1420 Chestnut Street, Central Portsmouth, VA 23704

Property Description

Income producing property. Current owner is interested in a sale-leaseback transaction. The income comes from the office buildings plus a 65 space parking lot for big rigs. The owner is prepared to rent the office space for $112,970 per year and the current income from parking revenue is $132,000 per year. Excellent investment opportunity or a Section 1031 Exchange. Property is located close to the port and has been used for parking big rigs for many years. A 6-foot fence surrounds this rear parking lot and is accessed 24/7 by a remote control gate. Owner has been operating a business in this location for the past ten years.