Fitness Center
For Sale
$1,500,000
2090 Princess Anne Road, Virginia Beach, VA 23456
COMMERCIAL - Virginia Beach, VA
Property Size6,390 SF
Price / SF$234.74
Days on Market50
Property Features for 2090 Princess Anne Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Subdivision
ALL OTHERS AREA 44
Standard status
Active
Size
6,390 SF
Taxes and HOA fees
Tax Annual Amount
11388
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2016
Listing Agency:
Swell Real Estate Co
(757) 216-9222
Listed By:
Phyllis Mihalas · License #0225226315
(757) 216-9222
Added: Jun 23
Changed: Aug 4
Last Checked: Aug 11 at 8:06PM
MLS# 10641146
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 6,390-square-foot business condominium was built in 2016 and is configured for a fitness center or gym use. Building systems include forced-air heating and central air conditioning, with off-street parking available for occupants and visitors.
The property is located at 2090 Princess Anne Road in Virginia Beach, Virginia, 23456. A tenant is committed through 2029, with two additional five-year extension options available under the lease. The condominium structure, established tenancy, and existing mechanical systems provide a defined commercial property profile.
The property is located at 2090 Princess Anne Road in Virginia Beach, Virginia, 23456. A tenant is committed through 2029, with two additional five-year extension options available under the lease. The condominium structure, established tenancy, and existing mechanical systems provide a defined commercial property profile.
Key Highlights
- 6,390‑square‑foot business condominium
- Tenant lease extends through 2029
- Two additional five‑year extension options
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
$85,820
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
5.72%
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%
$1,716,400
$1.7M
Cap Rate 7%
$1,226,000
$1.2M
Cap Rate 9%
$953,556
$953.6K
Market Conditions
NOI Build-Up for 6,390 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
$126.5K $19.80/SF
− Vacancy
−$3.9K −$0.61/SF
EGI
$122.6K $19.19/SF
− OpEx
−$36.8K −$5.76/SF
NOI
$85.8K $13.43/SF
Area
ZIP 23456
Vacancy
3.10%
Lease Rate
$19.80 /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%
$1,716,400
Cap Rate 7%
$1,226,000
Cap Rate 9%
$953,556
Alternative Uses
Best Use
Retail
$1.23M
$1.07M – $1.43M
NOI $85,820 @ 7.0% cap · market cap 5.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.87M
NOI $112,490 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
223k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 29%
Groceries 23%
Shops & Services 20%
Home Improvements & Furnishings 15%
Target
Superstores
64,332 visits/mo
0.4 miles
Harris Teeter
Groceries
29,901 visits/mo
0.1 miles
Food Lion Grocery Store
Groceries
20,468 visits/mo
0.1 miles
HomeGoods
Home Improvements & Furnishings
17,007 visits/mo
0.3 miles
Navy Federal Credit Union
Shops & Services
16,744 visits/mo
0.3 miles
Demographics for 23456, VA
59,454
Population
22,071
Households
2.7
Avg Household Size
39
Median Age
46%
College-Educated
95%
High-School Grad
50.1 sq mi
ZIP Area
1,187
Density / Sq Mi
$128,403
Median Household Income
$58,827
Median Earnings
$1,928
Median Rent
$455,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Anytime Fitness — 2090 Princess Anne Rd, Virginia Beach, VA 23456
- Orangetheory Fitness — 2111 Princess Anne Rd #106, Virginia Beach, VA 23456
- Red Mill Athletics — Enter via Anderson's Parking Lot, 1925 Fisher Arch, Virginia Beach, VA 23456
- LFT Gym VB — 1964 Fisher Arch, Virginia Beach, VA 23456
- Pinzon Pilates — 1816 Rein Ln, Virginia Beach, VA 23456
Frequently Asked Questions
What type of property is this?
Fitness center & gym - Business condominium with a tenant lease extending through 2029 and two additional five-year extension options.
Where is this fitness center & gym located?
The property is located at 2090 Princess Anne Road Virginia Beach, VA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6,390‑square‑foot business condominium; Tenant lease extends through 2029; Two additional five‑year extension options
