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    3601 High St Portsmouth, VA 23707
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    3601 High St, Portsmouth, VA 23707

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    • Strip malls
    • 5,043 SF
    For Sale
    $1,085,000
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    Fully Leased Portsmouth Retail Center For Sale
    $1,085,000
    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 Listing
    Property ID
    US87-1361099
    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

    • Portsmouth Cleaners / (Bike/Boat/Book/etc) Store

    Property Details for 3601 High St

    Year built
    1961
    Property type
    Strip malls
    Property subtype
    Commercial real estate

    Description

    3601, 3603 & 3605 High Street is a three-tenant, fully leased neighborhood retail strip center strategically located in the Mid-City submarket of Portsmouth, VA. The 5,043 square foot building offers a diverse mix of tenants with relatively low landlord responsibilities. The property is situated at the signalized corner of highly trafficked High Street, offering proximity to I-264 and within a minute's drive to national retailers including Chick-fil-A, Walmart Supercenter, Kroger, T.J. Maxx, Starbucks, and many more.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth
    State
    Virginia
    Longitude
    -76.3472317
    Latitude
    36.835311

    Comparable in this City

    • $1,085,000

      Leased Retail Strip Center

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      3601 High St, Portsmouth, VA 23707
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      8,506 SF

      Retail Strip with Income Potential

      Retail strip with parking, near shopping, income potential.
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      Former Restaurant with Hood System

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      Portsmouth Flex Space For Sale

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      7,284 SF

      1805 Airline Blvd, Portsmouth, VA 23707

      Office Spaces
      1805 Airline Blvd, Portsmouth, VA 23707
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      5,038 SF

      Office Building Near Medical Center

      Office/medical building adjacent to Bon Secours Maryview Medical Center.
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    Similar Nearby for Sale

    • $1,085,000

      Leased Retail Strip Center

      Fully leased retail strip center in Portsmouth, Virginia.
      3601 High St, Portsmouth, VA 23707
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      8,506 SF

      Retail Strip with Income Potential

      Retail strip with parking, near shopping, income potential.
      1511-1527 Rodman Ave, Portsmouth, VA 23707
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      3,317 SF

      Former Restaurant with Hood System

      Iconic restaurant property available for sale near Old Towne.
      1505 Airline Blvd, Portsmouth, VA 23707
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      10,205 SF

      Portsmouth Flex Space For Sale

      10,205 SF flex space suitable for various business uses.
      3413 Griffin St, Portsmouth, VA 23707
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      3.49 Acres Vacant Land

      Vacant land suitable for development with easy access to amenities.
      3101 Detroit St, Portsmouth, VA 23707
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      7,284 SF

      1805 Airline Blvd, Portsmouth, VA 23707

      Office Spaces
      1805 Airline Blvd, Portsmouth, VA 23707
      View Details

    Similar Nearby for Lease

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      Retail Space Available For Rent

      Single tenant retail space available, approximately 4,443 square feet.
      3800 King St, Portsmouth, VA 23707
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      1,680 SF

      Retail Space with High Visibility

      Retail space with excellent visibility in Portsmouth, Virginia.
      706 Airline Blvd, Portsmouth, VA 23707
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      Renovated Flex Space Available

      10,205 SF flex space with office and warehouse.
      3413 Griffin St, Portsmouth, VA 23707
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    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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