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    Three-Story Office Park Buildings Title is generated by Realmo AI

    397 Little Neck Road, Virginia Beach, VA 23452

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    Two three-story professional office buildings offer move-in ready suites with immediate occupancy options.

    Type:Office
    Property size:
    83,000 SF
    Price / SF:
    $0.00/SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 2 at 3:13 am

    Property Features for 397 Little Neck Road

    General Information

    Standard status
    Active
    Size
    83,000 SF
    Property subtype
    Office

    Properties For Sale

    at 397 Little Neck Road Contact us

    We can help!

    Listing Contact
    Ashley Beck
    Ashley Beck

    Listing agent Ashley Beck

    Listing office Divaris Real Estate - Hampton Roads

    Listing date Jun 2, 2026

    Source Divaris

    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

    HighLights

    • Two three‑story professional office buildings in Little Neck Office Park with move‑in ready suites and immediate occupancy options
    • 3300 North Building: approx. 33,000 RSF with contiguous suites from 1,568 SF to 6,415 SF
    • 3300 South Building: approx. 50,000 RSF with contiguous suites from 1,464 SF to 8,268 SF
    • Full‑service lease rate of $20.00/SF/year for currently available move‑in ready suites
    • Located less than 1/4 mile from I‑264 (Virginia Beach/Norfolk Expressway)
    • B2 zoning; traffic counts include Little Neck Rd at 16,341 VPD, Virginia Beach Blvd at 43,138 VPD, and I‑264 at 143,241 VPD

    Overview

    Little Neck Office Park consists of two separate three-story professional office buildings designed to accommodate a range of office and medical-oriented users. Suites in the 3300 North Building and 3300 South Building are available as contiguous space, with move-in ready options currently offered for tenants seeking immediate occupancy. The property is supported by ample parking and convenient on-site access to a 24/7 private health club.

    Situated less than one-quarter mile from the Virginia Beach/Norfolk Expressway (I-264), the office park provides strong regional connectivity. The property also benefits from nearby everyday amenities, with restaurants, banks, and shopping areas within walking distance, along with an HRT bus stop. Visibility is enhanced by a building signage opportunity for a large user, and traffic counts include Little Neck Road, Virginia Beach Boulevard, and I-264.

    With B2 zoning and a tenant mix that includes general office, medical, and other professional users, the park is well suited for organizations looking for flexible suite sizes and a professional campus setting. Immediate availability makes it practical for expanding teams and newly formed operations that need controlled move-in timing.
    Location Intelligence

    Current Use by Public Records

    Rosemont Chiropractic Alternative Medicine Practice Southeast Spine and Wellness ... Alternative Medicine Practice Andrew Becker Law ... Law Firm William B. Parkhurst, ... Law Firm Fitness 24-7 Gym & Fitness Center

    Suggested Use

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

    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
    -76.0918867
    Latitude
    36.8438539

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    FAQs

    What type of property is this?
    Office building - Two three-story professional office buildings offer move-in ready suites with immediate occupancy options.
    Where is this office building located?
    The property is located at 397 Little Neck Road Virginia Beach, VA.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Two three‑story professional office buildings in Little Neck Office Park with move‑in ready suites and immediate occupancy options; 3300 North Building: approx. 33,000 RSF with contiguous suites from 1,568 SF to 6,415 SF; 3300 South Building: approx. 50,000 RSF with contiguous suites from 1,464 SF to 8,268 SF
    (757) 873-4700
    We can help!
    Listing Contact
    Ashley Beck
    Ashley Beck
    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.

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