Updated Office
For Sale
$1,150,000
121 Landmark Square, Virginia Beach, VA 23452
COMMERCIAL - Virginia Beach, VA
Property Size5,500 SF
Lot Size0.58 Acres
Price / SF$209.09
Days on Market198
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
multiple 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: Aug 4
Last Checked: Aug 11 at 7:06PM
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.
This 5,500-square-foot office building sits on a 0.576-acre parcel and was built in 1988. The interior has been recently updated, with a modern kitchen, multiple conference rooms, and security storage. Central air and heat-pump heating serve the building, while a shingle roof completes the existing improvements.
The property is positioned near an interstate and provides access to Lynnhaven Parkway. On-site parking is described as plentiful, supporting the building’s office configuration. B2 zoning applies to the property at 121 Landmark Square in Virginia Beach, Virginia.
The property is positioned near an interstate and provides access to Lynnhaven Parkway. On-site parking is described as plentiful, supporting the building’s office configuration. B2 zoning applies to the property at 121 Landmark Square in Virginia Beach, Virginia.
Key Highlights
- 5,500 square feet on 0.576 acres
- Recently updated office building with a modern kitchen
- Multiple conference rooms and security storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$77,933
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - B2-zoned office property with conference rooms, kitchen improvements, and security storage.
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 feet on 0.576 acres; Recently updated office building with a modern kitchen; Multiple conference rooms and security storage
