Retail Space on Indian
For Sale
Contact for pricing
Pending
6229 Indian River Rd, Virginia Beach, VA 23464
Retail space available for sale in Virginia Beach, VA.
Property Size2,500 SF
Days on Market101
Property Features for 6229 Indian River Rd
General Information
Standard status
Pending
Size
2,500 SF
Property subtype
Retail
Zoning
B-2
Lease Type
NNN
Building Details
Year Built
2008
Tenancy
Single
Listing Agency:
Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Listed By:
Janet Whitbeck · License #VA
Source:
Crexi
Added: May 22
Changed: Aug 8
Last Checked: Jul 24 at 1:22PM
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 Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Investment Insights
Based on property information with market context.
A 2,500-square-foot retail space is available for sale. The property is located on Indian River Road in Virginia Beach, VA.
Key Highlights
- Built in 2008
- Located at 6229 Indian River Road
- Situated in Virginia Beach, VA
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
$26,181
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
3.61%
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%
$523,620
$523.6K
Cap Rate 7%
$374,014
$374.0K
Cap Rate 9%
$290,900
$290.9K
Market Conditions
NOI Build-Up for 2,500 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
$39.0K $15.60/SF
− Vacancy
−$1.6K −$0.64/SF
EGI
$37.4K $14.96/SF
− OpEx
−$11.2K −$4.49/SF
NOI
$26.2K $10.47/SF
Area
ZIP 23464
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%
$523,620
Cap Rate 7%
$374,014
Cap Rate 9%
$290,900
Alternative Uses
Best Use
Retail
$374.0K
$327.3K – $436.4K
NOI $26,181 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$782.4K
$684.6K – $912.8K
NOI $54,768 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
865
Businesses Nearby
176k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 41%
Shops & Services 29%
Apparel 15%
Dining 14%
Food Lion Grocery Store
Groceries
29,145 visits/mo
0.4 miles
Food Lion Grocery Store
Groceries
25,684 visits/mo
0.3 miles
Roses Discount Store
Shops & Services
21,781 visits/mo
0.5 miles
Burlington
Apparel
19,239 visits/mo
0.3 miles
Lidl
Groceries
16,465 visits/mo
0.1 miles
Demographics for 23464, VA
75,118
Population
29,267
Households
2.6
Avg Household Size
38
Median Age
38%
College-Educated
94%
High-School Grad
16.7 sq mi
ZIP Area
4,498
Density / Sq Mi
$89,790
Median Household Income
$49,794
Median Earnings
$1,644
Median Rent
$339,300
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?
Retail space - Retail space available for sale in Virginia Beach, VA.
Where is this retail space located?
The property is located at 6229 Indian River Rd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Built in 2008; Located at 6229 Indian River Road; Situated in Virginia Beach, VA
