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    5600 Portsmouth Blvd Portsmouth, VA 23701
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    5600 Portsmouth Blvd Portsmouth, VA 23701

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    • Retail properties & Spaces
    • 66,254 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Elmhurst Square / Business Service Center / Corporate Office

    Property Details for 5600 Portsmouth Blvd

    Property size
    66,254 SF
    Property type
    Retail properties & Spaces

    Description

    Elmhurst Square, a vibrant, newly renovated neighborhood center in Portsmouth, Virginia, offers exceptional retail opportunities. Located at 5600 Portsmouth Blvd, zip code 23701, this C-1 zoned property boasts a total of 66,254 square feet. Currently, there are two available spaces, each measuring 600 square feet, totaling 1,200 square feet of vacant space. The center enjoys a prime location, benefiting from its proximity to the bustling Portsmouth community and the significant workforce of the nearby Naval Medical Center and Norfolk Navy Shipyard (approximately 10,000 employees). Elmhurst Square is anchored by a high-performing Food Lion grocery store and features a mix of popular restaurants and retail tenants, including the well-regarded Eastside Pizza. This established center provides excellent visibility and accessibility, making it an ideal location for businesses seeking a thriving retail environment. The property is situated in Portsmouth County, Virginia, offering a strong local customer base and significant potential for growth. This is a rare opportunity to secure retail space in a well-established and highly sought-after location. The available spaces are perfect for a variety of businesses looking to establish or expand their presence in a dynamic and convenient setting.

    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
    State
    Virginia
    Longitude
    -76.3783
    Latitude
    36.8203

    Comparable in this City

    • Value Estimation by Request

      3080-3108 Airline Blvd

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      50,000 SF

      3537 Airline Blvd

      Office properties & Spaces • 50,000 SF
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      2,984 SF

      3700 Tpke Rd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 2,984 SF
      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) • 6,166 SF
      3530 Airline Blvd, Portsmouth, VA 23701-2616
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    • Value Estimation by Request
      60,746 SF

      6243 Portsmouth Blvd

      Neighborhood centers • 60,746 SF
      6243 Portsmouth Blvd, Portsmouth, VA 23701
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    • Value Estimation by Request
      14,550 SF

      4106 Portsmouth Blvd

      Individual retail properties • 14,550 SF
      4106 Portsmouth Blvd, Portsmouth, VA 23701
      View Details

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      Retail Space Near I-264

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      Retail Space in Portsmouth Corridor

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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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    5600 Portsmouth Blvd, Portsmouth, VA, 23701
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