Two-Story Office Building in Virginia
For Sale
Contact for pricing
Pending
1613 Laskin Rd, Virginia Beach, VA 23451
Two-story, 10,000 SF office building on one acre.
Property Size10,003 SF
Lot Size1.00 Acre
Days on Market183
Property Features for 1613 Laskin Rd
General Information
Standard status
Pending
Size
10,003 SF
Lot size
1.00 Acre
Property subtype
Retail
Zoning
B-2 (Community Business District)
Building Details
Year Built
1976
Buildings
1
Stories
2
Listing Agency:
S.L. Nusbaum Realty Co
(757) 640-2272
Listed By:
Ben Leon · License #VA 0225061641
Source:
Crexi
Added: Feb 10
Changed: Aug 8
Last Checked: Jul 24 at 5:39PM
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 S.L. Nusbaum Realty Co
Investment Insights
Based on property information with market context.
The property at 1613 Laskin Road is a two-story office building, formerly a bank branch, encompassing approximately 10,000 square feet. It is situated on a one-acre lot in the Hilltop submarket of Virginia Beach. The property benefits from high visibility and strong surrounding demographics. This location presents an opportunity for owner-users to acquire an asset in a sought-after commercial corridor.
Key Highlights
- Prime location in the highly desirable Hilltop submarket of Virginia Beach.
- Exceptional visibility on Laskin Road.
- ±10,000 square foot two‑story building** suitable for office or other uses.
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
$104,754
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
3.08%
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%
$2,095,080
$2.1M
Cap Rate 7%
$1,496,486
$1.5M
Cap Rate 9%
$1,163,933
$1.2M
Market Conditions
NOI Build-Up for 10,003 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
$156.0K $15.60/SF
− Vacancy
−$6.4K −$0.64/SF
EGI
$149.6K $14.96/SF
− OpEx
−$44.9K −$4.49/SF
NOI
$104.8K $10.47/SF
Area
Virginia Beach, VA
Vacancy
4.10%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,095,080
Cap Rate 7%
$1,496,486
Cap Rate 9%
$1,163,933
Alternative Uses
Best Use
Retail
$1.50M
$1.31M – $1.75M
NOI $104,754 @ 7.0% cap · market cap 3.08%
Second Best
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,491 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$2.57M
$2.25M – $2.99M
NOI $179,626 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,511
Businesses Nearby
615k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 27%
Dining 27%
Shops & Services 21%
Groceries 16%
Walmart
Superstores
85,645 visits/mo
0.3 miles
Target
Superstores
80,448 visits/mo
0.4 miles
Trader Joe's
Groceries
54,458 visits/mo
0.4 miles
Chick-fil-A
Dining
43,128 visits/mo
0.3 miles
Michaels
Shops & Services
23,582 visits/mo
0.4 miles
Demographics for 23451, VA
44,879
Population
24,897
Households
1.8
Avg Household Size
41
Median Age
57%
College-Educated
97%
High-School Grad
19.8 sq mi
ZIP Area
2,267
Density / Sq Mi
$97,945
Median Household Income
$57,472
Median Earnings
$1,697
Median Rent
$591,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Two-story, 10,000 SF office building on one acre.
Where is this bank located?
The property is located at 1613 Laskin Rd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: Prime location in the highly desirable Hilltop submarket of Virginia Beach.; Exceptional visibility on Laskin Road.; ±10,000 square foot two‑story building** suitable for office or other uses.
