Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    361 Southport Cir Virginia Beach, VA 23452

    • Office Properties & Spaces
    • 16,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Kimberly Pasquale / Physician
    • LO Duct Care / HVAC Service
    • Virginia Thermography / Gym & Fitness Center / Alternative Medicine Practice
    • Eastern Virginia Ear, Nose, & Throat Specialists / Physician
    • Dr. David Leonard / Physician

    Property Details for 361 Southport Cir

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

    Description

    This exceptional Class B office space, located at 361 Southport Circle in Virginia Beach, VA 23452, offers a rare opportunity for businesses seeking flexible and modern accommodations. The property, totaling 16,000 square feet, is currently offering 3,590 square feet of contiguous vacant space, divisible into units as small as 1,360 square feet, making it ideal for a variety of tenant needs. The building features a convenient 4:1,000 square foot parking ratio, ensuring ample parking for employees and clients. Situated in the Central Business District of Virginia Beach, this location provides unparalleled access to the Virginia Beach/Norfolk Expressway (I-264), facilitating seamless commutes and efficient transportation throughout the Hampton Roads region. Its proximity to the Town Center of Virginia Beach offers employees and visitors a wealth of dining, shopping, and entertainment options. The property's multiple tenancy structure allows for a diverse and vibrant work environment. This is a fantastic opportunity to establish a presence in a thriving and well-connected business hub. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach county
    State
    Virginia
    Longitude
    -76.1301
    Latitude
    36.8309

    Comparable in this City

    • Value Estimation by Request
      22,338 SF

      4164 Virginia Beach Blvd

      Medical offices • 22,338 SF
      4164 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • Value Estimation by Request
      24,000 SF

      831 Seahawk Cir

      Office Properties & Spaces • 24,000 SF
      831 Seahawk Cir, Virginia Beach, VA 23452
      View Details
    • Value Estimation by Request
      1,081 SF

      3640 Plz Trl Ste, Unit 201

      CONDOMINIUM OFFICES • 1,081 SF
      3640 Plz Trl Ste, Virginia Beach, VA 23452-3363
      View Details
    • Value Estimation by Request
      925 SF

      3640 Plz Trl Ste, Unit 203

      CONDOMINIUM OFFICES • 925 SF
      3640 Plz Trl Ste, Virginia Beach, VA 23452-3363
      View Details
    • Value Estimation by Request
      589 SF

      3320 Virginia Bch Blvd Ste, Unit 6

      CONDOMINIUM OFFICES • 589 SF
      3320 Virginia Bch Blvd Ste, Virginia Beach, VA 23452-5621
      View Details
    • Value Estimation by Request
      515 SF

      3320 Virginia Bch Blvd, Unit 12

      CONDOMINIUM OFFICES • 515 SF
      3320 Virginia Bch Blvd, Virginia Beach, VA 23452-5621
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      62,300 SF

      Class A Office Building, VA Beach

      62,300 SF, 96% Occupancy, High NOI
      4525 South Blvd, Virginia Beach, VA 23452
      View Details
    • $9,750,000
      61,528 SF

      Class A Office Building

      61,528 SF Class A office building for sale.
      555 S Independence Blvd, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      35,000 SF

      Virginia Beach Office Building

      Office building located on Lynnhaven Parkway in Virginia Beach.
      770 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • $534,900
      960 SF

      Versatile Showroom/Office Space For Sale

      Single-story showroom/office space with high traffic exposure in Virginia Beach.
      2640 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • $225,000
      1,100 SF

      Renovated Commercial Space with Warehouse

      Versatile commercial space featuring office and warehouse areas.
      3322 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      33,420 SF

      Renovated Class A Office Building

      Class A office building in Lynnhaven submarket, renovated in 2018.
      468 Viking Dr, Virginia Beach, VA 23452
      View Details

    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
    • $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
    • Contact for pricing
      10,000 SF

      Prime Virginia Beach Office Space

      1,400 SF Executive Suite Available
      580 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      12,000 SF

      Virginia Beach Office Space

      Office space available for lease in Virginia Beach.
      833 Seahawk Cir, Virginia Beach, VA 23452
      View Details
    • $16 SF/Yr
      15,378 SF

      CEO Building: Virginia Beach Office Space

      Prime Virginia Beach Office, Two Suites Available
      4176 Plaza Trl, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      6,000 SF

      Virginia Beach Office/Warehouse Space

      Flexible Space, Multiple Tenants Possible
      2693 Reliance Dr, Virginia Beach, VA 23452
      View Details
    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.
    361 Southport Cir
    Virginia Beach, VA 23452
    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

    Google sign-in failed. Please try again or use another login method.