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301 GOODE WAY PORTSMOUTH VA 23704-2266, Portsmouth, VA 23704
Two-story Class B office space in Portsmouth's Central Business District.
Property Size1,468 SF
Price / SF$187.33
Days on Market1788
Property Features for 301 GOODE WAY PORTSMOUTH VA 23704-2266
General Information
Standard status
Active
Size
1,468 SF
Class
B
Property subtype
Office
Zoning
GMU
Investment Type
Owner/User
Building Details
Year Built
1991
Buildings
1
Stories
2
Units
1
Listing Agency:
JLL - Norfolk, Virginia
(757) 202-9548
Listed By:
Chanda Chann, CCIM · License #VA 0225235126
Source:
Crexi
Added: Sep 20, 2021
Changed: Aug 8
Last Checked: Aug 8 at 4:14AM
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 JLL - Norfolk, Virginia
Investment Insights
Based on property information with market context.
This two-story landmark professional condo building offers a Class B office space in Portsmouth's Central Business District. The 1468 square foot condo suite includes 7-8 private offices, a reception area, conference/meeting rooms, two unisex private restrooms, a breakroom area, and windows. Building amenities include a four-person passenger elevator, nearby transit, landscape and exterior maintenance, and an on-site professional association management office. The location provides professionals with easy access to both city centers, I-264, Naval Medical Center, Park & Ride center, restaurants, a marina, and Norfolk across the Elizabeth River. A new WAWA recently opened on London Street, with other development and construction activities in the surrounding area. It is excellent for medical use, office administration, or other businesses.
Key Highlights
- Prime location in Portsmouth Central Business District with easy access to I‑264, Naval Medical Center, and Norfolk.
- Versatile Class B office space suitable for medical, administrative, or other business use.
- Condo suite features 7‑8 private offices, reception area, conference/meeting rooms, and a breakroom.
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
$25,088
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
9.12%
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%
$501,760
$501.8K
Cap Rate 7%
$358,400
$358.4K
Cap Rate 9%
$278,756
$278.8K
Market Conditions
NOI Build-Up for 1,468 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
$45.4K $30.96/SF
− Vacancy
−$3.6K −$2.48/SF
EGI
$41.8K $28.48/SF
− OpEx
−$16.7K −$11.39/SF
NOI
$25.1K $17.09/SF
Area
Portsmouth County, VA
Vacancy
8.00%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
40.00%
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%
$501,760
Cap Rate 7%
$358,400
Cap Rate 9%
$278,756
Alternative Uses
Best Use
Office B
$428.5K
$375.0K – $500.0K
NOI $29,997 @ 7.0% cap · market cap 10.91%
Second Best
Healthcare Medical
$358.4K
$313.6K – $418.1K
NOI $25,088 @ 7.0% cap · market cap 9.12%
Theoretical Best
Office A
$467.4K
$408.9K – $545.3K
NOI $32,715 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,472
Businesses Nearby
Explore this area
Business Placement
Demographics for 23704, VA
19,505
Population
9,538
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
4.5 sq mi
ZIP Area
4,334
Density / Sq Mi
$44,739
Median Household Income
$34,488
Median Earnings
$1,279
Median Rent
$197,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-story Class B office space in Portsmouth's Central Business District.
Where is this office units located?
The property is located at 301 GOODE WAY PORTSMOUTH VA 23704-2266 Portsmouth, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Prime location in Portsmouth Central Business District with easy access to I‑264, Naval Medical Center, and Norfolk.; Versatile Class B office space suitable for medical, administrative, or other business use.; Condo suite features **7‑8 private offices, reception area, conference/meeting rooms, and a breakroom.**
