Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    516 S Independence Blvd Virginia Beach, VA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Office space with easy access to I-264.

    Type:OFFICE
    Property size:
    1,193 SF
    Lot size:
    3.48 Acres
    Added:
    Jun 10, 2024
    Days on Market:
    695
    Last Refresh:
    Apr 5 at 10:01 pm

    Property Features for 516 S Independence Blvd

    General Information

    Standard status
    Active
    Size
    1,193 SF
    Lot size
    3.48 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 516 S Independence Blvd Contact us

    We can help!

    Listing Contact
    Lenny Burns
    Lenny Burns

    Listing agent Lenny Burns

    Listing office Pembroke Realty Group

    Listing date Jun 10, 2024

    Source Moodyscre

    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 Pembroke Realty Group

    Overview

    Office Space Near Business District

    This office space is situated near Lake Trashmore and offers convenient access to I-264. It is located close to the Virginia Beach Central Business District (CBD) but without the higher lease rates typically found in the CBD. The property provides a total area of 1193 square feet, suitable for various office uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. Matthew Parvis Family Counselor Interim HealthCare of Virginia ... Home Health Care Service Anthony Vecchio, LPC Psychotherapist Mariellen Blanton, LCSW Foster Care Service Nicolas Queen, LCSW Psychotherapist

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    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
    -76.1284
    Latitude
    36.8253

    Nearby Similar for Lease

    • $1,625/Mo

      Versatile Office/Flex Space Available

      Modern office and warehouse space with versatile layouts for rent.
      464-468 S Independence & 4480-4520 Holland Office Park, Virginia Beach, VA 23450
      View Details
    • Contact for pricing

      Office Space on Laskin Road

      Office space for lease with prime highway access.
      1213 Laskin Road, Virginia Beach, VA 23451
      View Details
    • Contact for pricing

      Office Space Near Lynnhaven Parkway

      Office space with prime access to amenities and I-264.
      800 Seahawk Circle, Suite 118, Virginia Beach, VA 23452
      View Details
    • Contact for pricing

      Office Space with Flexible Leases

      Office building with all inclusive options and short-term leases.
      5250 Challedon Drive, Virginia Beach, VA 23462
      View Details
    • Sponsored
      Contact for pricing

      VA, Virginia Beach - Constitution Dr

      2 Constitution Dr, Virginia Beach, VA 23462
      View Details
    • Contact for pricing

      Lynnhaven

      780 Lynnhaven Pkwy, Unit 400, Virginia Beach, VA 23452
      View Details
    • $1,625/Mo

      Versatile Office/Flex Space in Virginia Beach

      Modern office/flex space with convenient access and ample parking.
      464-468 S Independence & 4480-4520 Holland Office Park, Virginia Beach, VA 23450
      View Details
    • $17 SF/Yr

      Medical Office Space For Lease

      Second generation medical office space near Sentara Independence campus.
      816 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • $16 SF/Yr

      Commercial Space in Virginia Beach

      Modern commercial space for lease in a prime location.
      348 Southport Circle, Virginia Beach, VA 23452
      View Details
    • Contact for pricing

      Functional Lynnhaven Office Sublease

      First-floor office sublease with offices, kitchenette, and open space.
      2809 S. Lynnhaven Road, Suite 170, Virginia Beach, VA 23452
      View Details
    • $26 SF/Yr

      First Colonial Road Office Space

      Office space with modern amenities and ample parking available for lease.
      1101 First Colonial Road, Virginia Beach, VA 23454
      View Details
    • $22 SF/Yr

      Class A Office Space

      Office space with easy access to major roads and amenities.
      192 Ballard Court, Virginia Beach, VA 23462
      View Details

    FAQs

    What type of property is this?
    Office units - Office space with easy access to I-264.
    Where is this office units located?
    The property is located at 516 S Independence Blvd Virginia Beach, VA.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Close to Virginia Beach CBD without CBD lease rates; Easy access to I‑264; Situated at Lake Trashmore
    (757) 490-3141 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Lenny Burns
    Lenny Burns
    Learn More
    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.
    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

    Thank You for Inquiry
    516 S Independence Blvd, Virginia Beach, VA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!