Office Building with Ample
For Sale
$899,999
1702 Southern Boulevard, Virginia Beach, VA 23454
COMMERCIAL - Virginia Beach, VA
Property Size4,804 SF
Lot Size0.51 Acres
Price / SF$187.34
Days on Market162
Property Features for 1702 Southern Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Subdivision
OCEANA
Standard status
Active
Size
4,804 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Annual Amount
3171
Building Details
Year built
1955
Roof type
Shingle
Listing Agency:
Coalesce Real Estate Inc
(757) 689-1717
Listed By:
Leo Vasquez
(757) 779-0528
Added: Mar 3
Changed: Aug 4
Last Checked: Aug 12 at 9:06AM
MLS# 10623396
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 office building offers a flexible interior layout suited to a range of business uses. The property includes ample parking and features a shingle roof. Built in 1955, it sits on a 0.5079-acre lot and totals 4,804 square feet.
The property is well located with convenient access to major roads and strong exposure along a growing commercial corridor. Zoning is B2, supporting a variety of office-oriented and service-based operations.
The combination of off-street parking, an adaptable interior layout, and B2 zoning makes this a practical option for businesses seeking an accessible office building in a commercial area.
The property is well located with convenient access to major roads and strong exposure along a growing commercial corridor. Zoning is B2, supporting a variety of office-oriented and service-based operations.
The combination of off-street parking, an adaptable interior layout, and B2 zoning makes this a practical option for businesses seeking an accessible office building in a commercial area.
Key Highlights
- B2 zoning
- 4,804 SF office building on a 0.5079‑acre lot
- Built in 1955 with a shingle roof
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
$67,254
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
7.47%
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%
$1,345,080
$1.3M
Cap Rate 7%
$960,771
$960.8K
Cap Rate 9%
$747,267
$747.3K
Market Conditions
NOI Build-Up for 4,804 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
$105.5K $21.96/SF
− Vacancy
−$15.8K −$3.29/SF
EGI
$89.7K $18.67/SF
− OpEx
−$22.4K −$4.67/SF
NOI
$67.3K $14.00/SF
Area
ZIP 23454
Vacancy
15.00%
Lease Rate
$21.96 /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%
$1,345,080
Cap Rate 7%
$960,771
Cap Rate 9%
$747,267
Alternative Uses
Best Use
Office B
$960.8K
$840.7K – $1.12M
NOI $67,254 @ 7.0% cap · market cap 7.47%
Second Best
Retail
$718.7K
$628.9K – $838.5K
NOI $50,309 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,061 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 23454, VA
58,665
Population
24,253
Households
2.4
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
22.5 sq mi
ZIP Area
2,607
Density / Sq Mi
$97,835
Median Household Income
$48,961
Median Earnings
$1,600
Median Rent
$401,900
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 building with flexible interior layout, shingle roof, and convenient access to major roads.
Where is this office building located?
The property is located at 1702 Southern Boulevard Virginia Beach, VA.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: B2 zoning; 4,804 SF office building on a 0.5079‑acre lot; Built in 1955 with a shingle roof
