Flex Space with Loading
For Sale
Contact for pricing
3303 Airline Blvd, Portsmouth, VA 23701
Flex industrial property combines showroom, office, warehouse, and light manufacturing functionality.
Property Size17,000 SF
Price / SF$86.47
Days on Market405
Property Features for 3303 Airline Blvd
General Information
Standard status
Active
Size
17,000 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Dock-High Doors
2
Drive-In Doors
1
Power
800 amps
Three-Phase Power
Yes
Listing Agency:
One South Commercial
(804) 833-7909
Listed By:
Chris Corrada · License #0225066800
Source:
Moodyscre
Added: Jul 23, 2025
Changed: Aug 26
Last Checked: Aug 30 at 2:25PM
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 One South Commercial
Investment Insights
Based on property information with market context.
This 17,000-square-foot flex property at 3303 Airline Blvd in Portsmouth, Virginia, combines showroom, office, and warehouse areas within a single commercial building. The layout supports flex industrial and light manufacturing operations, with the potential to subdivide the space for separate occupancy or operational needs.
Loading access includes two dock-high doors and one drive-in door. The building is equipped with 800 AMP 3-phase power, providing substantial electrical service for industrial users and manufacturing-related activities. The combination of customer-facing space, administrative areas, warehouse capacity, multiple loading options, and robust power creates a versatile configuration for a range of commercial operations.
Loading access includes two dock-high doors and one drive-in door. The building is equipped with 800 AMP 3-phase power, providing substantial electrical service for industrial users and manufacturing-related activities. The combination of customer-facing space, administrative areas, warehouse capacity, multiple loading options, and robust power creates a versatile configuration for a range of commercial operations.
Key Highlights
- 17,000 square feet of flex industrial space
- Two loading dock doors and one drive‑in door
- 800 AMP 3‑phase power service
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
$125,402
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
8.53%
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%
$2,508,040
$2.5M
Cap Rate 7%
$1,791,457
$1.8M
Cap Rate 9%
$1,393,356
$1.4M
Market Conditions
NOI Build-Up for 17,000 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
$151.5K $8.91/SF
− Vacancy
−$3.9K −$0.23/SF
EGI
$147.5K $8.68/SF
− OpEx
−$22.1K −$1.30/SF
NOI
$125.4K $7.38/SF
Area
Portsmouth County, VA
Vacancy
2.60%
Lease Rate
$8.91 /SF/Yr
Expense Ratio
15.00%
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%
$2,508,040
Cap Rate 7%
$1,791,457
Cap Rate 9%
$1,393,356
Alternative Uses
Best Use
Warehouse
$1.79M
$1.57M – $2.09M
NOI $125,402 @ 7.0% cap · market cap 8.53%
Second Best
Industrial
$1.48M
$1.29M – $1.72M
NOI $103,272 @ 7.0% cap · market cap 7.03%
Theoretical Best
Office A
$5.41M
$4.74M – $6.31M
NOI $378,852 @ 7.0% cap · market cap 25.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
1
Drive-in doors
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex industrial property combines showroom, office, warehouse, and light manufacturing functionality.
Where is this flex space located?
The property is located at 3303 Airline Blvd Portsmouth, VA.
What is the asking price?
The asking price for this property is $1,470,000.
What are key features of this property?
This property features: 17,000 square feet of flex industrial space; Two loading dock doors and one drive‑in door; 800 AMP 3‑phase power service
