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    Property profile & analytics

    8848 Crittenden Rd Suffolk, VA 23436

    • Commercial real estate
    • 2,660 SF
    • 2.13 lot acres
    For Sale
    View listing
    $1,100,000
    Last Sale
    Dec 17, 2021
    Value Estimations
    Cap Rate Potential
    9.1%
    Commercial real estate
    Location Intelligence
    Property ID
    US87-0572943
    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

    • Commercial real estate

    Property Details for 8848 Crittenden Rd

    Year built
    1960
    Lot size
    2.13 lot acres
    Property size
    2,660 SF
    Zone code
    NEIGHBORHOOD COMMERCIAL
    Property type
    Commercial real estate
    APN
    5*16F
    APU
    516F

    Description

    This exceptional 1,656 square foot commercial property, located at 324 Park Central West in Springfield's vibrant downtown, presents a unique opportunity for a variety of businesses. Situated on a 0.09-acre lot at the corner of Park Central West and Campbell, this building benefits from excellent visibility and high traffic counts of 7,500-9,500 vehicles daily along South Campbell. The property's versatile layout is ideal for medical, traditional, executive, or creative office uses, as well as boutique retail. Completely renovated in 2014, the space boasts a welcoming lobby, a functional kitchen area, two private offices, two offices within a shared bullpen, and two bathrooms. Abundant natural light floods the interior, complemented by stained concrete flooring on the ground floor and an upstairs office featuring expansive window walls. Modern stainless steel appliances are included. Two city-owned parking garages, one directly across the street, offer convenient and free parking for clients and employees, including a free EV charging station. The property's prime location in downtown Springfield ensures high foot traffic, making it an attractive option for retail ventures. Built in 1923, this building offers a blend of historic charm and contemporary updates, creating a desirable and functional workspace. The property's APN is 881324212005, located in Greene County. The entire 1,656 square feet is currently vacant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $355,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $540,000
      6.5%
      $495,000
      7%
      $460,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Suffolk
    County
    Suffolk City
    State
    Virginia
    Longitude
    -76.4976
    Latitude
    36.9016
    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
    $6,954
    $637,600
    $400
    $638,000
    -
    $637,600
    $400
    $638,000

    Comparable in this City

    • Value Estimation
      $2,350,000
      3,444 SF

      1885 Governors Pointe Dr

      COMMERCIAL (GENERAL) • 3,444 SF
      1885 Governors Pointe Dr, Suffolk, VA 23436-1143
      View Details
    • Value Estimation
      $2,350,000
      2,220 SF

      1877 Governors Pointe Dr

      COMMERCIAL (GENERAL) • 2,220 SF
      1877 Governors Pointe Dr, Suffolk, VA 23436-1143
      View Details
    • Value Estimation
      $2,350,000
      2,542 SF

      1893 Governors Pointe Dr

      COMMERCIAL (GENERAL) • 2,542 SF
      1893 Governors Pointe Dr, Suffolk, VA 23436-1143
      View Details
    • Value Estimation
      $2,350,000
      2,212 SF

      1889 Governors Pointe Dr

      COMMERCIAL (GENERAL) • 2,212 SF
      1889 Governors Pointe Dr, Suffolk, VA 23436-1143
      View Details
    • Value Estimation
      $2,350,000
      2,410 SF

      1881 Governors Pointe Dr

      COMMERCIAL (GENERAL) • 2,410 SF
      1881 Governors Pointe Dr, Suffolk, VA 23436-1143
      View Details
    • Value Estimation
      $2,230,000
      5,817 SF

      1900 Governors Pointe Dr

      COMMERCIAL (GENERAL) • 5,817 SF
      1900 Governors Pointe Dr, Suffolk, VA 23436-1138
      View Details
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    8848 Crittenden Rd
    Suffolk, VA 23436
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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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