Building Details

Year Built 2002

Listing Agency: Harvey Lindsay Commercial Real Estate

Listed By: Ryan King · License #VA Show Phone

Source: Crexi

Added: Jun 16 Changed: Oct 27 Last Checked: Nov 3 at 6:04AM

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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.

Key Highlights

• Built in 2002
• Zoned M‑1 (light industrial)

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,316

Cap Rate

6.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$366,320 $366.3K

Cap Rate 7%

$261,657 $261.7K

Cap Rate 9%

$203,511 $203.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,015 SF

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 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 (±1% cap)

NOI $18,316 @ 7.0% cap · market cap 6.13%

Second Best

Flex RnD

$255.1K

$223.2K – $297.6K (±1% cap)

NOI $17,857 @ 7.0% cap · market cap 5.97%

Theoretical Best

Office A

$959.9K

$839.9K – $1.12M (±1% cap)

NOI $67,191 @ 7.0% cap · market cap 22.47%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

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.

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 - 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 $299,000.

What are key features of this property?

This property features: Built in 2002; Zoned M‑1 (light industrial)