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    3709-3711 Victory Blvd Portsmouth, VA 23701
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    3709-3711 Victory Blvd, Portsmouth, VA 23701

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    • Land
    • 3.00 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 3709-3711 Victory Blvd

    Lot size
    3.00 lot acres
    Property type
    Land

    Description

    This exceptional 3-acre commercial land parcel presents a unique investment opportunity in the vibrant city of Portsmouth, Virginia. Strategically located at 3709-3711 Victory Blvd, zip code 23701, this property boasts a highly desirable General Mixed Use zoning designation, opening doors to a wide array of development possibilities. Its prime location offers immediate access to I-264, ensuring excellent connectivity and accessibility for potential businesses and residents. The property's significant advantage lies in its position directly across the street from The Rivers Casino Portsmouth, guaranteeing high visibility and foot traffic. This translates to significant potential for retail, hospitality, or entertainment ventures. The asking price for this exceptional land is $2,500,000. Given its size, zoning, and strategic location, this property represents a compelling investment opportunity with substantial potential for future growth and return. The coordinates are 36.806448 latitude and -76.3562442 longitude. Serious inquiries are encouraged to explore the full potential of this remarkable development site.

    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
    -76.3562
    Latitude
    36.8064

    Comparable in this City

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      2.73 Acres

      3910 Victory Blvd

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      3290 Airline Blvd

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      240 Beazley Dr

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      3336 Victory Blvd

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      3336 Victory Blvd, Portsmouth, VA 23701
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      0.57 Acres

      Rear Rd Rd Laigh

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      0.02 Acres

      2604 Airline Blvd

      COMMERCIAL (GENERAL)
      2604 Airline Blvd, Portsmouth, VA 23701-2701
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    Similar Nearby for Sale

    • Contact for pricing

      Land with Frontage on Victory

      Land available for rent with existing building and road access.
      3923 Victory Blvd, Portsmouth, VA 23701
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      Redevelopment Opportunity on Victory Blvd

      Land available for redevelopment on Victory Blvd, Portsmouth, VA.
      3910 Victory Blvd, Portsmouth, VA 23701
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    • $60,000
      0.17 Acres

      Land For Sale, Portsmouth, VA

      Land available in Portsmouth, sold as is.
      21 Radford St, Portsmouth, VA 23701
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      Commercial Land Near Rivers Casino

      Commercial land in Portsmouth, near casino, college, and residential area.
      3335 Victory Blvd, Portsmouth, VA 23701
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      Corner Lot Ideal for Retail

      Corner lot suitable for retail development.
      240 Beazley Dr, Portsmouth, VA 23701
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      Pending

      Office/Warehouse Asset For Sale

      Well-located office/warehouse with flexible zoning and investment potential.
      628 Dunedin Rd, Portsmouth, VA 23701
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    Similar Nearby for Lease

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      10,322 SF

      Prime Land I-264 Access

      Land with easy access, ready for retail development.
      5060 Greenwood Dr, Portsmouth, VA 23701
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      1,300 SF

      Prime Retail Land For Lease

      Land available for retail development with high traffic exposure.
      3537-3539 Airline Blvd, Portsmouth, VA 23701
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      Commercial Land Ready to Build

      Land with easy access, ready for street retail development.
      3535 Airline Blvd, Portsmouth, VA 23701
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      Commercial Land Near I-264

      Commercial land for rent with easy highway access.
      5020 Greenwood Dr, Portsmouth, VA 23701
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      Commercial Land Near I-264

      Commercial land with easy access and ample parking.
      3930 Garwood Ave, Portsmouth, VA 23701
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      Retail Space Near I-264

      Retail space for lease with easy highway access and parking.
      3537-3539 Airline Blvd, Portsmouth, VA 23701
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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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