Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1004 1st Colonial Rd Ste, Unit 102 Virginia Beach, VA 23454-3070
    Back to Search
    Property profile & analytics

    1004 1st Colonial Rd Ste, Unit 102, Virginia Beach, VA 23454-3070

    View on Map
    • Medical Office Space
    • 5,385 SF
    • 0.49 lot acres
    Off-Market
    Last Sale Mar 3, 2020
    $1,200,000
    Property ID
    US87-0723909
    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.
    Value Estimations
    $1,250,000
    Show details
    Cap Rate Potential
    4.9%
    Medical Office Space
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 1004 1st Colonial Rd Ste

    Year built
    1982
    Construction
    FRAME
    Lot size
    0.49 lot acres
    Zone code
    O2
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    24086237360000
    APU
    24086237360000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 13, 2007 $780,000 1004 F C LLC Barry W Spear Tr Warranty Deed —
    Jan 27, 2005 — Gerald G Franklin — Deed Of Trust · related $1.3M · Bank Of Commonwealth
    — — Gerald G Franklin — Deed Of Trust · related $100k · J P Morgan Chase Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,405,000
      ML approach
      $1,385,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,140,000
      6.5%
      $1,055,000
      7%
      $980,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,267,000
      Market price range: $933k - $1.76M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,270,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,900,000
      Change: +50% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,845,000
      Change: +46% Conversion: Easy
      RETAIL STORES
      $1,555,000
      Change: +23% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,140,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0268
    Latitude
    36.862
    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
    $8,824
    $424,300
    $467,000
    $891,300
    -
    $424,300
    $467,000
    $891,300

    Comparable in this City

    • Value Estimation
      $4,030,000
      30,997 SF

      1200 1st Colonial Rd

      MEDICAL BUILDING
      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
      1120 1st Colonial Rd Ste, Virginia Beach, VA 23454-2418
      View Details
    • Value Estimation
      $12,315,000
      47,708 SF

      1800 Camelot Dr Ste, Unit 300

      MEDICAL BUILDING
      1800 Camelot Dr Ste, Virginia Beach, VA 23454-2440
      View Details
    • Value Estimation
      $2,805,000
      18,598 SF

      1788 Republic Rd

      MEDICAL BUILDING
      1788 Republic Rd, Virginia Beach, VA 23454-4552
      View Details
    • Value Estimation by Request
      2,991 SF

      1860 Colonial Medical Ct

      MEDICAL BUILDING
      1860 Colonial Medical Ct, Virginia Beach, VA 23454-3035
      View Details
    • Value Estimation
      $805,000
      4,810 SF

      1825 Colonial Medical Ct

      MEDICAL BUILDING
      1825 Colonial Medical Ct, Virginia Beach, VA 23454-3034
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      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
    • Contact for pricing
      4,316 SF

      Medical Office Building For Sale

      Medical office building in Great Neck, Virginia Beach for sale.
      1856 Colonial Medical Ct, Virginia Beach, VA 23454
      View Details
    • $899,999
      4,804 SF

      Commercial Property in Virginia Beach

      Well-located commercial property suitable for various business uses.
      1702 Southern Blvd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing
      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
    • Contact for pricing
      30,600 SF

      Premier Office Building For Sale

      Premier office building in Corporate Landing Business Park, Virginia Beach.
      1293 Perimeter Pkwy, Virginia Beach, VA 23454
      View Details
    • Contact for pricing

      Retail Property For Sale

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

    Similar Nearby for Lease

    • Contact for pricing
      2,400 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
      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
    • $26 SF/Yr

      First Colonial Road Office Space

      Office space with modern amenities and ample parking available for lease.
      1101 First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing

      Class A Medical Office Building

      Class A medical office building in Corporate Landing Business Park.
      1232 Perimeter Pkwy, Virginia Beach, VA 23454
      View Details
    • Contact for pricing
      1,725 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
    • Contact for pricing

      Office/Warehouse Space For Lease

      Office and warehouse space available for lease.
      2661 Production Rd, 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.
    1004 1st Colonial Rd Ste, Unit 102
    Virginia Beach, VA 23454-3070
    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
    1004 1st Colonial Rd Ste, Virginia Beach, VA, 23454
    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!