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    6020 Churchland Blvd Portsmouth, VA 23703
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    6020 Churchland Blvd, Portsmouth, VA 23703

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    • Apartment buildings

    Property Details for 6020 Churchland Blvd

    Year built
    1972
    Property type
    Apartment buildings

    Description

    This exceptional 104-unit apartment building, Abelia Square, presents a compelling value-add opportunity in Portsmouth, Virginia. Built in 1972, this well-maintained property boasts a current occupancy rate of 98.1%. Recent capital expenditures exceeding $1,250,000 have enhanced the property, minimizing deferred maintenance and creating a solid foundation for future growth. The strategic location within Portsmouth, VA, at 6020 Churchland Blvd, zip code 23703, places it near major employment centers and Class A retail corridors, ensuring strong demand and rental income potential. Significant rent growth opportunities exist due to current market rents trailing local competitors. The property's attractive assumable debt terms further enhance its investment appeal. This asset is ideally positioned to benefit from ongoing economic development in the area, promising sustained occupancy and rental increases for years to come. This is a rare chance to acquire a well-positioned, value-add multifamily property with substantial upside potential.

    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
    -76.3975
    Latitude
    36.8652

    Comparable in this City

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      $6,650,000
      70,866 SF

      3606 Gtwy Dr

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    • Value Estimation
      $3,300,000
      45,000 SF

      3628 Towne Pt Rd

      APARTMENT HOUSE (5+ UNITS)
      3628 Towne Pt Rd, Portsmouth, VA 23703-3060
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    • Value Estimation by Request
      4,059 SF

      5908 Arden St

      APARTMENT HOUSE (UNDER 5 UNITS)
      5908 Arden St, Portsmouth, VA 23703-3300
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    • Value Estimation by Request
      0.10 Acres

      3504 Pierce St

      COMMERCIAL (GENERAL)
      3504 Pierce St, Portsmouth, VA 23703-3152
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    • Value Estimation by Request
      2.39 Acres

      Wyatt Dr

      INDUSTRIAL (GENERAL)
      Wyatt Dr, Portsmouth, VA 23703
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    • Value Estimation by Request
      1.00 Acre

      3400 Mariner Ave

      COMMERCIAL (GENERAL)
      3400 Mariner Ave, Portsmouth, VA 23703-2313
      View Details

    Similar Nearby for Sale

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      Office space available for purchase in Portsmouth, Virginia.
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    • $49,999
      0.42 Acres

      Vacant Land in Siesta Gardens

      Wooded 0.418-acre lot backing to creek and school.
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    Similar Nearby for Lease

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      Food Lion Anchored Retail Center

      Active shopping center with grocery, fashion, medical, and restaurant tenants.
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      Industrial Space Available For Rent

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      Flex Development Near Interstate I-664

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      Class A Office Building

      60,000 SF Class A office building for rent.
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      High-Visibility Retail Opportunity

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      Land for Lease Portsmouth

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    Portsmouth, VA 23703
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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.

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    6020 Churchland Blvd, Portsmouth, VA, 23703
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