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    Two-Story Retail and Office Building Title is generated by Realmo AI

    1115 Independence Blvd, Virginia Beach, VA 23455

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    Corner property offers street-level retail with flexible second-floor office space for combined or separate use.

    Type:Retail
    Property size:
    4,700 SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 2 at 7:00 am

    Property Features for 1115 Independence Blvd

    General Information

    Standard status
    Active
    Size
    4,700 SF
    Property subtype
    Retail

    Properties For Sale

    at 1115 Independence Blvd Contact us

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    Listing Contact
    Elizabeth C. Paasch
    Elizabeth C. Paasch

    Listing agent Elizabeth C. Paasch

    Listing office Divaris Real Estate - Richmond

    Listing date Jun 2, 2026

    Source Divaris

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Divaris Real Estate - Richmond

    HighLights

    • Two‑story building with street‑level retail on the first floor and office space on the second floor
    • Located at the corner of Haygood Road and Independence Boulevard
    • Available spaces 203 & 204 can be combined for a total of 4,700 SF
    • Second‑floor office space available for combined or separate use
    • Minutes from Town Center of Virginia Beach
    • Close to shopping, restaurants, Little Creek Naval Base, and Sentara Independence

    Overview

    This two-story building combines street-level retail with second-floor office space. The available units are 203 and 204, which can be leased or sold together to create a larger configuration totaling 4,700 SF, or kept separate depending on tenant needs.

    The property is located at the corner of Haygood Road and Independence Boulevard, providing convenient access to area retail, dining, and major points in Virginia Beach. It is minutes from Town Center and close to shopping and restaurants, with proximity to Little Creek Naval Base and Sentara Independence.

    The layout makes the building a practical fit for users seeking a mixed-use setup, such as businesses that benefit from customer-facing space on the ground level and dedicated office space above. It can also appeal to investors and owner-users looking for income diversification across retail and office operations, with the option to scale space by combining suites 203 and 204.
    Location Intelligence

    Current Use by Public Records

    Independence Plaza Shopping Center & Mall Rainbow Preschool & Child ... Daycare Center Golden Slippers Dance ... Training Center US Navy Enlisted ... Military Recruiting Office Astro Entertainment Nightclub

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.1352731
    Latitude
    36.8760399

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    FAQs

    What type of property is this?
    Storefront property - Corner property offers street-level retail with flexible second-floor office space for combined or separate use.
    Where is this storefront property located?
    The property is located at 1115 Independence Blvd Virginia Beach, VA.
    What are key features of this property?
    This property features: Two‑story building with street‑level retail on the first floor and office space on the second floor; Located at the corner of Haygood Road and Independence Boulevard; Available spaces 203 & 204 can be combined for a total of 4,700 SF
    (804) 643-4700
    We can help!
    Listing Contact
    Elizabeth C. Paasch
    Elizabeth C. Paasch
    Learn More
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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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