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Property profile & analytics
FOR SALE
Office buildings
2498 Airline Blvd, Portsmouth, VA 23701
Individually Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US87-1077708
For Sale
1 / 9
$1,100,000
2498 Airline Blvd, Portsmouth, VA 23701
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1950
Construction
LIGHT FRAME
Total area
1,827 SF
Lot
0.52 ac (22,651 SF)
Zoning code
GMU
APN
0343-0070
UPID
US87-1077708
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Cannaverse Theater & Performing Art Venue Music Venue
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Area Code Smokes Incorporated · 1 yrs held
Area Code Smokes Incorporated
since 2024
Last sale
$500,000
4 recorded transactions
Zoning & alternative use
GMU · Portsmouth, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Portsmouth submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Portsmouth submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$4,369
Tax year 2024
Assessed value
$355,210
Assessed 2024
Previous assessed
$355,210
+0.0% YoY
Effective rate
1.23%
On assessed value
Assessed land
$303,600
Assessed improvement
$51,610
Land market value
$303,600
Improvement market value
$51,610
Total market value
$355,210
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Sale
Year built
1950
Construction
LIGHT FRAME
Heating
OTHER
Cooling
YES
Stories
1
Bathrooms
3
Total area
1,827 SF
Lot
0.52 ac (22,651 SF)
Zoning code
GMU
APN
0343-0070
UPID
US87-1077708
Jurisdiction
PORTSMOUTH CITY
Zoning & alternative use
GMU · Portsmouth, VA
Zoning GMU · permitted uses
GMU · Portsmouth, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Portsmouth. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1950
Construction
LIGHT FRAME
Heating
OTHER
Cooling
Yes
Stories
1
Bathrooms
3
Lot
0.52 ac
Current owner
From public records · entity-resolved
Area Code Smokes Incorporated
Individual
Mailing address
221 LENOX AVE, NORFOLK, VA 23503-3517
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 3, 2024
—
Area Code Smokes Incorporated
Ellis Ivory
Gift Deed
related
$355,670 · Trius Lending Partners
Jul 27, 2022
—
Ellis Ivory
Ellis Ivory
Intrafamily Transfer
related
—
Feb 8, 2022
—
Area Cod Smokes INC
Ivory A Ellis
Quit Claim Deed
related
—
Aug 16, 2021
$500,000
Ellis Ivory
Patricia Cockrill
Special Warranty Deed
$402,400 · Party III
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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