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1137 London Blvd 3,500 SF 100% Leased Retail Building Portsmouth, VA 23704 $1,848,347 CAD ($528.10 CAD/SF) 5.51% Cap Rate
Investment Highlights
- Property leased to Virginia ABC under a government-backed agreement with Moody’s Aaa-rated Commonwealth.
- Healthy store performance featuring a rent-to-sales ratio under 2%.
- Adjacent to high-traffic retail corridor with national brands and new housing projects nearby.
- Recently built in 2022 with modern improvements and minimal landlord obligations.
- Located within the Norfolk-Virginia Beach metro area, serving 1.8 million residents.
- Excellent visibility along London Boulevard with an average daily traffic count of approximately 24,000 vehicles.
Executive Summary
SLN Capital Markets, a division of S.L. Nusbaum Realty Co., is pleased to exclusively offer for sale the Virginia ABC Store located at 1137 London Blvd in Portsmouth, VA. The property is leased to the Virginia Alcoholic Beverage Control Authority, an independent political subdivision of the Commonwealth of Virginia. The state itself carries a top credit rating of Aaa by Moody’s. The 2022 build-to-suit project features a long-term lease with limited landlord responsibilities and scheduled increases throughout the initial term and during the option periods. Store sales are extremely healthy. In 2025, the London Blvd location reported sales of $3,761,76—a rent/sales ratio of less than 2%. The property is located near other national retailers including Dollar Tree, McDonald’s and Wawa as well as several newer townhomes and apartments.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Freestanding
Building Size
3,500 SF
Building Class
C
Year Built/Renovated
2022/2024
Price
$1,848,347 CAD
Price Per SF
$528.10 CAD
Cap Rate
5.51%
NOI
$101,763 CAD
Percent Leased
100%
Building Height
1 Story
Building FAR
0.19
Lot Size
0.43 AC
Zoning
GMU
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Virginia ABC
- -
- -
- -
- Double Net
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Virginia ABC | - | - | - | Double Net | - |
Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 0032-1160 | Improvements Assessment | $1,681,622 CAD |
| Land Assessment | $399,838 CAD | Total Assessment | $2,081,461 CAD |
Property Taxes
Parcel Number
0032-1160
Land Assessment
$399,838 CAD
Improvements Assessment
$1,681,622 CAD
Total Assessment
$2,081,461 CAD
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1137 London Blvd
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