Listing Agency: One South Commercial Show Phone

Listed By: Chris Corrada · License #0225066800 Show Phone

Source: Moodyscre

Added: Jul 23, 2025 Changed: Oct 13 Last Checked: Oct 15 at 1:13AM

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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.

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 / Yr

$125,402

Cap Rate

8.53%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,508,040 $2.5M

Cap Rate 7%

$1,791,457 $1.8M

Cap Rate 9%

$1,393,356 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 17,000 SF

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 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 (±1% cap)

NOI $125,402 @ 7.0% cap · market cap 8.53%

Second Best

Industrial

$1.48M

$1.29M – $1.72M (±1% cap)

NOI $103,272 @ 7.0% cap · market cap 7.03%

Theoretical Best

Office A

$5.41M

$4.74M – $6.31M (±1% cap)

NOI $378,852 @ 7.0% cap · market cap 25.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Financial Wize Mortgage ... Nursing Home Obsessed Over Her ... Hair Salon J&G Fence & Deck ... General Contractor Forsythe, Inc General Contractor Custom Closets & Interiors Interior Design

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Pharmacy Spa & Massage Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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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