Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3016-3024 Godwin Blvd Suffolk, VA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Office building for rent near Obici Hospital in Suffolk, VA.

    Type:OFFICE
    Property size:
    7,800 SF
    Lot size:
    2.50 Acres
    Price / SF:
    $230/SF
    Added:
    Dec 28, 2022
    Days on Market:
    1218
    Last Refresh:
    Apr 5 at 9:20 pm

    Property Features for 3016-3024 Godwin Blvd

    General Information

    Standard status
    Active
    Size
    7,800 SF
    Lot size
    2.50 Acres
    Property subtype
    OFFICE

    Properties For Sale

    at 3016-3024 Godwin Blvd Contact us

    We can help!

    Listing Contact
    Bobby Beasley III
    Bobby Beasley III

    Listing agent Bobby Beasley III License #0225213185

    Listing office Harvey Lindsay Commercial Real Estate

    Listing date Dec 28, 2022

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Harvey Lindsay Commercial Real Estate

    Overview

    Suffolk Office Building Near Hospital

    This office building, comprising 7,800 square feet, is situated near Obici Hospital and other medical facilities. The location benefits from a signalized intersection and is part of a newly developed area. The property is located at 3016-3024 Godwin Blvd, Suffolk, VA.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk
    State
    Virginia
    Longitude
    -76.5836
    Latitude
    36.7799

    Nearby Similar for Sale

    • $729,000
      9,000 SF

      Iconic Ballroom in Historic Suffolk

      Three-story building with stunning ballroom, ideal for events.
      447 W Washington Street, Suffolk, VA 23434
      View Details
    • $600,000
      5,803 SF

      Historic Church in Suffolk, VA

      Two-story brick church with sanctuary, classrooms, and parking.
      1613 Washington Street, Suffolk, VA 23434
      View Details
    • $425,000
      6,336 SF

      Suffolk Church and Annex Building

      Meticulously maintained church with annex, ideal for various uses.
      132 Bank Street, Suffolk, VA 23434
      View Details
    • $650,000
      4,865 SF

      Suffolk Clinic with Flexible Layout

      Landmark clinic with surgical suite, stalls, and development potential.
      2451 Lake Cohoon Road, Suffolk, VA 23434
      View Details
    • $45,000
      1,100 SF

      Established Nail Salon Business

      Turn-key nail salon in prime location with steady clientele.
      1208 N Main Street, Suffolk, VA 23434
      View Details
    • $299,000
      1,500 SF

      Downtown Suffolk Office Building For Sale

      Office building in vibrant downtown Suffolk, near restaurants and retail.
      314 W Washington Street, Suffolk, VA 23434
      View Details
    • $695,000
      7,800 SF

      Retail/Shop Building on 1.15 Acres

      Retail/shop building on 1.15 acre site for sale.
      1152, 1154 & 1156 Portsmouth Boulevard, Suffolk, VA 23434
      View Details
    • $299,000
      6,000 SF

      Historic Suffolk Building For Sale

      Historic 6,000 SF building in the heart of Suffolk, VA.
      120 W Washington St, Suffolk, VA 23434
      View Details
    • $425,000
      2,124 SF

      Suffolk Mixed-Use Property For Sale

      Unique mixed-use property with office and residential spaces in Suffolk.
      2017 Wilroy Road, Suffolk, VA 23434
      View Details
    • $299,900
      1,500 SF

      Purchase,Commercial/Industrial - Suffolk, VA

      400 W Washington Street, Suffolk, VA 23434
      View Details
    • $649,000
      2,024 SF

      Suffolk Commercial Building with Bays

      Large commercial building with four bays, ideal for automotive uses.
      811 W Constance Rd, Suffolk, VA
      View Details
    • $1,450,000
      23,594 SF

      Suffolk Commercial Building For Sale

      Eight-story commercial building in downtown Suffolk, prime real estate.
      112 W Washington Street, Suffolk, VA 23434
      View Details

    FAQs

    What type of property is this?
    Office building - Office building for rent near Obici Hospital in Suffolk, VA.
    Where is this office building located?
    The property is located at 3016-3024 Godwin Blvd Suffolk, VA.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Near Obici Hospital and Medical Facilities; **Signalized Intersection**; New Highly Developed Area
    (757) 640-8700 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bobby Beasley III
    Bobby Beasley III
    Real Estate License ID: 0225213185
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!