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    4644 George Washington Hwy Portsmouth, VA 23702-2406
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    Property profile & analytics

    4644 George Washington Hwy, Portsmouth, VA 23702-2406

    View on Map
    • Shopping centers
    • 90,025 SF
    • 9.63 lot acres
    Off-Market
    Last Sale Mar 9, 2023
    $4,100,000
    Property ID
    US87-0820122
    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
    $3,825,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Shopping centers

    Property Details for 4644 George Washington Hwy

    Year built
    1988
    Construction
    BRICK
    Lot size
    9.63 lot acres
    Zone code
    GMU
    Property type
    Shopping centers
    Property subtype
    Shopping centers
    APN
    0457-0010
    APU
    4570010

    Description

    This exceptional Portsmouth, Virginia commercial property, Williams Court II, offers a unique investment opportunity. Located at 4644 George Washington Hwy, at the corner of Victory Boulevard, this 90,025 square foot shopping center boasts a prime location in the Northern Chesapeake and Southern Portsmouth area. The property features three available suites, ranging from a minimum of 750 square feet to a maximum contiguous space of 5,520 square feet, ideal for a variety of retail, office, or warehouse uses. The flexible space allows for customization to meet individual business needs. The center is strategically positioned near major transportation arteries, less than two miles from the Thomas Nelson Community College (TCC) Portsmouth Campus and the I-264 on/off ramps, ensuring excellent accessibility. High traffic counts of 23,000 vehicles per day (VPD) on George Washington Highway and 18,000 VPD on Victory Boulevard guarantee significant visibility and foot traffic. Ample parking is available for customers and employees. The property benefits from strong neighboring businesses, including Ollie's Bargain Outlet, Dollar General, and a Food Lion-anchored center reporting above-average sales. This presents a compelling opportunity to establish a presence in a thriving commercial area with highly competitive lease rates. The property is classified as Retail and Office, with a Warehouse subtype and multiple tenancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,175,000
      ML approach
      $3,930,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $2,955,000
      Current use
      COMMERCIAL (GENERAL)
      $6,205,000
      Change: +110% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3267
    Latitude
    36.799
    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
    $76,425
    $2,399,530
    $925,830
    $3,325,360
    -
    $2,399,530
    $925,830
    $3,325,360

    Comparable in this City

    • Value Estimation by Request
      27,568 SF

      3426 Deep Crk Blvd

      SHOPPING CENTER COMMON AREA
      3426 Deep Crk Blvd, Portsmouth, VA 23702-1012
      View Details
    • Value Estimation
      $2,360,000
      88,730 SF

      2012 Victory Blvd

      SHOPPING CENTER COMMON AREA
      2012 Victory Blvd, Portsmouth, VA 23702-2674
      View Details
    • Value Estimation by Request
      1,666 SF

      76 Afton Pkwy

      PROFESSIONAL CLUBS/ASSOCIATIONS
      76 Afton Pkwy, Portsmouth, VA 23702-2848
      View Details
    • Value Estimation by Request
      1,493 SF

      74 Afton Pkwy

      PROFESSIONAL CLUBS/ASSOCIATIONS
      74 Afton Pkwy, Portsmouth, VA 23702
      View Details
    • Value Estimation by Request
      2,130 SF

      72 Afton Pkwy

      PROFESSIONAL CLUBS/ASSOCIATIONS
      72 Afton Pkwy, Portsmouth, VA 23702-2848
      View Details
    • Value Estimation by Request
      3,613 SF

      2605 Elliott Ave

      DAY CARE, PRE-SCHOOL
      2605 Elliott Ave, Portsmouth, VA 23702-1219
      View Details

    Similar Nearby for Sale

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      2,200 SF

      Portsmouth Specialty Property For Sale

      Specialty property in Portsmouth, VA, ideal for commercial real estate.
      88 Paul Jones St, Portsmouth, VA 23702
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    • $635,000
      2,502 SF

      Portsmouth Commercial Property For Sale

      Commercial property with long-term tenant in Portsmouth, Virginia.
      4000 George Washington Hwy, Portsmouth, VA 23702
      View Details
    • Contact for pricing

      Cleared Site Ready for Development

      0.45 acre cleared site zoned for mixed use development.
      3622 George Washington Hwy, Portsmouth, VA 23702
      View Details
    • $69,000
      0.21 Acres

      Double Lot in Portsmouth, VA

      Large double lot with potential for builders and investors.
      46 Noble St, Portsmouth, VA 23702
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      750 SF

      Retail Space in Portsmouth, VA

      Retail property available for lease in Portsmouth, Virginia.
      4520-4644 George Washington Hwy, Portsmouth, VA 23702
      View Details
    • Contact for pricing
      8,600 SF

      Retail Space on Victory Blvd

      Retail space available for lease on Victory Blvd, Portsmouth.
      2012 Victory Blvd, Portsmouth, VA 23702
      View Details
    • Contact for pricing

      Industrial Single Tenant Warehouse Space

      6,000 SqFt single tenant industrial warehouse available for rent.
      3144-A Victory Blvd, Portsmouth, VA 23702
      View Details
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    Portsmouth, VA 23702-2406
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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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