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
    Property profile & analytics

    1232 Perimeter Pkwy Virginia Beach, VA 23454

    • Medical offices
    • 20,336 SF
    For Lease
    View listing
    $24 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0782578
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Beach Chiropractic / Chiropractor
    • Edison Electricians of Virginia Beach / Electrician
    • The Therapy Network Oceana / Physical Therapy Clinic
    • Corporate Landing Medical Center / Medical Center
    • Pendell Gregory MD / Geriatrician

    Property Details for 1232 Perimeter Pkwy

    Year built
    2008
    Construction
    TYPE NOT SPECIFIED
    Property size
    20,336 SF
    Zone code
    I1
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    24151409710001
    APU
    24151409710001

    Description

    This exceptional 20,000-square-foot Class A medical office building in Virginia Beach, VA, presents a unique investment opportunity. Located at 1232 Perimeter Pkwy, zip code 23454, this brick and glass structure offers multiple tenancy options within a thriving medical community. Currently, the building houses a diverse range of established medical practices, including Tidewater Physicians Multispecialty Group Internal & Family Medicine, Chesapeake Bay ENT, Oceana Sports Medicine & Orthopaedical Center, Cho Foot & Ankle Specialists, The Therapy Network, Tidewater Medical Transportation, Dynamic Health Resources, and the Department of Veterans Services. Three spaces are immediately available, ranging from 1,760 to 2,984 contiguous square feet, with a total of 7,154 square feet currently vacant. The building is situated in Lower Norfolk County and provides easy access for patients and staff. The minimum divisible space is 1,760 square feet, making it ideal for a variety of medical practices, from solo practitioners to larger groups. This prime location and established tenant base offer a strong foundation for future growth and success. The building's Class A designation reflects its high-quality construction and modern amenities. Contact us today to learn more about this exceptional opportunity to establish or expand your medical practice in a vibrant and well-established medical center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,792,000
      Market price range: $753k - $3.04M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $4,305,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0133
    Latitude
    36.785
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $30,048
    $313,700
    $2,721,500
    $3,035,200
    -
    $313,700
    $2,721,500
    $3,035,200

    Comparable in this City

    • Value Estimation by Request
      1,787 SF

      1809 Colonial Medical Ct Ste, Unit 102

      MEDICAL BUILDING • 1,787 SF
      1809 Colonial Medical Ct Ste, Virginia Beach, VA 23454-3076
      View Details
    • Value Estimation
      $625,000
      1,512 SF

      1815 Colonial Medical Ct

      MEDICAL BUILDING • 1,512 SF
      1815 Colonial Medical Ct, Virginia Beach, VA 23454-3034
      View Details
    • Value Estimation
      $510,000
      3,392 SF

      1868 Wildwood Dr

      MEDICAL BUILDING • 3,392 SF
      1868 Wildwood Dr, Virginia Beach, VA 23454-3124
      View Details
    • Value Estimation by Request
      2,855 SF

      1244 Perimeter Pkwy Ste, Unit 444

      MEDICAL BUILDING • 2,855 SF
      1244 Perimeter Pkwy Ste, Virginia Beach, VA 23454-5699
      View Details
    • Value Estimation
      $4,030,000
      30,997 SF

      1200 1st Colonial Rd

      MEDICAL BUILDING • 30,997 SF
      1200 1st Colonial Rd, Virginia Beach, VA 23454-2207
      View Details
    • Value Estimation
      $2,755,000
      22,336 SF

      1120 1st Colonial Rd Ste, Unit 202

      MEDICAL BUILDING • 22,336 SF
      1120 1st Colonial Rd Ste, Virginia Beach, VA 23454-2418
      View Details

    Similar Nearby for Sale

    • $3,400,000
      22,290 SF

      First Colonial Medical Center

      Medical office building near Sentara Virginia Beach General Hospital.
      1120 First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • $500,000
      3,700 SF

      Versatile Flex Condo with Warehouse

      3,700 SF flex condo with office and warehouse space.
      1728 Virginia Beach Blvd, Virginia Beach, VA 23454
      View Details
    • $640,000
      6,000 SF

      Virginia Beach Office/Flex Space

      Two-story office/flex space in Virginia Beach's Hilltop area.
      105 S First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • $1,636,364

      Retail Property For Sale

      Retail property available for purchase in Virginia Beach, VA.
      1896 General Booth Blvd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing

      Virginia Beach Pad Ready Parcel

      Located in a Class A office/flex and research park.
      1741 Corporate Landing Pkwy, Virginia Beach, VA 23454
      View Details
    • New
      $800,000
      3.30 Acres

      Virginia Beach Mixed-Use Land

      3.3 acres of mixed-use land in central Virginia Beach.
      2128 Laskin Rd, Virginia Beach, VA 23454
      View Details

    Similar Nearby for Lease

    • $24 SF/Yr
      20,000 SF

      Virginia Beach Medical Office Space

      Class A Medical Office Suites Available
      1232 Perimeter Pkwy, Virginia Beach, VA 23454
      View Details
    • $24,000
      1,000 SF

      Virginia Beach Medical Office Suite

      Prime Medical Office Space for Lease
      1301 First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • $22 SF/Yr
      1,542 SF

      First Colonial Office Park Suites

      Single-story office park with professional and medical suites for rent.
      921 First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing
      4,200 SF

      Class A Medical Office Space

      Move-in ready medical office near Sentara Virginia Beach General.
      324 Louisa Ave, Virginia Beach, VA 23454
      View Details
    • $30 SF/Yr
      6,505 SF

      Medical Office Space For Rent

      Multi-tenant medical office building near Sentara Virginia Beach General Hospital.
      1101 First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • $18 SF/Yr
      11,448 SF

      Prime Virginia Beach Office Space

      1,733 SF Available, High Visibility
      2020 General Booth Blvd, Virginia Beach, VA 23454
      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.
    1232 Perimeter Pkwy
    Virginia Beach, VA 23454
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.