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    301 Goode Way Portsmouth, VA 23704

    Sponsored
    For Sale
    $250,000

    Class B medical office, vacant, $250k

    Property size:
    1,468 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This 1,468 square foot Class B medical office condo (Unit 206) is available for $250,000, offering a pro-forma cap rate of 12% and a pro-forma NOI of $30,000. Located at 301 Goode Way, Portsmouth, VA 23704, this vacant unit is situated in a two-story building constructed in 1991 and features seven to eight private offices, a reception area, conference/meeting rooms, two private restrooms, a breakroom, and ample window treatments. The space includes inside storage and a small kitchenette. Building amenities include a four-person passenger elevator, on-site professional association management, landscaped grounds, exterior maintenance, and convenient access to I-264, the Naval Medical Center, a Park & Ride center, restaurants, and the Norfolk waterfront across the Elizabeth River. The property is zoned GMU and benefits from a fire sprinkler system and door signage. This prime location in Portsmouth's Central Business District is experiencing significant revitalization, with recent developments including a new Wawa nearby. The unit is ideal for medical practices, administrative offices, or other businesses. The asking price per square foot is $170.30. APN: 00321820.

    Property Features for 301 Goode Way

    General Information

    Property type
    Medical offices
    Square Feet
    1,468 SF
    Class
    B

    Building Details

    Year Built
    1991
    Buildings
    1
    Stories
    2
    Units
    1

    HighLights

    • Prominent Door Signage
    • Fire Sprinkler System throughout
    • Interior Storage Space
    • Convenient Kitchenette
    • Private Restrooms
    • Window Coverings Included
    Property Profile Location Intelligence

    Current Use by Public Records

    Cardiology Associates: Jayaraman ... Cardiologist Dr. Nihar R. ... Internist Dr. Laarni S. ... Pediatrician Cardiology Associates PC: ... Cardiologist Downtown Medical Center Medical Center

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3102211
    Latitude
    36.8380826

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    FAQs

    What type of property is this?
    Medical office - Class B medical office, vacant, $250k
    Where is this medical office located?
    The property is located at 301 Goode Way Portsmouth, VA.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: Prominent Door Signage; Fire Sprinkler System throughout; Interior Storage Space
    Request Owner's contact information
    301 Goode Way Portsmouth, VA 23704
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    Portsmouth, VA 23704
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    301 Goode Way Portsmouth, VA 23704
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