Portsmouth Flex Space For
For Sale
Contact for pricing
3413 Griffin Street, Portsmouth, VA 23707
10,205 SF flex space suitable for various business uses.
Property Size10,205 SF
Lot Size0.78 Acres
Price / SF$146.50
Days on Market90
Property Features for 3413 Griffin Street
General Information
Standard status
Active
Size
10,205 SF
Class
B
Lot size
0.78 Acres
Property subtype
Office, Industrial
Zoning
General Mixed Use
Investment Type
Owner/User
Building Details
Year Built
1989
Year Renovated
2020
Buildings
1
Units
1
Listing Agency:
ProActive Real Estate Services
Listed By:
Gary Layne · License #0225194322
Source:
Crexi
Added: May 15
Changed: Aug 8
Last Checked: Aug 8 at 3:05PM
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 ProActive Real Estate Services
Investment Insights
Based on property information with market context.
This 10,205 square foot flex space in Portsmouth, Virginia, is available for sale or lease. Constructed in 1989 and renovated in 2020, the building includes approximately 4,505 square feet of office space and 5,700 square feet of warehouse space, situated on a 0.784-acre site. The property is zoned for General Mixed Use (GMU). The renovated office area features conference areas, a reception space, and executive offices. It is fully climate-controlled with HVAC throughout and includes a full kitchen and breakroom area with multiple ADA-compliant restrooms. Existing office furniture may be included in the sale or lease. The warehouse space is also fully climate-controlled with HVAC and offers an open-span layout suitable for warehouse, distribution, fabrication, storage, or flex industrial uses. The site is tractor-trailer accessible, designed for ease of loading and circulation. There are five grade-level roll-up doors to support efficient operations. Four front warehouse doors measure 10' x 12', and one oversized rear loading door measures 12' x 15'. The property is located 3 minutes from I-264, 8 minutes from I-664 and Downtown Norfolk, 12 minutes from the Port of Virginia, and 12 minutes from the Virginia International Gateway.
Key Highlights
- Renovated in 2020 with ~4,505 SF of office space and ~5,700 SF of warehouse space.
- Excellent transportation access: close to I‑264, I‑664, Downtown Norfolk, and the Port of Virginia.
- Fully climate‑controlled office and warehouse spaces with HVAC throughout.
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
$75,278
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
5.04%
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%
$1,505,560
$1.5M
Cap Rate 7%
$1,075,400
$1.1M
Cap Rate 9%
$836,422
$836.4K
Market Conditions
NOI Build-Up for 10,205 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
$90.9K $8.91/SF
− Vacancy
−$2.4K −$0.23/SF
EGI
$88.6K $8.68/SF
− OpEx
−$13.3K −$1.30/SF
NOI
$75.3K $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%
$1,505,560
Cap Rate 7%
$1,075,400
Cap Rate 9%
$836,422
Alternative Uses
Best Use
Office B
$2.98M
$2.61M – $3.48M
NOI $208,525 @ 7.0% cap · market cap 13.95%
Second Best
Warehouse
$1.08M
$941.0K – $1.25M
NOI $75,278 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,423 @ 7.0% cap · market cap 15.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
899
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23707, VA
14,316
Population
7,216
Households
2
Avg Household Size
36
Median Age
26%
College-Educated
87%
High-School Grad
3.9 sq mi
ZIP Area
3,671
Density / Sq Mi
$51,070
Median Household Income
$37,932
Median Earnings
$1,076
Median Rent
$222,100
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?
Flex space - 10,205 SF flex space suitable for various business uses.
Where is this flex space located?
The property is located at 3413 Griffin Street Portsmouth, VA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Renovated in 2020 with ~4,505 SF of office space and ~5,700 SF of warehouse space.; Excellent transportation access: close to I‑264, I‑664, Downtown Norfolk, and the Port of Virginia.; Fully climate‑controlled office and warehouse spaces with HVAC throughout.
