Three-Bay Auto Repair
New
For Sale
$625,000
1205 Airline Boulevard, Portsmouth, VA 23707
Commercial/Industrial, Portsmouth, VA
Property Size2,330 SF
Lot Size0.23 Acres
Price / SF$268.24
Days on Market6
Property Features for 1205 Airline Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Subdivision
WESTHAVEN
Standard status
Active
Size
2,330 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
2698
Building Details
Year built
1953
Listing Agency:
EXIT Realty Central
(757) 466-1009
Listed By:
Timothy Churchwell
(757) 466-1009
Added: Aug 17
Last Checked: Aug 22 at 8:06AM
MLS# 10649494
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.
This 2,330-square-foot automotive repair property includes three service bays and equipment associated with the automobile repair business. Built in 1953, the facility sits on 0.23 acres and is designated C-2 zoning. The sale includes the operating repair business and its equipment, with a business history extending more than 40 years.
Located at 1205 Airline Boulevard in Portsmouth, Virginia, the property fronts a corridor reporting approximately 15,000 vehicles per day. Its three-bay configuration and existing automotive improvements support continued repair-oriented use.
Located at 1205 Airline Boulevard in Portsmouth, Virginia, the property fronts a corridor reporting approximately 15,000 vehicles per day. Its three-bay configuration and existing automotive improvements support continued repair-oriented use.
Key Highlights
- 2,330‑square‑foot automotive repair facility
- Three service bays with equipment included
- Automobile repair business established for over 40 years
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
$30,744
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
4.92%
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%
$614,880
$614.9K
Cap Rate 7%
$439,200
$439.2K
Cap Rate 9%
$341,600
$341.6K
Market Conditions
NOI Build-Up for 2,330 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
$46.1K $19.80/SF
− Vacancy
−$2.2K −$0.95/SF
EGI
$43.9K $18.85/SF
− OpEx
−$13.2K −$5.65/SF
NOI
$30.7K $13.19/SF
Area
Portsmouth County, VA
Vacancy
4.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$614,880
Cap Rate 7%
$439,200
Cap Rate 9%
$341,600
Alternative Uses
Best Use
Retail
$439.2K
$384.3K – $512.4K
NOI $30,744 @ 7.0% cap · market cap 4.92%
Second Best
Industrial
$202.2K
$176.9K – $235.9K
NOI $14,154 @ 7.0% cap · market cap 2.26%
Theoretical Best
Office A
$741.8K
$649.1K – $865.4K
NOI $51,925 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Service bays
15,000 VPD
Traffic count
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
875
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23707, VA
14,316
Population
7,216
Households
2
Avg Household Size
36
Median Age
26%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
3,671
Density / Sq Mi
$51,070
Median Household Income
$37,932
Median Earnings
$1,076
Median Rent
$222,100
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.
Similar Off Market Nearby
- Steves Auto Electric & Repair — 3700 Turnpike Rd, Portsmouth, VA 23701
- Legacy Recovery and Towing Service LLC — 2315 Rodman Ave, Portsmouth, VA 23707
- K and A's Family Auto Repair LLC — 3700 Turnpike Rd, Portsmouth, VA 23701
- DBs Mechanical Repair LLC — 2710 Pinewell St, Portsmouth, VA 23704
- Mac Automotive — 2315 Rodman Ave, Portsmouth, VA 23707
Frequently Asked Questions
What type of property is this?
Auto shop - C-2-zoned facility with included equipment and an automotive repair operation established for more than four decades.
Where is this auto shop located?
The property is located at 1205 Airline Boulevard Portsmouth, VA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 2,330‑square‑foot automotive repair facility; Three service bays with equipment included; Automobile repair business established for over 40 years
