Corner Conventional Restaurant
For Sale
$565,900
3332 Victory Boulevard, Portsmouth, VA 23701
COMMERCIAL - Portsmouth, VA
Property Size1,222 SF
Lot Size0.32 Acres
Price / SF$463.09
Days on Market419
Property Features for 3332 Victory Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GMU
Subdivision
BIDE A WEE
Standard status
Active
Size
1,222 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
6624
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1970
Roof type
Composition
Listing Agency:
RE/MAX Capital · RE/MAX International
(757) 926-4346
Listed By:
Julie Crist · License #225065475
(757) 564-1557
Added: Jun 20, 2025
Changed: Aug 4
Last Checked: Aug 12 at 12:06AM
MLS# 10588944
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Restaurant business and the associated building/land are available for sale at 3332 Victory Boulevard in Portsmouth, VA. The offering includes all kitchen fixtures, with the option to take over the existing business on site or start a new operation.
The property sits on a well-traveled corner at Greenwood Dr and Victory Boulevard, near Interstate access and mass transit. The building is brick construction with a composition roof, electric heating, and central air conditioning.
The lot size is 0.32 acres, and the property size is 1,222 square feet. Built in 1970, the site is zoned GMU.
The property sits on a well-traveled corner at Greenwood Dr and Victory Boulevard, near Interstate access and mass transit. The building is brick construction with a composition roof, electric heating, and central air conditioning.
The lot size is 0.32 acres, and the property size is 1,222 square feet. Built in 1970, the site is zoned GMU.
Key Highlights
- Includes business and building/land for sale with all kitchen fixtures
- 0.32‑acre corner lot at Greenwood Dr and Victory Boulevard
- 1,222 SF conventional restaurant building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$15,909
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$318,180
$318.2K
Cap Rate 7%
$227,271
$227.3K
Cap Rate 9%
$176,767
$176.8K
Market Conditions
NOI Build-Up for 1,222 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.1K $18.12/SF
− Vacancy
−$930 −$0.76/SF
EGI
$21.2K $17.36/SF
− OpEx
−$5.3K −$4.34/SF
NOI
$15.9K $13.02/SF
Area
Portsmouth County, VA
Vacancy
4.20%
Lease Rate
$18.12 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$318,180
Cap Rate 7%
$227,271
Cap Rate 9%
$176,767
Alternative Uses
Best Use
Specialty Retail
$227.3K
$198.9K – $265.2K
NOI $15,909 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$389.0K
$340.4K – $453.9K
NOI $27,233 @ 7.0% cap · market cap 4.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
13k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 97%
Home Improvements & Furnishings 3%
7-Eleven
Shops & Services
8,446 visits/mo
0.1 miles
WilcoHess
Shops & Services
2,401 visits/mo
0.2 miles
Sunoco
Shops & Services
1,681 visits/mo
0.1 miles
Airgas
Home Improvements & Furnishings
348 visits/mo
0.4 miles
Demographics for 23701, VA
24,629
Population
10,318
Households
2.4
Avg Household Size
41
Median Age
23%
College-Educated
90%
High-School Grad
7.7 sq mi
ZIP Area
3,199
Density / Sq Mi
$63,389
Median Household Income
$44,633
Median Earnings
$1,313
Median Rent
$218,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Conventional restaurant building in GMU zoning with electric heat, central air, and all kitchen fixtures included.
Where is this conventional restaurant located?
The property is located at 3332 Victory Boulevard Portsmouth, VA.
What is the asking price?
The asking price for this property is $565,900.
What are key features of this property?
This property features: Includes business and building/land for sale with all kitchen fixtures; 0.32‑acre corner lot at Greenwood Dr and Victory Boulevard; 1,222 SF conventional restaurant building
