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    Property profile & analytics

    582 Lynnhaven Pkwy Virginia Beach, VA 23452

    • Office Properties & Spaces
    • 16,000 SF
    For Lease
    View listing
    $19 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • AtCoastal Realty – Sarah Harley, REALTOR® / Real Estate Agency
    • Parker Real Estate Team / Real Estate Agency / Real Estate Agent
    • Realty ONE Group Momentum / Real Estate Agency
    • Joseph Camarda, AtCoastal Realty / Real Estate Agent
    • Heather Todd at CrossCountry Mortgage / Mortgage Lender

    Property Details for 582 Lynnhaven Pkwy

    Property size
    16,000 SF
    Property type
    Office Properties & Spaces

    Description

    This exceptional 1,530 square foot executive office suite is situated within a Class B, 16,000 square foot building at 582 Lynnhaven Parkway in the desirable Lynnhaven submarket of Virginia Beach, Virginia (zip code 23452). The property offers a convenient multiple tenancy structure, ideal for businesses seeking a professional and efficient workspace. The suite itself is currently vacant and ready for immediate occupancy. The building boasts a significant advantage with 50 free surface parking spaces available on-site, ensuring ample parking for employees and clients. This prime location in Virginia Beach County provides easy access to major roadways and local amenities. The property's classification as an executive office suite suggests a higher level of finish and amenities compared to standard office spaces. The total building size of 16,000 square feet indicates a substantial and well-established presence within the Lynnhaven business community. This opportunity presents a unique chance to secure a well-located, readily available executive office space in a thriving Virginia Beach submarket. Interested parties are encouraged to inquire further to explore this promising opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.0661
    Latitude
    36.8301

    Comparable in this City

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    • Value Estimation
      $270,000
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      CONDOMINIUM OFFICES • 494 SF
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    • Value Estimation
      $240,000
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      3640 Plz Trl Ste, Unit 102

      CONDOMINIUM OFFICES • 872 SF
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    • Value Estimation
      $280,000
      708 SF

      3640 Plz Trl Ste, Unit 104

      CONDOMINIUM OFFICES • 708 SF
      3640 Plz Trl Ste, Virginia Beach, VA 23452-3363
      View Details
    • Value Estimation
      $275,000
      395 SF

      3320 Virginia Bch Blvd Ste, Unit 10

      CONDOMINIUM OFFICES • 395 SF
      3320 Virginia Bch Blvd Ste, Virginia Beach, VA 23452-5621
      View Details
    • Value Estimation
      $270,000
      489 SF

      3320 Virginia Bch Blvd Ste, Unit 4

      CONDOMINIUM OFFICES • 489 SF
      3320 Virginia Bch Blvd Ste, Virginia Beach, VA 23452-5621
      View Details

    Similar Nearby for Sale

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      35,000 SF

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    Similar Nearby for Lease

    • $19 SF/Yr
      16,000 SF

      Prime Lynnhaven Executive Office Space

      1,530 SF Executive Suite Available in Virginia Beach
      582 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • $20 SF/Yr
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      10,000 SF

      Prime Virginia Beach Office Space

      1,400 SF Executive Suite Available
      580 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • $21 SF/Yr
      16,000 SF

      Executive Office Suites, Virginia Beach

      Prime Virginia Beach Office Space Available
      361 Southport Cir, Virginia Beach, VA 23452
      View Details
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    Virginia Beach, VA 23452
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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
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