Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Office Space Near Interstate 264 Title is generated by Realmo AI

    502 Viking Drive, Virginia Beach, VA 23452

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    Office space available near Interstate 264 in Virginia Beach.

    Type:Office
    Added:
    Sep 16, 2020
    Days on Market:
    2083
    Last Refresh:
    May 12 at 8:44 pm

    Property Features for 502 Viking Drive

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 502 Viking Drive Contact us

    Suite 100 $18/Mo

    Size
    6,810 SF
    Type
    Office
    Lease Rate: $18.50 SF/yr (Net of Janitorial and Electric)
    Contact us

    We can help!

    Listing Contact
    Elizabeth C. Paasch

    Listing agent Elizabeth C. Paasch License #VA

    Listing office Divaris Real Estate Inc

    Listing date Sep 16, 2020

    Source Crexi

    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 Divaris Real Estate Inc

    HighLights

    • Conveniently located 0.5 mile from Interstate 264 (Lynnhaven Road exit).

    Overview

    This commercial real estate is located approximately 0.5 miles south of the Interstate 264 exit at Lynnhaven Road.
    Location Intelligence

    Current Use by Public Records

    Joynes & Gaidies Law Firm Wilson Tracy R Physician Candice Shanel Realty Real Estate Agency CMC Technical Employment Agency Coldwell Banker Now Real Estate Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • uBreakiFix - Phone and Computer Repair — 664 Phoenix Dr #140, Virginia Beach, VA 23452
    • Productive AV — 421 S Lynnhaven Rd UNIT 103, Virginia Beach, VA 23452
    • Novatech, Inc. — 529 Central Dr #102, Virginia Beach, VA 23454
    • Walmart Home Theater Installation — 657 Phoenix Dr, Virginia Beach, VA 23452
    • DOMA Technologies — 585 London Bridge Rd, Virginia Beach, VA 23454

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.0649679
    Latitude
    36.8295628

    Nearby Similar for Lease

    • $1,700/Mo
      1,300 SF

      Great Neck Plaza Commercial Suite

      First floor suite in Great Neck Plaza available for rent.
      2232 W Great Neck Road, Virginia Beach, VA 23451
      View Details
    • $1,600/Mo
      1,000 SF

      Virginia Beach Office Space Available

      Office space in busy strip center, convenient location.
      5405 Indian River Road, Virginia Beach, VA 23464
      View Details
    • $20 SF/Yr
      4,253 SF

      Customizable Class A Office Space

      Pre-leasing opportunity near Mount Trashmore with I-264 access.
      4420 Expressway Drive, Virginia Beach, VA 23452
      View Details
    • Sponsored
      Contact for pricing

      VA, Virginia Beach - Constitution Dr

      2 Constitution Dr, Virginia Beach, VA 23462
      View Details
    • $129-$4,238/Mo
      11-1,292 SF

      Lynnhaven

      780 Lynnhaven Pkwy, Unit 400, Virginia Beach, VA 23452
      View Details
    • $15 SF/Yr
      7,955 SF

      Office Space on Laskin Road

      Office space for lease with prime highway access.
      1213 Laskin Road, Virginia Beach, VA 23451
      View Details
    • $1,400/Mo
      1,400 SF

      Office Space Near Lynnhaven Parkway

      Office space with prime access to amenities and I-264.
      800 Seahawk Circle, Suite 118, Virginia Beach, VA 23452
      View Details
    • $600/Mo
      15,600 SF

      Office Space with Flexible Leases

      Office building with all inclusive options and short-term leases.
      5250 Challedon Drive, Virginia Beach, VA 23462
      View Details
    • $23 SF/Yr
      1,666 SF

      Functional Lynnhaven Office Sublease

      First-floor office sublease with offices, kitchenette, and open space.
      2809 S. Lynnhaven Road, Suite 170, Virginia Beach, VA 23452
      View Details
    • $3,800/Mo
      57,351 SF

      Versatile Office/Flex Space in Virginia Beach

      Modern office/flex space with convenient access and ample parking.
      464-468 S Independence & 4480-4520 Holland Office Park, Virginia Beach, VA 23450
      View Details
    • $14 SF/Yr
      1,500 SF

      Industrial Flex Unit For Rent

      1,500 SF industrial flex unit near Hilltop and I-264.
      113 S First Colonial Rd Ste 126, Virginia Beach, VA 23454
      View Details
    • $1,625/Mo

      Versatile Office/Flex Space Available

      Modern office and warehouse space with versatile layouts for rent.
      464-468 S Independence & 4480-4520 Holland Office Park, Virginia Beach, VA 23450
      View Details

    FAQs

    What type of property is this?
    Office space - Office space available near Interstate 264 in Virginia Beach.
    Where is this office space located?
    The property is located at 502 Viking Drive Virginia Beach, VA.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Conveniently located 0.5 mile from Interstate 264 (Lynnhaven Road exit).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Elizabeth C. Paasch
    Real Estate License ID: VA
    Learn More
    Request Owner's contact information
    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.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    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
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    502 Viking Drive, Virginia Beach, VA 23452
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!