Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    623 Virginia Beach Blvd Virginia Beach, VA 23451

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,450,000

    Freestanding retail building with warehouse in ViBe Creative District.

    Property size:
    6,000 SF
    Lot size:
    0.33 Acres

    Property Features for 623 Virginia Beach Blvd

    General Information

    Size
    6,000 SF
    Lot size
    0.33 Acres

    We can help!

    Listing Contact
    Ricky Anderson
    Ricky Anderson
    Source: Moodyscre

    Listing Agent: Ricky Anderson

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

    Learn more

    Property Insight Report

    Overview

    Retail Building with Warehouse Space

    The property features a freestanding retail building with warehouse space, totaling approximately 6,000 square feet. Constructed in 1968, the building is situated on a site comprising three parcels, which together span approximately 0.64 acres. The property is zoned OR (Oceanfront Resort District). It includes a fenced yard area of approximately 0.32 acres. Loading is facilitated by six roll-up doors. The property is located in the ViBe Creative District and is currently occupied under a lease agreement that extends through September 2028.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Princess Anne Distributing ... (Bike/Boat/Book/etc) Store

    Suggested Use

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

    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
    -75.982015
    Latitude
    36.8436663

    Nearby Similar for Sale

    • $10,400,000
      29,590 SF

      Virginia Beach Townhome Portfolio

      Twelve townhomes near the beach and upcoming Atlantic Park development.
      2007 Baltic Ave, Virginia Beach, VA 23451
      View Details
    • New
      $850,000
      2,097 SF

      Commercial Property on Virginia Beach Blvd

      Freestanding commercial building with high visibility and redevelopment potential.
      3794 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • $1,200,000
      4,920 SF

      Virginia Beach Quadruplex Investment Opportunity

      Rare side-by-side quadruplex near Oceana Naval Air Station.
      315 Roselynn Ln, Virginia Beach, VA 23454
      View Details
    • $1,650,000
      6,000 SF

      Corner Building Near Virginia Beach Boardwalk

      Two-story commercial building near the boardwalk, suitable for retail or office.
      223 17Th St, Virginia Beach, VA 23451
      View Details
    • $299,000

      Waterfront RV Lot with Amenities

      Large waterfront RV lot with condo-style amenities in Virginia Beach.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $200,000

      Interior RV Lot with Water Views

      Large RV lot with water views and resort-style amenities.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $200,000

      Interior RV Lot with Amenities

      Large RV lot with water views and resort-style amenities.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $260,000

      Waterfront RV Oasis in Virginia

      Waterfront RV lot with rental potential near community amenities.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $534,900
      960 SF

      Versatile Showroom/Office Space For Sale

      Single-story showroom/office space with high traffic exposure in Virginia Beach.
      2640 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • New
      $264,000

      Waterfront Lot at Surfside

      Waterfront lot with dock, RV, and resort-style amenities.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $310,000
      1,149 SF

      Office Space on Independence Boulevard

      Office space available for purchase on Independence Boulevard.
      1137 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • $3,500,000
      6,200 SF

      EV Dealership on Virginia Beach Blvd

      Thriving EV dealership with retail, service, and rental operations.
      1765 Virginia Beach Blvd, Virginia Beach, VA 23454
      View Details

    FAQs

    What type of property is this?
    Retail space - Freestanding retail building with warehouse in ViBe Creative District.
    Where is this retail space located?
    The property is located at 623 Virginia Beach Blvd Virginia Beach, VA.
    What is the asking price?
    The asking price for this property is $3,450,000.
    What are key features of this property?
    This property features: - Desirable location in the ViBe Creative District; - ± 6,000 SF freestanding retail building with warehouse; - (6) roll up doors for loading
    (757) 490-3300
    Request Owner's contact information
    623 Virginia Beach Blvd Virginia Beach, VA 23451
    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.
    623 Virginia Beach Blvd
    Virginia Beach, VA 23451
    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
    623 Virginia Beach Blvd Virginia Beach, VA 23451
    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

    We can help!
    Listing Contact
    Ricky Anderson
    Ricky Anderson
    (757) 490-3300
    Learn more
    Google sign-in failed. Please try again or use another login method.