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    Mixed-Use Town Center Development Title is generated by Realmo AI

    222 Central Park Ave, Virginia Beach, VA 23462

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    Town Center in Virginia Beach anchors a dense live-work-play market with hotels, residences, and major daily employment.

    Type:Retail
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 2 at 7:06 am

    Property Features for 222 Central Park Ave

    General Information

    Standard status
    Active
    Property subtype
    Retail

    Properties For Sale

    at 222 Central Park Ave Contact us

    We can help!

    Listing Contact
    Gerald Divaris

    Listing agent Gerald Divaris

    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

    • Town Center spans 17 city blocks in Virginia Beach as the focal point between downtown Norfolk and the Oceanfront/resort area
    • Over 22,470 employees work within 1 mile of Town Center, with more than 7,000 directly within the development
    • Over 4,000 free parking spaces within 5 city‑managed public garages
    • Town Center includes 935 residences across 5 residential communities
    • 500,000 SF of hotel space with 532 guest rooms
    • Virginia Beach welcomed 14.1M visitors in 2024

    Overview

    Town Center of Virginia Beach is a large mixed-use development spanning 17 city blocks, positioned as a focal point in Hampton Roads. The project includes 935 residences across five upscale residential communities and offers significant hotel capacity, with 500,000 square feet of hotel space providing 532 guestrooms. Parking is supported by more than 4,000 free spaces across city-managed public garages, designed for convenient access across the development.

    Located in Virginia Beach, the development is described as the midway point between downtown Norfolk and the Virginia Beach Oceanfront and resort area. Demographic and workforce depth are a key part of the offering, with over 60% of Virginia Beach residents within 5 miles and 22,470 employees working within 1 mile, including more than 7,000 directly within the development. The surrounding visitor draw is notable as well, with 14.1M visitors welcomed in 2024.

    This property is well suited for operators and buyers looking to participate in a high-activity mixed-use environment where resident demand, workforce presence, and hotel traffic converge. With established residential, lodging, and parking infrastructure already in place, it can support a range of retail and hospitality-driven concepts that benefit from steady, multi-source foot traffic.
    Location Intelligence

    Current Use by Public Records

    Jeff Rosen Law Firm Willcox Savage Law Firm Mark R. Baumgartner Law Firm Moriarty Joseph P Law Firm Mark E. Slaughter, ... Law Firm

    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
    -76.1335258
    Latitude
    36.8427054

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    FAQs

    What type of property is this?
    Shopping center - Town Center in Virginia Beach anchors a dense live-work-play market with hotels, residences, and major daily employment.
    Where is this shopping center located?
    The property is located at 222 Central Park Ave Virginia Beach, VA.
    What are key features of this property?
    This property features: Town Center spans 17 city blocks in Virginia Beach as the focal point between downtown Norfolk and the Oceanfront/resort area; Over 22,470 employees work within 1 mile of Town Center, with more than 7,000 directly within the development; Over 4,000 free parking spaces within 5 city‑managed public garages
    (757) 497-2113
    We can help!
    Listing Contact
    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.

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