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    Princess Anne Rd And Elson Grn Ave Virginia Beach, VA 23456

    Sponsored
    For Sale
    $4,222,400

    15 Acres, High-Visibility Location, Mixed-Use Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    397
    This exceptional 15.208-acre property presents a unique investment opportunity in Virginia Beach's rapidly expanding Red Mill area. Boasting approximately 800 feet of frontage on Princess Anne Road, this strategically located site sits at a signalized intersection with Home Depot and Target, ensuring high visibility and accessibility. The land is currently zoned AG1, but the city is supportive of rezoning consistent with the Comprehensive Plan, which designates this area for mixed-use development. While 6.29 acres are upland, wetland credits are available to increase developable land. This prime location benefits from a dense, affluent residential population with an average household income of $133,688, and a low retail submarket vacancy rate of 2.2%. The property offers multiple points of ingress/egress via two median breaks, enhancing its functionality. Its proximity to Three Oaks Elementary School (659 students) further underscores its potential. The asking price is $4,222,400, translating to $280,000 per acre. This represents a rare chance to acquire a high-impact site in a thriving market with significant upside potential. Detailed information regarding permitted uses is available upon request. The parcel number is 24141415320000.

    Property Features for 0 Princess Anne Rd And Elson Grn Ave

    General Information

    Property type
    Farms

    HighLights

    • High visibility and strong barriers to entry.
    • City support for rezoning aligns with the Comprehensive Plan.
    • Retail submarket boasts a 2.2% vacancy rate.
    • Dense, affluent residential population; average household income $133,688.
    • Signalized intersection with excellent access via two median breaks.
    • Comprehensive Plan designates mixed‑use development; currently zoned AG1.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.012001956499
    Latitude
    36.756345570044

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    FAQs

    What type of property is this?
    Farm - 15 Acres, High-Visibility Location, Mixed-Use Potential
    Where is this farm located?
    The property is located at Princess Anne Rd And Elson Grn Ave Virginia Beach, VA.
    What is the asking price?
    The asking price for this property is $4,222,400.
    What are key features of this property?
    This property features: High visibility and strong barriers to entry.; City support for rezoning aligns with the Comprehensive Plan.; Retail submarket boasts a 2.2% vacancy rate.
    Request Owner's contact information
    Princess Anne Rd And Elson Grn Ave Virginia Beach, VA 23456
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    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
    Princess Anne Rd And Elson Grn Ave Virginia Beach, VA 23456
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