Light Industrial Flex
For Sale
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3303 Airline Boulevard, Portsmouth, VA 23701
A 2002-built flex/industrial property in an M-1 light industrial zoning district.
Property Size3,015 SF
Price / SF$104.48
Days on Market96
Property Features for 3303 Airline Boulevard
General Information
Standard status
Active
Size
3,015 SF
Property subtype
Industrial
Zoning
M-1
Building Details
Year Built
2002
Listing Agency:
Harvey Lindsay Commercial Real Estate
Listed By:
Ryan King · License #VA
(757) 640-8210
Source:
Crexi
Added: Jun 16
Changed: Sep 7
Last Checked: Sep 19 at 6:48AM
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
Investment Insights
Based on property information with market context.
Built in 2002, this light industrial flex property offers a practical combination of industrial and flexible space for users who need a functional footprint within an M-1 setting. The asset is identified as flex space and industrial property type within the available offering details.
Zoned M-1 (Light Industrial), the property is positioned to accommodate light industrial needs under the stated zoning classification. The offering is located at 3303 Airline Boulevard in Portsmouth, VA 23701, providing a convenient, single-property option for buyers evaluating flex and light industrial use cases.
For tenants and owner-users considering operations within light industrial parameters, this property’s age and zoning designation make it a straightforward match to M-1 requirements. As a flex/industrial asset, it may fit a range of business types that benefit from a light industrial framework, subject to confirmation of any specific use requirements and approvals in connection with the intended operation.
Zoned M-1 (Light Industrial), the property is positioned to accommodate light industrial needs under the stated zoning classification. The offering is located at 3303 Airline Boulevard in Portsmouth, VA 23701, providing a convenient, single-property option for buyers evaluating flex and light industrial use cases.
For tenants and owner-users considering operations within light industrial parameters, this property’s age and zoning designation make it a straightforward match to M-1 requirements. As a flex/industrial asset, it may fit a range of business types that benefit from a light industrial framework, subject to confirmation of any specific use requirements and approvals in connection with the intended operation.
Key Highlights
- Built in 2002
- Zoned M‑1 (light industrial)
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
$18,316
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
5.81%
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%
$366,320
$366.3K
Cap Rate 7%
$261,657
$261.7K
Cap Rate 9%
$203,511
$203.5K
Market Conditions
NOI Build-Up for 3,015 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
$26.9K $8.91/SF
− Vacancy
−$698 −$0.23/SF
EGI
$26.2K $8.68/SF
− OpEx
−$7.8K −$2.60/SF
NOI
$18.3K $6.07/SF
Area
Portsmouth County, VA
Vacancy
2.60%
Lease Rate
$8.91 /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%
$366,320
Cap Rate 7%
$261,657
Cap Rate 9%
$203,511
Alternative Uses
Best Use
Industrial
$261.7K
$229.0K – $305.3K
NOI $18,316 @ 7.0% cap · market cap 5.81%
Second Best
Flex RnD
$255.1K
$223.2K – $297.6K
NOI $17,857 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$959.9K
$839.9K – $1.12M
NOI $67,191 @ 7.0% cap · market cap 21.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - A 2002-built flex/industrial property in an M-1 light industrial zoning district.
Where is this flex space located?
The property is located at 3303 Airline Boulevard Portsmouth, VA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Built in 2002; Zoned M‑1 (light industrial)
