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    189-221 Central Park Ave Virginia Beach, VA

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    Prime retail space in a vibrant, high-traffic area.

    Type:RETAIL
    Property size:
    2,254 SF
    Lot size:
    0.57 Acres
    Added:
    Mar 15, 2024
    Days on Market:
    781
    Last Refresh:
    Apr 5 at 10:13 pm

    Property Features for 189-221 Central Park Ave

    General Information

    Standard status
    Active
    Size
    2,254 SF
    Lot size
    0.57 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 189-221 Central Park Ave Contact us

    We can help!

    Listing Contact
    Gerald Divaris
    Gerald Divaris

    Listing agent Gerald Divaris

    Listing office Divaris Real Estate - Hampton Roads

    Listing date Mar 15, 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 Divaris Real Estate - Hampton Roads

    Overview

    Retail Space in Town Center

    This retail space is located within Town Center, a mixed-use development featuring 934 residences, The Westin and Hilton hotels, and the Sandler Center, a 1,300-seat performing arts theater. The property benefits from a large daytime population and approximately 450,000 square feet of leased retail space. Town Center is centrally located in Hampton Roads, the second-largest MSA in Virginia, with a population of almost 2 million. The location is approximately 11 miles from the Virginia Beach Oceanfront and Norfolk. The area has approximately 7,700 on-site daytime employees and students, and 24,600 workers within a mile of Town Center. The Sandler Center brings over 67,000 patrons to Town Center annually. Virginia Beach sees 13 million annual tourists.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Real Estate Agency Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Similar Places Nearby

    • Town Center Plaza at Downtown — 119 S Independence Blvd, Virginia Beach, VA 23462
    • Town Center of Virginia Beach — 222 Central Park Ave, Virginia Beach, VA 23462
    • Aragona Village Shoppes — 309 Aragona Blvd, Virginia Beach, VA 23462
    • The Town Center of Virginia Beach — 222 Central Park Ave, Virginia Beach, VA 23462
    • Coinstar Kiosk | Bitcoin ATM — Food Lion, 4848 Virginia Beach Blvd, Virginia Beach, VA 23462

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.1345
    Latitude
    36.8423

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    FAQs

    What type of property is this?
    Shopping center - Prime retail space in a vibrant, high-traffic area.
    Where is this shopping center located?
    The property is located at 189-221 Central Park Ave Virginia Beach, VA.
    What are key features of this property?
    This property features: Located in Town Center, a vibrant mixed‑use development.; High daytime population with approximately 7,700 on‑site employees/students.; Central Hampton Roads location, the second largest MSA in Virginia.
    (757) 873-4700 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Gerald Divaris
    Gerald Divaris
    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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    189-221 Central Park Ave, Virginia Beach, VA

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