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    6243 Portsmouth Blvd Portsmouth, VA 23701
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    6243 Portsmouth Blvd, Portsmouth, VA 23701

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    • Neighborhood centers
    • 60,746 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • JGee Fitness, LLC / Gym & Fitness Center

    Property Details for 6243 Portsmouth Blvd

    Property type
    Neighborhood centers
    Property subtype
    Community centers

    Description

    Manor Village Shopping Center, located at 6243 Portsmouth Blvd, Portsmouth, VA 23701, presents a unique opportunity for retail businesses seeking high-visibility space in a thriving neighborhood center. This single-story retail property boasts a total of 60,746 square feet across three suites, situated on a generous 5.63-acre lot. The center offers flexible space options, with a minimum divisible space of 1,000 square feet and a maximum contiguous space of 3,250 square feet, catering to a variety of business needs. The property's convenient location on Portsmouth Blvd, with cross access to Hodges Ferry Rd, ensures excellent visibility and accessibility for customers. The center's multiple tenancy structure provides a diverse shopping environment, attracting a broad customer base. This is an exceptional opportunity to establish or expand your retail presence in a well-established and highly visible location within the Portsmouth community. The property is ideal for businesses seeking a space ranging from 1,000 to 3,250 square feet. Its prime location and flexible space options make it an attractive investment for a variety of retail concepts. Contact us today to learn more about this exceptional retail opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3926
    Latitude
    36.821

    Comparable in this City

    • Value Estimation by Request
      50,000 SF

      3537 Airline Blvd

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    • Value Estimation by Request
      2,984 SF

      3700 Tpke Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      3700 Tpke Rd, Portsmouth, VA 23701-2934
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    • Value Estimation
      $570,000
      6,166 SF

      3530 Airline Blvd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      3530 Airline Blvd, Portsmouth, VA 23701-2616
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    • Value Estimation by Request
      66,254 SF

      5600 Portsmouth Blvd

      Retail properties & Spaces
      5600 Portsmouth Blvd, Portsmouth, VA 23701
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    • Value Estimation by Request

      3080-3108 Airline Blvd

      Distribution properties
      3080-3108 Airline Blvd, Portsmouth, VA 23701
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    • Value Estimation by Request
      14,550 SF

      4106 Portsmouth Blvd

      Individual retail properties
      4106 Portsmouth Blvd, Portsmouth, VA 23701
      View Details

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      Retail Space in Portsmouth Corridor

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      Retail Space Available For Lease

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    Portsmouth, VA 23701
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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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