Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    707 Gittings St Suffolk, VA 23434

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office space for rent in downtown Suffolk, Virginia.

    Property size:
    1,375 SF
    Lot size:
    1.03 Acres

    Property Features for 707 Gittings St

    General Information

    Size
    1,375 SF
    Lot size
    1.03 Acres

    We can help!

    Listing Contact
    John Merenda
    Source: Moodyscre

    Listing Agent: John Merenda

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

    Learn more

    Property Insight Report

    Overview

    Downtown Suffolk Office Space Available

    Located in Downtown Suffolk, this office space offers convenient access to Routes 13 and 58. The property is situated in close proximity to various retail and dining amenities. Zoned OL (Office Institutional District), the space is suitable for both office and medical uses. The property offers 1375 square feet of space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    JES Foundation Repair Waterproofing Service Wishing Well Counseling ... Counselor Lovin Care Home ... Home Health Care Service Musgrave Joseph W ... Dermatologist Williamsburg Dermatology Dermatologist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk
    State
    Virginia
    Longitude
    -76.5954558
    Latitude
    36.7293147

    Nearby Similar for Lease

    • Contact for pricing
      82,847 SF

      Suffolk Retail Center For Lease

      Retail center in a growing Suffolk submarket with high visibility.
      5860 Harbour View Blvd, Suffolk, VA 23435
      View Details
    • Contact for pricing
      212,000 SF

      Harbour View Office Space

      Modern Suffolk, VA office suites.
      0 College Dr & Harbour Vw Blvd, Suffolk, VA 23435
      View Details
    • Contact for pricing
      853 SF

      Suffolk Industrial Park Office/Warehouse Space

      Office and warehouse space available for sublease in Suffolk.
      1001 Obici Industrial Blvd, Suffolk, VA 23434
      View Details
    • Contact for pricing
      1,790 SF

      Suffolk Medical Office Space Available

      Class A medical office space in a prime Suffolk location.
      3920A Bridge Rd, Suffolk, VA 23435
      View Details
    • Contact for pricing
      126,000 SF

      Class A Warehouse Space Available

      Class A warehouse space near the Port of Virginia.
      Virginia Regional Dr And Northfield Dr, Suffolk, VA
      View Details
    • $6 SF/Yr
      36,000 SF

      Suffolk Warehouse with Upgrades

      36,000 SF warehouse with planned upgrades and truck access.
      115 Dill Rd, Suffolk, VA 23434
      View Details
    • Contact for pricing
      88,935 SF

      Northgate Commerce Parkway Warehouse

      88,935 SF Industrial Space Available
      1965 Northgate Commerce Pkwy, Suffolk, VA 23435
      View Details
    • Contact for pricing
      580,000 SF

      Modern Suffolk Warehouse Space

      580,000 SF Warehouse - 242,000 SF Available
      6601 Park Dr, Suffolk, VA 23435
      View Details
    • Contact for pricing
      977,000 SF

      Virginia Distribution Center Space

      Suffolk, VA: Modern industrial space available.
      271 Benton Rd, Suffolk, VA 23434
      View Details
    • Contact for pricing
      2,800 SF

      Retail Space in Growing Area

      New retail space in high-growth North Suffolk commercial corridor.
      3575 Bridge Rd, Suffolk, VA 23435
      View Details
    • $18 SF/Yr
      8,633 SF

      Suffolk Office Building Near Hospital

      Three Suites, 1,250-8,633 SF Available
      2000 Hillpoint Blvd, Suffolk, VA 23434
      View Details
    • $25 SF/Yr
      1,250 SF

      Retail Space in Harbour View

      Retail space available in a multi-tenant shopping center.
      5883-5889 Harbour View Blvd, Suffolk, VA 23435
      View Details

    FAQs

    What type of property is this?
    Office space - Office space for rent in downtown Suffolk, Virginia.
    Where is this office space located?
    The property is located at 707 Gittings St Suffolk, VA.
    What are key features of this property?
    This property features: - Prime Downtown Suffolk location; - Quick access to Routes 13 and 58; - Close proximity to retail and dining
    (757) 560-5476
    Request Owner's contact information
    707 Gittings St Suffolk, VA 23434
    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.
    707 Gittings St
    Suffolk, VA 23434
    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
    707 Gittings St Suffolk, VA 23434
    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

    We can help!
    Listing Contact
    John Merenda
    (757) 560-5476
    Learn more
    Google sign-in failed. Please try again or use another login method.