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    2076 S Independence Blvd Virginia Beach, VA 23453

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    14,720 SF shopping center in Virginia Beach, Virginia.

    Property size:
    14,720 SF
    Lot size:
    1.36 Acres

    Property Features for 2076 S Independence Blvd

    General Information

    Standard status
    Active
    Size
    14,720 SF
    Lot size
    1.36 Acres

    Building Details

    Year built
    1999

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    Listing Contact
    Kirby Hayes
    Source: Crexi

    Listing Agency: JLL Austin Listing Agent: Kirby Hayes

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Princess Anne Marketplace Medical Strip

    The Princess Anne Marketplace Medical Strip is a 14,720 square foot shopping center located in Virginia Beach, Virginia. The property is shadow anchored by a 111,966 square foot Target. It is currently 100% leased with a weighted average lease term (WALT) of 6.7 years. The property features a Dunkin’ drive-thru. The tenant roster includes Ivy Rehab, Jackson Hewitt Tax Service, and Acredale Animal Hospital. There is potential for future rent increases due to current below-market rents. An opportunity exists to add value by re-tenanting Jackson Hewitt, whose term extends through December 2028 at $24 per square foot with no remaining options, potentially converting the strip to a fully medical-focused center. The property is situated at the intersection of South Independence Boulevard and Princess Anne Road, benefiting from high traffic volume of 75,000 vehicles per day. The location benefits from a strong surrounding retail presence within a high-performing retail node in Virginia Beach. Situated in the Hampton Roads MSA, the property is in a stable market supported by the United States Navy and The Port of Virginia. The property is suitable for commercial real estate, retail, medical office space, and general office space.
    Location Intelligence

    Current Use by Public Records

    Applied Martial Arts ... Training Center Ivy Rehab for Kids ... Medical Clinic Ivy Rehab for Kids Medical Clinic Ivy Rehab Physical ... Medical Clinic Jackson Hewitt Tax ... Accounting Firm

    Suggested Use

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

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Princess Anne Marketplace, Lynnhaven Shopping Center, Parkway Shopping Center, Princess One Shopping Center

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.1104653
    Latitude
    36.7894816

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    FAQs

    What type of property is this?
    Shopping center - 14,720 SF shopping center in Virginia Beach, Virginia.
    Where is this shopping center located?
    The property is located at 2076 S Independence Blvd Virginia Beach, VA.
    What are key features of this property?
    This property features: - 100% leased with an impressive 6.7 years Weighted Average Lease Term (WALT).; - Shadow anchored by a 111,966 square foot Target.; - Located at the intersection of S Independence Blvd and Princess Anne Rd with high visibility of 75,000 vehicles per day.
    Request Owner's contact information
    2076 S Independence Blvd Virginia Beach, VA 23453
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    Virginia Beach, VA 23453
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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.

    More about this property
    2076 S Independence Blvd Virginia Beach, VA 23453
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    Listing Contact
    Kirby Hayes
    Real Estate License ID: 755222
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