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    1808 Salem Rd Virginia Beach, VA 23456

    Sponsored
    For Sale
    $3,000,000

    14,364 SF Vacant Pharmacy Building

    Property size:
    14,364 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This ±14,364 square foot freestanding retail building, formerly a Rite Aid, is available for sale at $3,000,000 ($208.86/SF). Located on 2.95 acres in Virginia Beach, VA (zip code 23456), at the signalized intersection of Salem Road and S. Independence Boulevard, this NNN-leased property boasts a drive-thru. The property benefits from high visibility due to monument signage and its location in the densely populated Salem/Lynnhaven area. Nearby key businesses include a Walmart Supercenter, Home Depot, and the Tidewater Community College campus on Princess Anne Road. High traffic counts are a significant advantage, exceeding ±16,500 vehicles per day along S. Independence Boulevard and 15,608 VPD along Salem Road. Strong demographics further enhance the investment potential of this vacant property. The property is currently vacant and presents a unique opportunity for redevelopment or lease to a new tenant. This prime location and high traffic volume make this an exceptional investment opportunity in a thriving commercial area.

    Property Features for 1808 Salem Rd

    General Information

    Property type
    Individual retail properties
    Square Feet
    14,364 SF

    HighLights

    • ±14,364 SF freestanding retail building with drive‑thru, located at the signalized intersection of Salem Road & S. Independence Boulevard.
    • 2.95‑acre site in Virginia Beach's densely populated Salem/Lynnhaven area (zip code 23456).
    • Excellent location near Walmart Supercenter, Home Depot, and Tidewater Community College.
    • High traffic counts: ±116,500 VPD on S. Independence Blvd. and 15,608 VPD on Salem Road.
    • Monument signage provides excellent visibility.
    • Strong demographics.
    Property Profile Location Intelligence

    Current Use by Public Records

    LibertyX Bitcoin ATM Atm Margaret H. Walker, ... Pharmacy Western Union Money Transfer Service Coinhub Bitcoin ATM ... Atm Lee J. Euston, ... Pharmacy

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.121713100659
    Latitude
    36.781590240618

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    FAQs

    What type of property is this?
    Individual retail property - 14,364 SF Vacant Pharmacy Building
    Where is this individual retail property located?
    The property is located at 1808 Salem Rd Virginia Beach, VA.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: ±14,364 SF freestanding retail building with drive-thru, located at the signalized intersection of Salem Road & S. Independence Boulevard.; 2.95-acre site in Virginia Beach's densely populated Salem/Lynnhaven area (zip code 23456).; Excellent location near Walmart Supercenter, Home Depot, and Tidewater Community College.
    (757) 222-0111
    Request Owner's contact information
    1808 Salem Rd Virginia Beach, VA 23456
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    1808 Salem Rd
    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
    1808 Salem Rd Virginia Beach, VA 23456
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