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    Property profile & analytics

    817 High St Portsmouth, VA 23704

    • Retail properties
    • 7,067 SF
    • 0.20 lot acres
    For Sale
    View listing
    $1,195,000
    Last Sale
    Jun 01, 2021
    $800,000
    Value Estimations
    Cap Rate Potential
    7.9%
    Retail properties
    Location Intelligence
    Property ID
    US87-0451086
    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

    • Retail properties

    Property Details for 817 High St

    Year built
    1941
    Lot size
    0.20 lot acres
    Property size
    7,067 SF
    Zone code
    T5
    Property type
    Retail properties
    APN
    0049-0140
    APU
    490140

    Description

    This exceptional 1.06-acre commercial land parcel, located at 817-833 High Street in Portsmouth, Virginia (zip code 23704), presents a remarkable redevelopment opportunity. The property is ideally situated for a variety of uses, including multi-family residential, multiple retail stores, a restaurant, or flexible commercial space. The lot's size and location offer significant potential for a substantial development project. Specifically, the lot at 833 High Street offers ample space for a new building or a dedicated parking area. Adding to its appeal, an adjacent property is also available for purchase, presenting the possibility of a larger, more comprehensive development. This corner lot provides excellent visibility and accessibility, making it an attractive location for businesses and residents alike. The property is further enhanced by its location on a bus line and the presence of a fence around the perimeter. The asking price for this prime redevelopment opportunity is $1,195,000. This is a rare chance to acquire a significant piece of commercial real estate in a thriving Virginia city. Don't miss this chance to shape the future of this vibrant area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,175,000
      ML approach
      $1,170,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $850,000
      Current use
      MEDICAL BUILDING
      $865,000
      Change: +2% Conversion: Difficult
      OFFICE BUILDING
      $745,000
      Change: -12% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Portsmouth
    County
    Portsmouth City
    State
    Virginia
    Longitude
    -76.3077
    Latitude
    36.8347
    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
    $2,540
    $86,770
    $54,900
    $141,670
    -
    $86,770
    $54,900
    $141,670

    Comparable in this City

    • Value Estimation
      $835,000
      4,800 SF

      823 High St

      DEPARTMENT STORE • 4,800 SF
      823 High St, Portsmouth, VA 23704
      View Details
    • Value Estimation by Request
      4,410 SF

      1000 High St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 4,410 SF
      1000 High St, Portsmouth, VA 23704-3338
      View Details
    • Value Estimation by Request
      3,510 SF

      1601 County St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 3,510 SF
      1601 County St, Portsmouth, VA 23704-3121
      View Details
    • Value Estimation by Request
      10,640 SF

      611 Newport Ave

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 10,640 SF
      611 Newport Ave, Portsmouth, VA 23704-2929
      View Details
    • Value Estimation by Request
      10,000 SF

      906 High St

      SERVICE SHOP (TV, ELECTRIC, PLUMBING) • 10,000 SF
      906 High St, Portsmouth, VA 23704
      View Details
    • Value Estimation by Request
      5,640 SF

      814 High St

      DEPARTMENT STORE • 5,640 SF
      814 High St, Portsmouth, VA 23704-3334
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,886 SF

      High Street Retail Showroom

      Portsmouth, VA: Prime Retail Space Available
      1220 High St, Portsmouth, VA 23704
      View Details
    • $850,000
      10,040 SF

      High Street Retail Storefront

      Portsmouth, VA: Prime Retail Space
      326 High St, Portsmouth, VA 23704
      View Details
    • $495,000
      0.95 Acres

      Portsmouth Mixed-Use Commercial Property

      Prime Portsmouth location, high traffic, versatile space.
      3600 George Washington Hwy, Portsmouth, VA 23704
      View Details
    • $879,000
      10,654 SF

      Downtown Portsmouth Commercial Opportunity

      Centrally located corner property with renovation potential in Portsmouth, VA.
      701 Court St, Portsmouth, VA 23704
      View Details
    • Contact for pricing
      7,323 SF

      Auto Service Facility For Sale

      7,323 SF auto service facility with 6 bays.
      2012 High St, Portsmouth, VA 23704
      View Details
    • $1,700,000
      5.74 Acres

      Prime Portsmouth Industrial Land

      5.74 Acres, $1.7M AS-IS
      1601 Marshall Ave, Portsmouth, VA 23704
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,886 SF

      Freestanding Retail Building - Mid-City

      Prime Retail Space, 1886 sq ft, Mid-City
      1220 High St, Portsmouth, VA 23704
      View Details
    • Contact for pricing
      10,040 SF

      High Street Retail Space, Portsmouth, VA

      Prime Portsmouth storefront: 10,040 SF, high visibility.
      326 High St, Portsmouth, VA 23704
      View Details
    • $2,958 /Mo
      9,678 SF

      Historic Olde Towne Office/Retail

      Office or retail space in Historic Olde Towne Portsmouth.
      313 High St, Portsmouth, VA 23704
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space Near Apartments

      Retail space for rent near apartment complexes.
      519 Washington St, Portsmouth, VA 23704
      View Details
    • Contact for pricing
      856 SF

      Retail Space in Renovated Building

      Retail spaces available in a historically renovated building.
      505-509 High St, Portsmouth, VA 23704
      View Details
    • Contact for pricing
      600 SF

      Retail and Apartment Redevelopment

      Retail space and apartments available in November 2025.
      309 High St, Portsmouth, VA 23704
      View Details
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    817 High St
    Portsmouth, VA 23704
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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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