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    Property profile & analytics

    757 Broad St Portsmouth, VA 23707-2008

    • Office buildings
    • 2,352 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Jan 12, 2024
    $2,400,000
    Value Estimations
    $2,400,000
    Show details
    Cap Rate Potential
    2.1%
    Office buildings
    Location Intelligence
    Property ID
    US87-0850073
    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

    • RKS Trucking LLC/ Lexington Intermodal / Transportation Service

    Property Details for 757 Broad St

    Year built
    1850
    Construction
    BRICK
    Lot size
    0.13 lot acres
    Property size
    2,352 SF
    Zone code
    IL
    Property type
    Office buildings
    APN
    0128-0160
    APU
    1280160

    Description

    This charming 2-story, 2,352 square foot traditional office building at 757 Broad Street in Portsmouth, Virginia, presents a unique investment opportunity. Built in 1850, the property boasts a rich history and is situated on a 0.129-acre lot. Currently zoned IL, this versatile space offers significant potential for a variety of commercial uses, making it an ideal owner-user investment. The building's central Portsmouth location provides easy access to local amenities and transportation. The property includes off-street parking, a valuable asset in this area. Its classic architecture and spacious layout offer a blank canvas for creative renovation or adaptive reuse, making it a perfect conversion opportunity. This Class C building is priced at $250,000 and represents a compelling opportunity for an owner-occupier seeking a unique and well-located office space, particularly attractive to businesses operating nearby warehouses. The property's flexible zoning and central location make it a strong contender for a variety of commercial ventures.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,400,000
      ML approach
      $2,400,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3345
    Latitude
    36.8413
    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
    $1,847
    $26,600
    $107,440
    $134,040
    -
    $26,600
    $107,440
    $134,040

    Comparable in this City

    • Value Estimation
      $335,000
      8,400 SF

      149 Chautauqua Ave

      OFFICE BUILDING • 8,400 SF
      149 Chautauqua Ave, Portsmouth, VA 23707-1505
      View Details
    • Value Estimation
      $205,000
      1,583 SF

      3900 Greenway N Ct

      OFFICE BUILDING • 1,583 SF
      3900 Greenway N Ct, Portsmouth, VA 23707-3802
      View Details
    • Value Estimation
      $365,000
      3,699 SF

      2930 High St

      OFFICE BUILDING • 3,699 SF
      2930 High St, Portsmouth, VA 23707-3423
      View Details
    • Value Estimation
      $1,135,000
      19,598 SF

      800 Loudoun Ave

      OFFICE BUILDING • 19,598 SF
      800 Loudoun Ave, Portsmouth, VA 23707-3217
      View Details
    • Value Estimation
      $260,000
      1,570 SF

      714 Loudoun Ave

      OFFICE BUILDING • 1,570 SF
      714 Loudoun Ave, Portsmouth, VA 23707-3215
      View Details
    • Value Estimation
      $365,000
      6,847 SF

      2504 Detroit St

      OFFICE BUILDING • 6,847 SF
      2504 Detroit St, Portsmouth, VA 23707-1708
      View Details

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      Historic Office Building For Sale

      2,352 SF office building with flexible zoning.
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    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land Ready to Build

      Land with easy access, ready for street retail development.
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    • $14 SF/Yr
      4,443 SF

      Portsmouth Warehouse with Loading Dock

      4,443 sq ft warehouse with loading dock for lease.
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      View Details
    • Contact for pricing
      4,095 SF

      Retail Space with High Visibility

      Retail space with excellent visibility in Portsmouth, Virginia.
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    757 Broad St
    Portsmouth, VA 23707-2008
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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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