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    3080-3108 Airline Blvd Portsmouth, VA 23701
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    3080-3108 Airline Blvd, Portsmouth, VA 23701

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    Cap Rate Potential
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    Current Use by Public Records

    • Warehouses

    Property Details for 3080-3108 Airline Blvd

    Property type
    Warehouses
    Property subtype
    Retail properties & Spaces

    Description

    Airline Plaza, located at 3080-3108 Airline Blvd in Portsmouth, Virginia (zip code 23701), offers exceptional warehouse space for lease. This multi-tenant property features a variety of units, with a minimum divisible space of 3,744 square feet and a maximum contiguous space of 16,000 square feet. The property is classified as both retail and industrial, offering flexibility for a range of businesses. The building is situated in a thriving neighborhood center, anchored by established retailers such as Roses, Family Dollar, and CitiTrends, ensuring high visibility and convenient access for customers and employees. The exact total square footage of the building is not currently available. A total of 23,118 suites are available within the complex. This prime location in Portsmouth, VA provides easy access to major transportation routes, making it an ideal choice for businesses needing efficient logistics and distribution capabilities. Interested parties are encouraged to inquire about available unit sizes and lease terms. The property is perfect for businesses seeking flexible and strategically located warehouse space in a vibrant commercial area.

    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
    -76.3718
    Latitude
    36.8096

    Comparable in this City

    • Value Estimation by Request
      3.59 Acres

      3290 Airline Blvd

      Distribution properties
      3290 Airline Blvd, Portsmouth, VA 23701
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    • Value Estimation by Request
      17,000 SF

      3303 Portsmouth Va Usa

      Distribution properties
      3303 Portsmouth Va Usa, Portsmouth, VA 23701
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    • Value Estimation
      $2,355,000
      24,221 SF

      3330 Airline Blvd

      WAREHOUSE, STORAGE
      3330 Airline Blvd, Portsmouth, VA 23701-2621
      View Details
    • Value Estimation
      $4,945,000
      57,028 SF

      4025 Seaboard Ct

      WAREHOUSE, STORAGE
      4025 Seaboard Ct, Portsmouth, VA 23701-2611
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    • Value Estimation
      $785,000
      10,912 SF

      3931 Garwood Ave

      WAREHOUSE, STORAGE
      3931 Garwood Ave, Portsmouth, VA 23701-2638
      View Details
    • Value Estimation
      $6,320,000
      88,800 SF

      3959 Garwood Ave

      MINI-WAREHOUSE, STORAGE
      3959 Garwood Ave, Portsmouth, VA 23701-2638
      View Details

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      Portsmouth Industrial/Flex Space Investment

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      Pending

      Office/Warehouse Asset For Sale

      Well-located office/warehouse with flexible zoning and investment potential.
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      17,000 SF

      Portsmouth Warehouse Space For Sale

      17,000 SF warehouse available in Portsmouth, Virginia.
      3303 Airline Blvd, Portsmouth, VA 23701
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      Portsmouth Industrial/Flex Space Investment

      58,800 SF industrial/flex space building in Portsmouth, VA.
      4025 Seaboard Ct, Portsmouth, VA 23701
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    • $555,000

      Office/Warehouse Asset in Portsmouth

      Well-located office/warehouse with flexible zoning and modern construction.
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      Retail Property For Sale

      Retail property suitable for owner-occupant with short-term leases.
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    Similar Nearby for Lease

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      80,000 SF

      Portsmouth Industrial Space for Lease

      80,000 SF industrial space available for lease in Portsmouth.
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      Versatile Office/Warehouse Space Available

      Office/warehouse space with recent renovations and convenient interstate access.
      2615 Elmhurst Ln, Portsmouth, VA 23701
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      Industrial Flex Office/Warehouse Condo

      Industrial flex office/warehouse condo for lease with warehouse and office space.
      3303 Airline Blvd, Portsmouth, VA 23701
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    • $12 SF/Yr

      Portsmouth Industrial/Flex Space Available

      58,800 SF industrial/flex space with cranes and easy access.
      4025 Seaboard Ct, Portsmouth, VA 23701
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    • Contact for pricing

      Industrial Single Tenant Space

      Industrial single tenant space available for rent.
      3901 Garwood Ave, Portsmouth, VA 23701
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      Retail Space in Portsmouth Hub

      Retail space for lease in Portsmouth's vibrant retail hub.
      4020 Victory Blvd, Portsmouth, VA 23701
      View Details
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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.

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