Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    614 First Colonial Rd Virginia Beach, VA 23451

    For Sale
    $8,000,000

    Prime 4.27-acre site, redevelopment opportunity.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    360
    This exceptional 4.27-acre development site presents a compelling investment opportunity in Virginia Beach, VA. Strategically located at the high-traffic intersection of Laskin Road and First Colonial Road (38,238 vehicles per day), this property boasts a prime location within a thriving commercial corridor. The site is situated in a high-income demographic area of Hampton Roads, surrounded by major retailers including Walmart Supercenter, Target, Whole Foods, and Trader Joe's. A 0.60-acre parcel is currently leased to Rite Aid, providing immediate income potential. The larger 4.27-acre parcel is available for redevelopment, offering significant upside potential. This property benefits from its location within an Opportunity Zone and a municipal strategic growth area, making it eligible for redevelopment incentives. The site can be purchased as a whole or in separate parcels, providing flexibility for various development scenarios. The asking price for the entire 4.27-acre site is $8,000,000. This is a rare chance to acquire a premier development site in a highly desirable location with significant growth potential. The address is 614 First Colonial Rd, Virginia Beach, VA 23451.

    Property Features for 614 First Colonial Rd

    General Information

    Property type
    Land
    Lot Size
    186,001 SF

    HighLights

    • Prime redevelopment opportunity in Virginia Beach, VA.
    • High‑traffic location at Laskin Rd & First Colonial Rd intersection (38,238 VPD).
    • Situated in Hampton Roads' highest‑income demographic area.
    • 4.27‑acre parcel available for redevelopment.
    • 0.60‑acre parcel leased to Rite Aid, generating immediate income.
    • Surrounded by major retailers including Walmart, Target, Whole Foods, and Trader Joe's.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Harygul's Halloween Planet Costume Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.0213071
    Latitude
    36.8492894

    Nearby Similar for Sale

    • $10,400,000
      29,590 SF

      Virginia Beach Townhome Portfolio

      Portfolio of 12 townhomes near the oceanfront and Atlantic Park.
      2007 Baltic Ave, Virginia Beach, VA 23451
      View Details
    • $299,500

      Waterfront RV Resort in Sandbridge

      Gated RV resort with waterfront access and impressive amenities.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $1,700,000
      6,000 SF

      Reconstructed Corner Building Near Boardwalk

      Two-story, 6,000 SF building near the oceanfront.
      223 17Th St, Virginia Beach, VA 23451
      View Details
    • $325,000

      Waterfront RV Lot with Amenities

      Large waterfront RV lot with condo-style amenities in Virginia Beach.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $549,900
      960 SF

      Versatile Showroom/Office on High-Traffic Corridor

      Single-story showroom and office space with expansion potential.
      2640 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • New
      $310,000
      1,149 SF

      Office Space on Independence Boulevard

      Office space available for purchase on Independence Boulevard.
      1137 Independence Blvd, Virginia Beach, VA 23455
      View Details

    FAQs

    What type of property is this?
    Land - Prime 4.27-acre site, redevelopment opportunity.
    Where is this land located?
    The property is located at 614 First Colonial Rd Virginia Beach, VA.
    What is the asking price?
    The asking price for this property is $8,000,000.
    What are key features of this property?
    This property features: Prime redevelopment opportunity in Virginia Beach, VA.; High-traffic location at Laskin Rd & First Colonial Rd intersection (38,238 VPD).; Situated in Hampton Roads' highest-income demographic area.
    Request Owner's contact information
    614 First Colonial Rd Virginia Beach, VA 23451
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    614 First Colonial Rd
    Virginia Beach, VA 23451
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    614 First Colonial Rd Virginia Beach, VA 23451
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.