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    5257 Cleveland St Virginia Beach, VA 23462

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    For Lease
    Contact for pricing

    Virginia Beach Office/Industrial Space Available

    Lot size:
    37,366 SF

    Property Features for 5257 Cleveland St

    General Information

    Property type
    Life science properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    37,366 SF
    Total Rate
    40479.83

    Building Details

    Year Built
    1987
    Buildings
    2
    Stories
    2

    Spaces For Lease

    at 5257 Cleveland St, Virginia Beach, VA 23462 Contact us
    Unit Suite-108 & 208

    $13 /Mo

    Size
    9,234 SF
    Contact us
    Unit Suite 101

    $13 /Mo

    Size
    3,286 SF
    Contact us
    Unit Suite 201

    $13 /Mo

    Size
    3,354 SF
    Contact us
    Unit Suite 202

    $13 /Mo

    Size
    1,173 SF
    Contact us
    Unit floor 5269- Suite 102

    $13 /Mo

    Size
    1,468 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Brett Sain
    Brett Sain

    Listing Agent: Brett Sain

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional Virginia Beach property, located at 5269 Cleveland Street, offers a diverse portfolio of office and industrial spaces totaling 37,366 square feet across two buildings. The property features a variety of suite sizes, ranging from a minimum of 1,173 square feet to a maximum contiguous space of 9,234 square feet, accommodating diverse business needs. Built in 1987, the two-story building boasts 12-foot ceilings in the production/shop areas and features convenient amenities including an elevator, five drive-in doors, and four loading docks. The property benefits from excellent interstate visibility and ample surface parking. Currently, there are multiple suites available, with customizable floor plans to meet tenant requirements. The zoning is I-1 (Light Industrial), and the lease rate is $13.00 per square foot, NNN, with an operating expense of $2.40 per square foot. The property's strategic location within the Cleveland Industrial submarket of Virginia Beach, VA (zip code 23462) provides easy access to major transportation routes. This versatile property is ideal for businesses seeking flexible and functional space in a prime location.
    Property Profile Location Intelligence

    Current Use by Public Records

    MidAtlantic Surveying And Land ... Land Surveyor Data Cable Technologies Telecommunications Service Collins Engineers Engineer Guernsey, Inc. (Bike/Boat/Book/etc) Store Capital Mortgage Loan Service

    Suggested Use

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

    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
    -76.1632455
    Latitude
    36.8427269

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    FAQs

    What type of property is this?
    Life science property - Virginia Beach Office/Industrial Space Available
    Where is this life science property located?
    The property is located at 5257 Cleveland St Virginia Beach, VA.
    What is the lease rate?
    The lease rate is $0.00-$13 SF/Yr.
    What are key features of this property?
    This property features: 5269 Cleveland Street, Virginia Beach, VA 23462.; Multiple suites available, ranging from 3,286 to 4,724 square feet, with customizable floor plans.; 37,366 square feet of office and industrial space in two buildings.
    Request Owner's contact information
    5257 Cleveland St Virginia Beach, VA 23462
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    Virginia Beach, VA 23462
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    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
    5257 Cleveland St Virginia Beach, VA 23462
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brett Sain
    Brett Sain
    Real Estate License ID: 0225244493
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