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    Afton Pkwy & Farragut St Portsmouth, VA 23702

    • Retail properties & Spaces
    • 1,827 SF
    • 0.06 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Afton Pkwy & Farragut St

    Lot size
    0.06 lot acres
    Property size
    1,827 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Land

    Description

    This exceptional commercial land offering presents a unique investment opportunity in the vibrant city of Portsmouth, Virginia. Located at the intersection of Afton Parkway and Farragut Street, this property boasts convenient access to major transportation arteries, including Interstate 264 and the Downtown Tunnel, ensuring seamless connectivity throughout the Hampton Roads region. The site comprises multiple parcels ranging from 0.06 to 0.17 acres, offering flexibility for various development scenarios. Each parcel can be purchased individually, providing buyers with tailored options to suit their specific needs and investment strategies. The permitted zoning is HLB, allowing for a range of commercial uses. Building sizes can accommodate projects ranging from 1,827 to 4,430 square feet. This prime location benefits from close proximity to a variety of retail shops, restaurants, the Rivers Casino, and the Norfolk Naval Shipyard, ensuring high visibility and strong potential for attracting customers and tenants. This is an ideal opportunity for developers, investors, or businesses seeking a strategic location in a thriving commercial area. The property's strategic location and flexible parcel options make it an attractive investment prospect with significant potential for future growth and profitability. Contact us today to learn more about this exciting 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
    State
    Virginia
    Longitude
    -76.3161
    Latitude
    36.801

    Comparable in this City

    • Value Estimation by Request
      682 SF

      37 Claremont Dr

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 682 SF
      37 Claremont Dr, Portsmouth, VA 23702-2303
      View Details
    • Value Estimation by Request
      1,260 SF

      4421 George Washington Hwy

      NIGHTCLUB (COCKTAIL LOUNGE) • 1,260 SF
      4421 George Washington Hwy, Portsmouth, VA 23702-2401
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    • Value Estimation by Request
      4,452 SF

      2711 Victory Blvd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,452 SF
      2711 Victory Blvd, Portsmouth, VA 23702-1821
      View Details
    • Value Estimation by Request
      5,904 SF

      403 Hanbury Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 5,904 SF
      403 Hanbury Ave, Portsmouth, VA 23702-1732
      View Details
    • Value Estimation by Request
      4,320 SF

      2710 Victory Blvd

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,320 SF
      2710 Victory Blvd, Portsmouth, VA 23702
      View Details
    • Value Estimation by Request
      84,438 SF

      5021 George Washington Hwy

      Retail properties & Spaces • 84,438 SF
      5021 George Washington Hwy, Portsmouth, VA 23702
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.06 Acres

      Portsmouth Commercial Land Opportunity

      Prime Portsmouth location, flexible parcels.
      0 Afton Pkwy & Farragut St, Portsmouth, VA 23702
      View Details
    • $635,000
      2,502 SF

      Commercial Property with NNN Lease

      Commercial property with long-term tenant on major artery.
      4000 George Washington Hwy, Portsmouth, VA 23702
      View Details
    • Contact for pricing

      Commercial Land Near Rivers Casino

      Commercial land in Portsmouth, near casino, college, and residential area.
      3335 Victory Blvd, Portsmouth, VA 23702
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      17,811 SF

      Retail Space in Portsmouth, VA

      Retail property available for lease in Portsmouth, Virginia.
      4520-4644 George Washington Hwy, Portsmouth, VA 23702
      View Details
    • Contact for pricing
      8,600 SF

      Retail Space on Victory Blvd

      Retail space available for lease on Victory Blvd, Portsmouth.
      2012 Victory Blvd, Portsmouth, VA 23702
      View Details
    • Contact for pricing
      90,025 SF

      Williams Court II: Portsmouth Retail Space

      Portsmouth retail/warehouse, 3 suites available.
      4644 George Washington Hwy, Portsmouth, VA 23702
      View Details
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    Portsmouth, VA 23702
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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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