Updated Office Building with Conference
For Sale
$1,150,000
121 Landmark Square, Virginia Beach, VA 23452
Commercial/Industrial, Virginia Beach, VA
Property Size5,500 SF
Lot Size0.58 Acres
Price / SF$209.09
Days on Market255
Property Features for 121 Landmark Square
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Subdivision
ALL OTHERS AREA 45
Standard status
Active
Size
5,500 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Annual Amount
6469
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Amenities
modern kitchen
conference rooms
security storage
Building Details
Year built
1988
Roof type
Shingle
Listing Agency:
BHHS RW Towne Realty · Berkshire Hathaway HomeServices
(757) 422-2200
Listed By:
James Keenan
(757) 690-0439
Added: Jan 25
Changed: Oct 1
Last Checked: Oct 7 at 10:06AM
MLS# 10617385
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The 5,500-square-foot office building occupies 0.576 acres and was built in 1988. Recent updates include a modern kitchen, multiple conference rooms, and dedicated security storage. The property also features central air, heat pump heating, and a shingle roof, with parking provided on site.
Located at 121 Landmark Square in Virginia Beach, the property offers access to the interstate and Lynnhaven Parkway. B2 zoning supports its office classification and provides a defined commercial setting for the existing layout and improvements.
Located at 121 Landmark Square in Virginia Beach, the property offers access to the interstate and Lynnhaven Parkway. B2 zoning supports its office classification and provides a defined commercial setting for the existing layout and improvements.
Key Highlights
- 5,500‑square‑foot office building on 0.576 acres
- B2 zoning in Virginia Beach
- Multiple conference rooms and modern kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$77,933
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,558,660
$1.6M
Cap Rate 7%
$1,113,329
$1.1M
Cap Rate 9%
$865,922
$865.9K
Market Conditions
NOI Build-Up for 5,500 SF
Gross rent
$126.7K $23.04/SF
− Vacancy
−$22.8K −$4.15/SF
EGI
$103.9K $18.89/SF
− OpEx
−$26.0K −$4.72/SF
NOI
$77.9K $14.17/SF
Area
ZIP 23452
Vacancy
18.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,558,660
Cap Rate 7%
$1,113,329
Cap Rate 9%
$865,922
Alternative Uses
Best Use
Office B
$1.11M
$974.2K – $1.30M
NOI $77,933 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,792 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 23452, VA
59,076
Population
23,455
Households
2.5
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
15.1 sq mi
ZIP Area
3,912
Density / Sq Mi
$77,327
Median Household Income
$44,009
Median Earnings
$1,571
Median Rent
$324,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - B2-zoned property offers a multi-room layout, kitchen, security storage, and on-site parking.
Where is this office building located?
The property is located at 121 Landmark Square Virginia Beach, VA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 5,500‑square‑foot office building on 0.576 acres; B2 zoning in Virginia Beach; Multiple conference rooms and modern kitchen
