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

    5605 Portsmouth Blvd Portsmouth, VA 23701-1834

    • Specialty properties
    • 9,158 SF
    • 2.09 lot acres
    OFF-MARKET
    Last Sale
    Jan 18, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0600657
    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

    • Metropolitan Funeral Services / Social Service Agency

    Property Details for 5605 Portsmouth Blvd

    Year built
    1989
    Construction
    BRICK
    Lot size
    2.09 lot acres
    Property size
    9,158 SF
    Zone code
    URM
    Property type
    Specialty properties
    APN
    0447-0190
    APU
    4470190

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3796
    Latitude
    36.8188
    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
    $20,957
    $785,950
    $771,760
    $1,557,710
    -
    $785,950
    $771,760
    $1,557,710

    Comparable in this City

    • Value Estimation
      $1,535,000
      100,432 SF

      3108 Airline Blvd

      SHOPPING CENTER COMMON AREA • 100,432 SF
      3108 Airline Blvd, Portsmouth, VA 23701-2710
      View Details
    • Value Estimation by Request
      17,710 SF

      4216 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA • 17,710 SF
      4216 Portsmouth Blvd, Portsmouth, VA 23701-2531
      View Details
    • Value Estimation by Request
      1,960 SF

      3303 Airline Blvd

      PROFESSIONAL CLUBS/ASSOCIATIONS • 1,960 SF
      3303 Airline Blvd, Portsmouth, VA 23701-2665
      View Details
    • Value Estimation by Request
      3,000 SF

      3245 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA • 3,000 SF
      3245 Portsmouth Blvd, Portsmouth, VA 23701-3014
      View Details
    • Value Estimation
      $5,710,000
      4,835 SF

      5606 Portsmouth Blvd

      SHOPPING CENTER COMMON AREA • 4,835 SF
      5606 Portsmouth Blvd, Portsmouth, VA 23701-1835
      View Details
    • Value Estimation
      $1,615,000
      48,909 SF

      3539 Airline Blvd

      SHOPPING CENTER COMMON AREA • 48,909 SF
      3539 Airline Blvd, Portsmouth, VA 23701-2642
      View Details

    Similar Nearby for Sale

    • $1,250,000
      2.73 Acres

      Portsmouth Retail Redevelopment Land

      Prime 2.73-acre commercial lot.
      3910 Victory Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing

      Portsmouth Commercial Land Development

      Prime Corner Lot, High Visibility
      3336 Victory Blvd, Portsmouth, VA 23701
      View Details
    • $75,000
      0.57 Acres

      Portsmouth Commercial Trio - Prime Location

      Three Parcels: Marine Business Opportunity
      3709 Turnpike Rd, Portsmouth, VA 23701
      View Details
    • $2,500,000
      3.00 Acres

      Portsmouth Mixed-Use Land Investment

      3 Acres, Prime Location, $2.5M
      3709-3711 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

    Similar Nearby for Lease

    • $12 SF/Yr
      58,800 SF

      Versatile Industrial/Office Flex Space

      58,800 SF industrial/office flex space with cranes and easy access.
      4025 Seaboard Ct, Portsmouth, VA 23701
      View Details
    • Contact for pricing
      1,300 SF

      Prime Retail Land For Lease

      Land available for retail development with high traffic exposure.
      3537-3539 Airline Blvd, Portsmouth, VA 23701
      View Details
    • Contact for pricing

      Commercial Land Near I-264

      Commercial land for rent with easy highway access.
      5020 Greenwood Dr, Portsmouth, VA 23701
      View Details
    • Contact for pricing

      Land with Frontage on Victory

      Land available for rent with existing building and road access.
      3923 Victory Blvd, Portsmouth, VA 23701
      View Details
    • $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
    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.
    5605 Portsmouth Blvd
    Portsmouth, VA 23701-1834
    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.