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

    706 Airline Blvd Portsmouth, VA 23707

    • Investment properties
    • 4,200 SF
    • 0.19 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0846286
    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

    • Western Union / Bank / Credit Union

    Property Details for 706 Airline Blvd

    Year built
    1965
    Lot size
    0.19 lot acres
    Property size
    4,200 SF
    Zone code
    GMU
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    0300-0410
    APU
    3000410

    Description

    This exceptional freestanding retail property, located at 706 Airline Blvd in Portsmouth, Virginia, 23707, offers a fantastic opportunity for businesses seeking high-visibility space. The building totals 4,095 square feet and features multiple suites available for lease, providing flexibility for various tenant needs. Individual suites range from a minimum of 1,680 square feet to a maximum contiguous space of 2,415 square feet. Currently, 4,015 square feet is vacant, presenting a significant opportunity for immediate occupancy. The property boasts ample parking with 16 spaces available for tenants and their customers. Its prime location on Airline Boulevard ensures high traffic volume and excellent visibility, making it an ideal location for a variety of retail businesses. The property is classified as a freestanding retail building, offering independent access and enhanced curb appeal. This is a rare opportunity to secure a well-located, spacious retail space in a thriving Portsmouth community. Interested parties are encouraged to inquire for lease terms and conditions. The property is ready for immediate occupancy.

    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
    -76.3414
    Latitude
    36.8327
    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
    $8,406
    $277,110
    $362,520
    $639,630
    -
    $277,110
    $362,520
    $639,630

    Comparable in this City

    • Value Estimation by Request
      3,016 SF

      3429 High St

      STORE/OFFICE (MIXED USE) • 3,016 SF
      3429 High St, Portsmouth, VA 23707-3227
      View Details
    • Value Estimation by Request
      5,181 SF

      3701 King St

      STORE/OFFICE (MIXED USE) • 5,181 SF
      3701 King St, Portsmouth, VA 23707-3115
      View Details
    • Value Estimation by Request
      4,443 SF

      3800 King St

      STORE/OFFICE (MIXED USE) • 4,443 SF
      3800 King St, Portsmouth, VA 23707-2526
      View Details
    • Value Estimation by Request
      840 SF

      3307 Hartford St

      STORE/OFFICE (MIXED USE) • 840 SF
      3307 Hartford St, Portsmouth, VA 23707-1318
      View Details
    • Value Estimation by Request
      1,920 SF

      709 Mt Vernon Ave

      STORE/OFFICE (MIXED USE) • 1,920 SF
      709 Mt Vernon Ave, Portsmouth, VA 23707-2020
      View Details
    • Value Estimation
      $630,000
      10,230 SF

      1308 Airline Blvd

      STORE/OFFICE (MIXED USE) • 10,230 SF
      1308 Airline Blvd, Portsmouth, VA 23707-4012
      View Details

    Similar Nearby for Sale

    • $1,085,000
      5,043 SF

      Portsmouth Retail Investment

      High-street retail center, 100% leased.
      3601 High St, Portsmouth, VA 23707
      View Details
    • $385,000
      2,450 SF

      Historic Duplex in Port Norfolk

      Charming duplex in historic Port Norfolk, ideal for rental income.
      416 Maryland Ave, Portsmouth, VA 23707
      View Details
    • $55,000
      0.06 Acres

      Cleared Lot Ready For Development

      Vacant lot in established area, ready for new construction.
      2526 Moton St, Portsmouth, VA 23707
      View Details
    • $325,000
      0.41 Acres

      Portsmouth Commercial Land Trio

      Prime Commercial Lots, High Visibility
      2406 Rodman Ave, Portsmouth, VA 23707
      View Details
    • $600,000
      3,317 SF

      Former Restaurant with Hood System

      Iconic restaurant property available for sale near Old Towne.
      1505 Airline Blvd, Portsmouth, VA 23707
      View Details
    • Contact for pricing
      0.13 Acres

      Portsmouth Commercial Trio - Prime Location

      Three Parcels, High-Traffic Area, Investment Opportunity
      2404 Rodman Ave, Portsmouth, VA 23707
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,095 SF

      Retail Space with High Visibility

      Retail space with excellent visibility in Portsmouth, Virginia.
      706 Airline Blvd, Portsmouth, VA 23707
      View Details
    • Contact for pricing

      Commercial Land Ready to Build

      Land with easy access, ready for street retail development.
      3535 Airline Blvd, Portsmouth, VA 23707
      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.
    706 Airline Blvd
    Portsmouth, VA 23707
    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.