For Sale
Contact for pricing
3700 Turnpike Rd, Portsmouth, VA 23701
Auto shops
Property Size2,625 SF
Price / SF$285.71
Days on Market174
Property Features for 3700 Turnpike Rd
General Information
Standard status
Active
Size
2,625 SF
Property subtype
Retail
Zoning
C2
Building Details
Year Built
1957
Buildings
1
Stories
1
Units
1
Listing Agency:
Exit Realty Central
Listed By:
Tim Churchwell CCIM · License #VA
Source:
Crexi
Added: Feb 18
Changed: Aug 8
Last Checked: Aug 11 at 8:52AM
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 Exit Realty Central
Investment Insights
Based on property information with market context.
Key Highlights
- Operating auto service station in a high‑demand location.
- Signalized intersection near MidTown in Portsmouth, VA.
- Opportunity to acquire the business with significant revenue (>$600,000).
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
$34,636
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
4.62%
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%
$692,720
$692.7K
Cap Rate 7%
$494,800
$494.8K
Cap Rate 9%
$384,844
$384.8K
Market Conditions
NOI Build-Up for 2,625 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
$52.0K $19.80/SF
− Vacancy
−$2.5K −$0.95/SF
EGI
$49.5K $18.85/SF
− OpEx
−$14.8K −$5.65/SF
NOI
$34.6K $13.19/SF
Area
Portsmouth County, VA
Vacancy
4.80%
Lease Rate
$19.80 /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%
$692,720
Cap Rate 7%
$494,800
Cap Rate 9%
$384,844
Alternative Uses
Best Use
Retail
$494.8K
$433.0K – $577.3K
NOI $34,636 @ 7.0% cap · market cap 4.62%
Second Best
Industrial
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 2.13%
Theoretical Best
Office A
$835.7K
$731.2K – $975.0K
NOI $58,499 @ 7.0% cap · market cap 7.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Well-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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Superior Automotive — 4231 Portsmouth Blvd, Portsmouth, VA 23701
- SunBlocked Tint Co. — 4231 Portsmouth Blvd, Portsmouth, VA 23701
- Pep Boys — 2570 Airline Blvd, Portsmouth, VA 23701
- Jiffy Lube — 4030 Victory Blvd, Portsmouth, VA 23701
- Everway Mobile Tire Services Inc — 4006 Victory Blvd, Portsmouth, VA 23701
Frequently Asked Questions
Where is this auto shop located?
The property is located at 3700 Turnpike Rd Portsmouth, VA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Operating auto service station in a high‑demand location.; Signalized intersection near MidTown in Portsmouth, VA.; Opportunity to acquire the business with significant revenue (>$600,000).
