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    6135 Virginia Beach Blvd Norfolk, VA 23502

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    6135 Virginia Beach Blvd Norfolk, VA 23502

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    • Retail properties & Spaces
    • 10,908 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Sherri Davis / Pharmacy
    • Raluca Rusanescu / Pharmacy

    Property Details for 6135 Virginia Beach Blvd

    Property size
    10,908 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Drug stores

    Description

    This exceptional 10,908 square foot retail space, formerly a Rite Aid pharmacy, presents a unique investment opportunity in a high-traffic location. Situated at 6135 E Virginia Beach Blvd in Norfolk, VA 23502, this vacant property benefits from its prominent corner location at a signalized intersection. The building enjoys exceptional visibility and accessibility, boasting high daily traffic counts. Virginia Beach Boulevard sees approximately 46,000 vehicles per day, while the adjacent Hampton Roads Beltway registers an impressive 174,000 vehicles per day. This strategic location offers unparalleled exposure to a substantial consumer base. Further enhancing its appeal, the property is situated directly adjacent to the Sentara Leigh Hospital campus, ensuring a consistent flow of potential customers. The surrounding area boasts a dense population, with approximately 100,000 people residing within a three-mile radius, providing a strong foundation for a thriving business. The property's previous use as a pharmacy suggests suitability for a variety of retail uses, making it an attractive prospect for a wide range of potential tenants. This prime retail space offers significant potential for growth and profitability in a vibrant and densely populated area. The property is currently vacant and ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.1947
    Latitude
    36.8546

    Comparable in this City

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      455 Military Hwy

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    • Value Estimation
      $2,790,000
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      6147 Virginia Bch Blvd

      DRUG STORE, PHARMACY • 11,200 SF
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    • Value Estimation
      $1,875,000
      12,088 SF

      6678 Virginia Bch Blvd

      DRUG STORE, PHARMACY • 12,088 SF
      6678 Virginia Bch Blvd, Norfolk, VA 23502-3034
      View Details
    • Value Estimation
      $2,585,000
      14,216 SF

      1169 Military Hwy

      DRUG STORE, PHARMACY • 14,216 SF
      1169 Military Hwy, Norfolk, VA 23502-2434
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    • Value Estimation by Request
      4,500 SF

      1280 Military Hwy

      Individual retail properties • 4,500 SF
      1280 Military Hwy, Norfolk, VA 23502
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    • Value Estimation by Request
      2,748 SF

      3935 Princess Anne Rd

      Restaurants • 2,748 SF
      3935 Princess Anne Rd, Norfolk, VA 23502
      View Details

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    Similar Nearby for Lease

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    6135 Virginia Beach Blvd
    Norfolk, VA 23502
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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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