Three-Building Mixed-Use
New
For Sale
$5,600,000
528 Newtown Rd, Virginia Beach, VA 23462
Fully leased asset combines retail and office/flex space at a signalized Newtown Road intersection.
Property Size33,461 SF
Price / SF$167.36
Days on Market2
Property Features for 528 Newtown Rd
General Information
Standard status
Active
Size
33,461 SF
Property subtype
Retail
Occupancy
100%
Site & Location
Corner Location
Yes
Traffic Count
39,000 vehicles/day
Road Access
Yes
Building Details
Buildings
3
Listing Agency:
Norfolk - Main
Listed By:
Clark Simpson · License #0225080714
(757) 217-1896
Source:
Colliers
Added: Sep 18
Last Checked: Sep 19 at 5:46AM
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 Norfolk - Main
Investment Insights
Based on property information with market context.
The property includes approximately 33,461 SF across three buildings, with two dedicated to retail and a third configured for office and commercial flex use. The entire asset is leased, providing a multi-building commercial composition within one offering.
Located at 528 Newtown Rd in Virginia Beach, the property occupies a signalized intersection with exposure to more than 39,000 vehicles per day. Nexus Luxury Apartments, a 268-unit residential community, is adjacent to the site, with additional residential communities nearby. Newtown Road also provides access to major transportation corridors.
Located at 528 Newtown Rd in Virginia Beach, the property occupies a signalized intersection with exposure to more than 39,000 vehicles per day. Nexus Luxury Apartments, a 268-unit residential community, is adjacent to the site, with additional residential communities nearby. Newtown Road also provides access to major transportation corridors.
Key Highlights
- Approximately ±33,461 SF across three buildings
- Two retail buildings plus one office/commercial flex building
- Fully leased commercial asset
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
$350,413
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
6.26%
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%
$7,008,260
$7.0M
Cap Rate 7%
$5,005,900
$5.0M
Cap Rate 9%
$3,893,478
$3.9M
Market Conditions
NOI Build-Up for 33,461 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
$522.0K $15.60/SF
− Vacancy
−$21.4K −$0.64/SF
EGI
$500.6K $14.96/SF
− OpEx
−$150.2K −$4.49/SF
NOI
$350.4K $10.47/SF
Area
ZIP 23462
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%
$7,008,260
Cap Rate 7%
$5,005,900
Cap Rate 9%
$3,893,478
Alternative Uses
Best Use
Retail
$5.01M
$4.38M – $5.84M
NOI $350,413 @ 7.0% cap · market cap 6.26%
Second Best
Mixed Use
$4.62M
$4.04M – $5.39M
NOI $323,233 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$7.11M
$6.22M – $8.29M
NOI $497,450 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
39,000 VPD
Traffic count
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
809
Businesses Nearby
Explore this area
Business Placement
Demographics for 23462, VA
68,045
Population
29,729
Households
2.3
Avg Household Size
34
Median Age
31%
College-Educated
94%
High-School Grad
11.0 sq mi
ZIP Area
6,186
Density / Sq Mi
$69,680
Median Household Income
$43,613
Median Earnings
$1,652
Median Rent
$269,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased asset combines retail and office/flex space at a signalized Newtown Road intersection.
Where is this mixed-use property located?
The property is located at 528 Newtown Rd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Approximately ±33,461 SF across three buildings; Two retail buildings plus one office/commercial flex building; Fully leased commercial asset
