The subject property is a newly constructed Humana CenterWell facility located in Portsmouth, VA. The new 10-year lease is corporately guaranteed by Humana (NYSE: HUM) and includes 10% rental increases every 5-years in the primary term and in the (2) five-year option periods. Humana Inc. is an American health insurance company based in Louisville, Kentucky. In 2023, the company ranked 42 on the Fortune 500 list, which made it the highest ranked (by revenues) company based in Kentucky. It is the fourth largest health insurance provider in the U.S. This property is located within a brand-new multi-tenant retail development with excellent visibility and access on two main commuter thoroughfares, Turnpike Rd and Frederick Blvd. Traffic counts near the site are significant, with over 38,000 vehicles per day on Frederick Blvd and 11,000 vehicles per day on Turnpike Rd. The surrounding area boasts a population of over 223,000 within a 5-mile radius, with an average household income exceeding $82,000. National retailers in the immediate vicinity include 7-Eleven, Walgreens, Advance Auto Parts, Wells Fargo, Walmart, Panda Express, Wawa, Chipotle, CVS Pharmacy, Starbucks, Dunkin’ Donuts, IHOP, Wendy’s, Taco Bell, Chick-Fil-A, TJ Maxx, Kroger, McDonald’s, KFC, Pep Boys, Bank of America, Bojangles, Lowe’s, GameStop, and many more.

FOR SALE DETAILS

PRICE

$4,200,000 USD

PRICE/SF

$560 USD /SF

CAP RATE

6.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Humana | New 2024 High-Quality Construction

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Health Club

ADD'L SUBTYPES

Fast Food, Freestanding, Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2024

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

5.3 AC

LAND SF

230,868 SF

ZONING

-

APN/PARCEL ID

0189-0320

ASK ABOUT THIS PROPERTY

John WertzWertz Real Estate Investment ServicesMore Info
619-218-6427

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John WertzWertz Real Estate Investment ServicesMore Info
619-218-6427

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.