Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3531 Airline Blvd Portsmouth, VA 23701-2642

    • Drug stores
    • 10,579 SF
    • 1.28 lot acres
    OFF-MARKET
    Value Estimations
    $1,760,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1138995
    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.

    Current Use by Public Records

    • Dollar Tree / Discount Store
    • Floyd D. Whitehurst, RPH / Pharmacy
    • Beverly Heimbach / Pharmacy
    • Rite Aid / Pharmacy
    • Coinhub Bitcoin ATM Teller / Atm

    Property Details for 3531 Airline Blvd

    Year built
    1996
    Lot size
    1.28 lot acres
    Property size
    10,579 SF
    Zone code
    GMU
    Property type
    Drug stores
    APN
    0570-0022
    APU
    5700022

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,325,000
      6.5%
      $2,145,000
      7%
      $1,995,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,674,000
      Market price range: $515k - $1.67M
      AI Estimate
      $1,457,000
      Market price range: $422k - $1.46M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,270,000
      Current use
      OFFICE BUILDING
      $1,460,000
      Change: +15% Conversion: Easy
      MEDICAL BUILDING
      $1,295,000
      Change: +2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.382
    Latitude
    36.8047
    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
    $26,739
    $1,206,530
    $624,758
    $1,831,288
    -
    $1,206,530
    $624,758
    $1,831,288

    Comparable in this City

    • Value Estimation
      $1,880,000
      11,316 SF

      975 Hodges Fry Rd

      DRUG STORE, PHARMACY • 11,316 SF
      975 Hodges Fry Rd, Portsmouth, VA 23701-1343
      View Details
    • Value Estimation by Request
      14,550 SF

      4106 Portsmouth Blvd

      Individual retail properties • 14,550 SF
      4106 Portsmouth Blvd, Portsmouth, VA 23701
      View Details
    • Value Estimation
      $2,210,000
      13,286 SF

      3555 Airline Blvd

      DRUG STORE, PHARMACY • 13,286 SF
      3555 Airline Blvd, Portsmouth, VA 23701-2642
      View Details
    • Value Estimation by Request
      4,020 SF

      6201 Portsmouth Blvd

      FINANCIAL BUILDING • 4,020 SF
      6201 Portsmouth Blvd, Portsmouth, VA 23701-1344
      View Details
    • Value Estimation
      $915,000
      2,746 SF

      5001 Portsmouth Blvd

      CONVENIENCE STORE • 2,746 SF
      5001 Portsmouth Blvd, Portsmouth, VA 23701-1913
      View Details
    • Value Estimation
      $630,000
      3,443 SF

      2400 Airline Blvd

      FINANCIAL BUILDING • 3,443 SF
      2400 Airline Blvd, Portsmouth, VA 23701-2912
      View Details

    Similar Nearby for Sale

    • $1,250,000
      1.09 Acres

      Portsmouth Strip Mall - Investment Opportunity

      High-Occupancy Retail Center, Excellent Location
      114 Chowan Dr, Portsmouth, VA 23701
      View Details
    • $599,000
      1,222 SF

      Established Restaurant Business For Sale

      Turn-key restaurant with building on a well-traveled corner.
      3332 Victory Blvd, Portsmouth, VA 23701
      View Details
    • $2,200,000
      3.59 Acres

      Portsmouth Commercial Property

      Versatile 9,608 SF Office/Warehouse
      3290 Airline Blvd, Portsmouth, VA 23701
      View Details
    • $60,000
      0.17 Acres

      Residential Land in Portsmouth, VA

      Land for sale in Portsmouth, Virginia.
      21 Radford St, Portsmouth, VA 23701
      View Details
    • $4,129,000
      33,025 SF

      Airline Business Park Building #2

      Manufacturing properties • 33,025 SF
      3303 Airline Blvd, Portsmouth, VA 23701
      View Details
    • $1,495,000
      17,000 SF

      Portsmouth Warehouse Space For Sale

      17,000 SF warehouse available in Portsmouth, Virginia.
      3303 Airline Blvd, Portsmouth, VA 23701
      View Details

    Similar Nearby for Lease

    • $7,900,000
      4,018 SF

      Retail Space Near Rivers Casino

      Retail property near new casino and entertainment district for rent.
      2830-2886 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      11,600 SF

      Retail Space in Portsmouth Corridor

      Retail space in Portsmouth's dominant retail corridor, easy access.
      2570 Airline Blvd, Portsmouth, VA 23701
      View Details
    • $22 SF/Yr
      1,626 SF

      Retail Space Available For Lease

      Retail space available for lease in Portsmouth, Virginia.
      2850 Airline Blvd, Portsmouth, VA 23701
      View Details
    • $750,000
      1,200 SF

      Retail Space Near Rivers Casino

      Retail property near new casino and entertainment district for rent.
      2830 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      600 SF

      Retail Space in Elmhurst Square

      Newly renovated retail space in a bustling Portsmouth shopping center.
      5630 Portsmouth Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      4,000 SF

      Retail Space on Airline Boulevard

      4,000 SF retail end cap available on busy corridor.
      3300-3308 Airline Blvd, Portsmouth, VA 23701
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3531 Airline Blvd
    Portsmouth, VA 23701-2642
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.