Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space on Shore Drive Title is generated by Realmo AI

    2993 Shore Dr, Virginia Beach, VA 23451

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Retail space in high-traffic area near Chesapeake Bay.

    Type:Retail
    Property size:
    3,000 SF
    Added:
    May 24, 2023
    Days on Market:
    1106
    Last Refresh:
    May 12 at 9:35 pm

    Property Features for 2993 Shore Dr

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Tyler Brooks
    Tyler Brooks

    Listing agent Tyler Brooks License #Virginia 0225202191

    Listing office Colliers - Norfolk, Virginia

    Listing date May 24, 2023

    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 Colliers - Norfolk, Virginia

    HighLights

    • Prime location on Shore Drive (Route 60), a major gateway to the Virginia Beach Oceanfront
    • High traffic corridor for commuters and access to I‑64
    • Proximity to Chesapeake Bay beaches
    • Opportunities for high‑end residential and high‑rise development
    • Strong customer base from commuters, visitors, military personnel, and local residents
    • Location within a community known for successful restaurants

    Overview

    This property is located on Shore Drive (Route 60), a primary access route to the Virginia Beach Oceanfront and a major commuter thoroughfare to I-64. Situated along the Chesapeake Bay, Shore Drive features high-end residential communities and high-rise dwellings. The location benefits from commuters, visitors, military personnel from Fort Story and Little Creek Amphibious Base, and local residents, providing a customer base for retailers, service providers, and restaurants. The property is a 3000 square foot retail space. Restaurants in this local community are among the most successful in the Hampton Roads area.
    Property Profile Location Intelligence

    Current Use by Public Records

    BB&T Loan Service

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    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
    -76.0759094
    Latitude
    36.910236

    Nearby Similar for Sale

    • $2,450,000
      17,115 SF

      Virginia Beach Office/Medical Building

      Two-story office and medical building in the heart of Kempsville.
      5511 Princess Anne Road, Virginia Beach, VA 23462
      View Details
    • $799,000
      1,900 SF

      Commercial Property in Indian River

      Prime commercial opportunity in a high-traffic Virginia Beach corridor.
      6041 Indian River Road, Virginia Beach, VA 23464
      View Details
    • $899,999
      4,804 SF

      Commercial Property in Virginia Beach

      Well-located commercial property suitable for various business uses.
      1702 Southern Boulevard, Virginia Beach, VA 23454
      View Details
    • $360,000

      Waterfront Resort Property at Surfside

      Resort property with waterfront views, amenities, and included RV.
      3665 Sandpiper Road, Virginia Beach, VA 23456
      View Details
    • $5,800,000
      46,260 SF

      Virginia Beach Hotel Investment Opportunity

      Operative hotel near the beach, Atlantic Park, and interstate.
      410 21st Street, Virginia Beach, VA 23451
      View Details
    • $599,900
      1,922 SF

      Promising Duplex Near the Beach

      Two-unit duplex with remodeling and income potential near the beach.
      1512 Mediterranean Avenue, Virginia Beach, VA 23451
      View Details
    • $1,150,000
      5,500 SF

      Virginia Beach Multi-Use Building

      Multi-use building near the Interstate with parking and modern amenities.
      121 Landmark Square, Virginia Beach, VA 23452
      View Details
    • $185,000

      Back Bay RV Lot

      Spacious RV lot with water, sewer, and power hookups.
      3665 Sandpiper Road, Virginia Beach, VA 23456
      View Details
    • $1,200,000
      4,920 SF

      Virginia Beach Quadruplex Investment Opportunity

      Rare side-by-side quadruplex near Oceana Naval Air Station.
      315 Roselynn Lane, Virginia Beach, VA 23454
      View Details
    • $215,000

      Virginia Beach Land with RV

      Move-in ready RV on land with amenities. Seasonal rentals.
      3665 Sandpiper Road, Virginia Beach, VA 23456
      View Details
    • $250,000

      Park Model RV in Resort

      One-bedroom RV in waterfront resort with many amenities.
      3665 Sandpiper Road, Virginia Beach, VA 23454
      View Details
    • $1,400,000
      3,270 SF

      Virginia Beach Retail/Restaurant Opportunity

      Freestanding 3,270 SF building in prime Virginia Beach location.
      1001 Laskin Rd, Virginia Beach, VA 23451
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space in high-traffic area near Chesapeake Bay.
    Where is this retail space located?
    The property is located at 2993 Shore Dr Virginia Beach, VA.
    What are key features of this property?
    This property features: Prime location on Shore Drive (Route 60), a major gateway to the Virginia Beach Oceanfront; High traffic corridor for commuters and access to I‑64; Proximity to Chesapeake Bay beaches
    (757) 228-1829 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tyler Brooks
    Tyler Brooks
    Real Estate License ID: Virginia 0225202191
    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
    2993 Shore Dr, Virginia Beach, VA 23451
    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!