Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    5811 Norfolk Rd Portsmouth, VA 23703
    Back to Search
    Property profile & analytics

    5811 Norfolk Rd, Portsmouth, VA 23703

    View on Map
    • Neighborhood centers
    • 3,960 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Gardner Willz Cafe / Restaurant

    Property Details for 5811 Norfolk Rd

    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional 3,960 square foot retail property, located at 5811 West Norfolk Rd in Portsmouth, Virginia (zip code 23703), presents a unique opportunity for a single tenant or multiple tenants seeking a high-visibility location. Currently fully vacant, this strip center offers unparalleled flexibility for businesses seeking to establish or expand their presence in a thriving market. The entire building is available for lease, providing a substantial footprint for a large-scale operation or the potential to be subdivided for multiple smaller businesses. The property's convenient location in Portsmouth city County offers excellent access to major roadways and a strong customer base. The building's total square footage is 3,960 square feet, providing ample space for a variety of retail or restaurant concepts. This is an ideal opportunity for businesses looking for a prominent location with high visibility and significant square footage to accommodate their needs. The property is classified as a retail and restaurant space, making it suitable for a wide range of commercial uses. Its location in Portsmouth, Virginia, offers access to a diverse population and strong local economy. Serious inquiries are encouraged to explore this exceptional opportunity to secure a prime retail space in a desirable location. The property is ready for immediate occupancy. Contact us today to schedule a viewing and discuss your business needs.

    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
    -76.3939
    Latitude
    36.8638

    Comparable in this City

    • Value Estimation
      $520,000
      6,000 SF

      3114 Tyre Nck Rd

      BAKERY
      3114 Tyre Nck Rd, Portsmouth, VA 23703-4512
      View Details
    • Value Estimation by Request
      154,389 SF

      5752 Churchland Blvd

      Community centers
      5752 Churchland Blvd, Portsmouth, VA 23703
      View Details
    • Value Estimation by Request
      1,213 SF

      3401 Broadway St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      3401 Broadway St, Portsmouth, VA 23703-2411
      View Details
    • Value Estimation
      $515,000
      12,780 SF

      5915 High W St

      SHOPPING CENTER COMMON AREA
      5915 High W St, Portsmouth, VA 23703-4505
      View Details
    • Value Estimation
      $1,400,000
      46,140 SF

      3282 Academy Ave

      SHOPPING CENTER COMMON AREA
      3282 Academy Ave, Portsmouth, VA 23703-3203
      View Details
    • Value Estimation by Request
      2,280 SF

      3312 Shipwright St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING)
      3312 Shipwright St, Portsmouth, VA 23703-2424
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Brewery and Retail Facility

      Mixed-use facility combining brewery operations and retail tenants with prominent monument signage and active property management.
      3200 Academy Ave, Portsmouth, VA 23703
      View Details
    • Contact for pricing
      1,225 SF

      Retail Space on Corner Lot

      Retail space for rent on a signalized corner lot.
      3546-3590 Towne Point Rd, Portsmouth, VA 23703
      View Details
    • $49,999
      0.42 Acres

      Vacant Land in Siesta Gardens

      Wooded 0.418-acre lot backing to creek and school.
      5302 High St, Portsmouth, VA 23703
      View Details
    • Contact for pricing

      Land Ideal for Office/Retail

      Commercial land with immediate access to major routes.
      3509 Towne Point Rd, Portsmouth, VA 23703
      View Details
    • Contact for pricing
      1,657 SF

      Portsmouth Office Space For Sale

      Office space available for purchase in Portsmouth, Virginia.
      5680 Churchland Blvd, Portsmouth, VA 23703
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      High-Visibility Retail Opportunity

      Redeveloped retail space with high visibility in Portsmouth, Virginia.
      5615 High St, Portsmouth, VA 23703
      View Details
    • Contact for pricing

      Class A Office Building

      60,000 SF Class A office building for rent.
      1040 University Blvd, Portsmouth, VA 23703
      View Details
    • Contact for pricing

      Food Lion Anchored Retail Center

      Active shopping center with grocery, fashion, medical, and restaurant tenants.
      5740 Churchland Blvd, Portsmouth, VA 23703
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space Near Churchland Center

      Retail space available near Churchland Shopping Center and Interstate 664.
      3200-3270 Academy Ave, Portsmouth, VA 23703
      View Details
    • Contact for pricing

      Industrial Space Available For Rent

      Industrial spaces available, totaling 201,500 SqFt in Portsmouth, VA.
      1 Wild Duck Ln, Portsmouth, VA 23703
      View Details
    • Contact for pricing
      12,000 SF

      Flex Development Near Interstate I-664

      Proposed flex development with dock and grade loading near I-664.
      1050 University Blvd, Portsmouth, VA 23703
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    5811 Norfolk Rd
    Portsmouth, VA 23703
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5811 Norfolk Rd, Portsmouth, VA, 23703
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!