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Property profile & analytics
OFF-MARKET
Estimated value
$9,440,000
Parking lots & garages
441 Middle St Portsmouth, VA 23704-2803
Entity Owned
22-yr Hold
Absentee Owner
Free & Clear
Property ID
US87-0310641
Property profile
Verified
Property type
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Year built
2002
Construction
BRICK
Total area
166,700 SF
Lot
1.05 ac (45,825 SF)
Zoning code
T6
APN
0006-0691
UPID
US87-0310641
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
-
Portsmouth Parking Authority City Government Office
-
Olde Towne Antique & Flea Market First Saturday Every Month (Bike/Boat/Book/etc) Store
-
Middle Street Garage Parking Lot & Garage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$9.44M
Owner & transaction history
PORTSMOUTH PARKING AUTHORITY
PORTSMOUTH PARKING AUTHORITY
Zoning & alternative use
T6 · Portsmouth, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The T6 sub-district is designed for high-density and waterfront mixed uses. This sub-district is the most intense land use Downtown.
Zone name
Urban Core
General category
MIXED_USE
Zone area
95.68 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$14.0M
+17.9%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
PARKING LOT
$11,890,000
Current use
AUTO REPAIR, GARAGE
$14,015,000
Change: +18% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$10,795,000
Change: -9% · Conversion: Difficult
COMMERCIAL (GENERAL)
$9,975,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$9.44M
Range $8.50M – $10.38M · ±10%
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
$57 / 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
$3,796
Tax year 2023
Assessed value
$16,174,980
Assessed 2023
Previous assessed
$16,174,980
+0.0% YoY
Effective rate
0.02%
On assessed value
Assessed land
$512,010
Assessed improvement
$15,662,970
Land market value
$512,010
Improvement market value
$15,662,970
Total market value
$16,174,980
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
Parking lots & garages
Use group
PARKING GARAGE, PARKING STRUCTURE
Status
Off-Market
Year built
2002
Construction
BRICK
Heating
OTHER
Cooling
YES
Stories
4
Bathrooms
3
Total area
166,700 SF
Lot
1.05 ac (45,825 SF)
Zoning code
T6
APN
0006-0691
UPID
US87-0310641
Jurisdiction
PORTSMOUTH CITY
Zoning & alternative use
T6 · Portsmouth, VAZoning T6 · permitted uses
T6 · Portsmouth, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The T6 sub-district is designed for high-density and waterfront mixed uses. This sub-district is the most intense land use Downtown.
Zone name
Urban Core
General category
MIXED_USE
Zone area
95.68 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
PARKING LOT Current
Est. value
$11.9M
AUTO REPAIR, GARAGE
Est. value
$14.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$10.8M
COMMERCIAL (GENERAL)
Est. value
$10.0M
PARKING LOT Current
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
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
2002
Construction
BRICK
Heating
OTHER
Cooling
Yes
Stories
4
Bathrooms
3
Lot
1.05 ac
Current owner
From public records · entity-resolved
PORTSMOUTH PARKING AUTHORITY
Individual
Free & Clear · 0 yrs held
Mailing address
801 CRAWFORD ST, PORTSMOUTH, VA 23704-3822
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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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