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    3516 Queen St Portsmouth, VA 23707
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    3516 Queen St Portsmouth, VA 23707

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    • Medical Office Space
    • 5,038 SF
    • 0.42 lot acres
    For Sale
    $675,000
    View Listing →
    Office Building Near Medical Center For Sale
    $675,000
    5,038 SF

    Office Building Near Medical Center

    Office/medical building adjacent to Bon Secours Maryview Medical Center.

    3516 Queen St, Portsmouth, VA
    View Listing
    Property ID
    US87-0111106
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Safe Harbor Intensive Outpatient & Partial Hospitalization Center / Counselor / Addiction Treatment Center
    • KEITH ZAITOUN / Physician / Medical Clinic

    Property Details for 3516 Queen St

    Year built
    1999
    Construction
    LIGHT FRAME
    Lot size
    0.42 lot acres
    Property size
    5,038 SF
    Zone code
    GMU
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    0353-0010
    APU
    3530010

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $834,000
      Market price range: $321k - $853k
      AI Estimate
      $801,000
      Market price range: $330k - $802k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $615,000
      Current use
      OFFICE BUILDING
      $695,000
      Change: +13% Conversion: Easy
      RETAIL STORES
      $605,000
      Change: -2% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3458
    Latitude
    36.8353
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,057
    $120,660
    $603,880
    $724,540
    -
    $120,660
    $603,880
    $724,540

    Comparable in this City

    • Value Estimation by Request
      2,198 SF

      3620 Clifford St

      MEDICAL BUILDING • 2,198 SF
      3620 Clifford St, Portsmouth, VA 23707-4018
      View Details
    • Value Estimation
      $1,290,000
      9,893 SF

      3603 County St

      MEDICAL BUILDING • 9,893 SF
      3603 County St, Portsmouth, VA 23707-3103
      View Details
    • Value Estimation
      $530,000
      4,590 SF

      3520 High St

      MEDICAL BUILDING • 4,590 SF
      3520 High St, Portsmouth, VA 23707-3126
      View Details
    • Value Estimation by Request
      2,280 SF

      3703 County St

      MEDICAL BUILDING • 2,280 SF
      3703 County St, Portsmouth, VA 23707-3113
      View Details
    • Value Estimation by Request
      1,316 SF

      3701 Ss St

      MEDICAL BUILDING • 1,316 SF
      3701 Ss St, Portsmouth, VA 23707-3121
      View Details
    • Value Estimation by Request
      1,080 SF

      3300 High St

      MEDICAL BUILDING • 1,080 SF
      3300 High St, Portsmouth, VA 23707-3321
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,038 SF

      Office Building Near Medical Center

      Office/medical building adjacent to Bon Secours Maryview Medical Center.
      3516 Queen St, Portsmouth, VA 23707
      View Details
    • $595,000
      7,284 SF

      1805 Airline Blvd, Portsmouth, VA 23707

      Office properties & Spaces • 7,284 SF
      1805 Airline Blvd, Portsmouth, VA 23707
      View Details
    • $425,000
      2,450 SF

      Remodeled Duplex Near the Bay

      Recently remodeled duplex with income potential near the bay.
      416 Maryland Ave, Portsmouth, VA 23707
      View Details
    • Contact for pricing
      5,043 SF

      Fully Leased Portsmouth Retail Center

      Three-tenant retail strip center in Portsmouth's Mid-City submarket.
      3601 High St, Portsmouth, VA 23707
      View Details
    • Contact for pricing

      3.49 Acres Vacant Land

      Vacant land suitable for development with easy access to amenities.
      3101 Detroit St, Portsmouth, VA 23707
      View Details
    • Contact for pricing

      Land in Enterprise Zone

      Land located in HUB and VA Enterprise Zone.
      3330 County St, Portsmouth, VA 23707
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, approximately 4,443 square feet.
      3800 King St, Portsmouth, VA 23707
      View Details
    • Contact for pricing

      Commercial Land Ready to Build

      Land with easy access, ready for street retail development.
      3535 Airline Blvd, Portsmouth, VA 23707
      View Details
    • Contact for pricing
      1,680 SF

      Retail Space with High Visibility

      Retail space with excellent visibility in Portsmouth, Virginia.
      706 Airline Blvd, Portsmouth, VA 23707
      View Details
    View Listing
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    Portsmouth, VA 23707
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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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    3516 Queen St, Portsmouth, VA, 23707
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