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    355 Crawford St Portsmouth, VA 23704

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    For Lease
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    Waterfront office space in historic Olde Towne Portsmouth.

    Type:Office
    Added:
    Feb 27, 2024
    Days on Market:
    793
    Last Refresh:
    Mar 17 at 1:20 pm

    Property Features for 355 Crawford St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 355 Crawford St Contact us

    Suite 300 $20 /Mo

    Size
    6,813 SF
    Type
    Office
    $19.00 SF/yr
    Contact us

    Suite 200 $20 /Mo

    Size
    2,797 SF
    Type
    Office
    Contact us

    Suite 202-B $24 /Mo

    Size
    1,114 SF
    Type
    Office
    Newly renovated suite. Lease rate includes one (1) parking space in the Renaissance...
    show more
    Contact us

    Suite 808 $20 /Mo

    Size
    1,610 SF
    Type
    Office
    Contact us

    Suite 400 $18 /Mo

    Size
    10,500 SF
    Type
    Office
    Contact us

    Suite 522 $20 /Mo

    Size
    875 SF
    Type
    Office
    Contact us

    Suite 708 $22 /Mo

    Size
    630 SF
    Type
    Office
    Contact us

    Suite 822 $20 /Mo

    Size
    1,464 SF
    Type
    Office
    Contact us
    Show more

    We can help!

    Listing Contact
    John Profilet

    Listing agent John Profilet License #VA 225041020

    Listing office S. L. Nusbaum Realty Co.

    Listing date Feb 27, 2024

    Source Crexi

    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 S. L. Nusbaum Realty Co.

    Overview

    Office Space in Olde Towne

    Located on the waterfront in historic Olde Towne Portsmouth, this office space is situated in a professional business park setting. The lease rate includes utilities and daily janitorial service. Parking spaces are available for $46.00 per month, with 71 visitor parking spaces on site. A building engineer is on the premises, and professional property management is provided. Tenant improvements are negotiable.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Genthner, Stephen DC Alternative Medicine Practice Olde Towne Family ... Alternative Medicine Practice Port Solution Integrators Consultant Kozak & Associates PC ... Law Firm Eric O Moody ... Law Firm

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Daycare Center Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth
    State
    Virginia
    Longitude
    -76.297521
    Latitude
    36.8379758

    Nearby Similar for Lease

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      Versatile Industrial/Office Flex Space

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      Downtown Portsmouth Retail Space Available

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      Retail Space Near I-264

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      Office Space Near High Street

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      Flex Space with Yard

      Flex space with yard near Norfolk Naval Shipyard.
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      Flex Space with Yard

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      Modern Office Space in Portsmouth

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    FAQs

    What type of property is this?
    Office units - Waterfront office space in historic Olde Towne Portsmouth.
    Where is this office units located?
    The property is located at 355 Crawford St Portsmouth, VA.
    What are key features of this property?
    This property features: Waterfront location in historic Olde Towne Portsmouth; Utilities and daily janitorial service included in lease rate; 71 visitor parking spaces on site
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    John Profilet
    Real Estate License ID: VA 225041020
    Learn More
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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