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Property profile & analytics
OFF-MARKET
Estimated value
$1,380,000
Apartment buildings
3501 Commerce St Portsmouth, VA 23707-1358
Entity Owned
5-yr Hold
Property ID
US87-3847916
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1964
Construction
BRICK
Total area
14,400 SF
Lot
1.52 ac (66,037 SF)
Zoning code
URM
APN
0372-0010
UPID
US87-3847916
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
-
Parker lawn care Landscaping General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.74M
CAP Approach
CAP
$1.78M
Comparable Approach
Comparable
$1.35M
Blend (final)
Blend
$1.38M
Owner & transaction history
Florence Cove LLC · 5 yrs held
Florence Cove LLC
since 2020
Last sale
$1.1M
5 recorded transactions
Zoning & alternative use
URM · Portsmouth, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$2.0M
+45.8%
Medical building
$1.8M
+29.5%
Retail stores
$1.7M
+26.9%
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
Method
Estimation
Statistic approach
$1,705,000
ML approach
$1,740,000
CAP Approach
CAP Return
Estimation
6%
$1,920,000
6.5%
$1,775,000
7%
$1,645,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,360,000
Current use
OFFICE BUILDING
$1,985,000
Change: +46% · Conversion: Moderate
MEDICAL BUILDING
$1,760,000
Change: +29% · Conversion: Moderate
RETAIL STORES
$1,725,000
Change: +27% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,305,000
Change: -4% · Conversion: Difficult
Blend value · Realmo final
$1.38M
Range $1.24M – $1.52M · ±10% · vs last sale $1.08M (Dec 28 2020)
Last sale anchor
$1.08M
Dec 28 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$96 / SF
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 2023Property tax & assessments
Tax year 2023
Tax billed
$16,940
Tax year 2023
Assessed value
$1,185,600
Assessed 2023
Previous assessed
$1,185,600
+0.0% YoY
Effective rate
1.43%
On assessed value
Assessed land
$324,000
Assessed improvement
$861,600
Land market value
$324,000
Improvement market value
$861,600
Total market value
$1,185,600
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1964
Construction
BRICK
Heating
CENTRAL
Cooling
YES
Stories
2
Units
18
Bathrooms
18
Total area
14,400 SF
Lot
1.52 ac (66,037 SF)
Zoning code
URM
APN
0372-0010
UPID
US87-3847916
Jurisdiction
PORTSMOUTH CITY
Zoning & alternative use
URM · Portsmouth, VAZoning URM · permitted uses
URM · Portsmouth, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$1.4M
OFFICE BUILDING
Est. value
$2.0M
MEDICAL BUILDING
Est. value
$1.8M
RETAIL STORES
Est. value
$1.7M
WAREHOUSE, STORAGE
Est. value
$1.3M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
MEDICAL BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1964
Construction
BRICK
Heating
CENTRAL
Cooling
Yes
Stories
2
Units
18
Bathrooms
18
Lot
1.52 ac
Current owner
From public records · entity-resolved
Florence Cove LLC
Entity
Mailing address
752 EDEN WAY N, CHESAPEAKE, VA 23320-2790
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 28, 2020
$1,075,000
Florence Cove LLC
Skyler Cove Apartments LLC
Grant Deed
$860,000 · Virginia Cmnwlt Bk
Mar 16, 2015
$950,000
Skyler Cove Apartments LLC
Golden Gate Properties LLC
Special Warranty Deed
$750,000 · Union Bank And Trust Company
Jun 7, 2006
$1,050,000
Michael L Roman
Walton Enterprises INC
Grant Deed
$621,000 · Farmers Bank
—
—
Michael L Roman
—
Loan Modification
related
$40,000 · Rrances Williams
—
—
Golden Gate Properties
—
Deed Of Trust
related
$888,000 · Farmers Bank
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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