1061 Virginia Bch Blvd Virginia Beach, VA 23451-5641
Property profile & analytics
1061 Virginia Bch Blvd, Virginia Beach, VA 23451-5641
- Retail space
- 7,544 SF
- 1.04 lot acres
Property ID
US87-1322455
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.
Location Intelligence
Current Use by Public Records
- O'Reilly Auto Parts / Auto Parts Store
Property Details for 1061 Virginia Bch Blvd
- Year built
- 2015
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 1.04 lot acres
- Zone code
- B2
- Property type
- Retail space
- APN
- 24175595730000
- APU
- 24175595730000
Description
This exceptional investment opportunity presents a 7,544 square foot O'Reilly Auto Parts store in Virginia Beach, VA. Built in 2015, this single-tenant, net-lease property boasts a remaining lease term of 11 years with three, five-year options, extending to November 30, 2035. The property sits on a 1.03-acre lot and enjoys a prime location on Virginia Beach Boulevard, a high-traffic area with an average daily traffic count of approximately 54,000 vehicles. Its strategic placement near the intersection of Birdneck Road and Virginia Beach Boulevard ensures high visibility and accessibility. The property benefits from its proximity to major roadways, including Interstate 264, and is less than a mile from the Virginia Beach shoreline, a significant tourist destination attracting over 13.64 million visitors annually. The surrounding area features a dense concentration of retail establishments, including a Food Lion, Dollar Tree, and Workout Anytime, as well as other national brands such as AutoZone, Dunkin', McDonald's, Walmart, Target, and Whole Foods, ensuring a robust customer base. Furthermore, the property's location near the Virginia Beach Convention Center, the Virginia Beach Sports Center, and Naval Air Station Oceana contributes to a strong and diverse demographic. The property's strong financial performance is reflected in its $113,652 net operating income (NOI) and a 6.00% cap rate. The asking price is $1,894,204, translating to a price per square foot of $251.09. The affluent market, with an average household income exceeding $112,000 within a 5-mile radius, and a projected population growth of 2.4% by 2028, ensures long-term stability and potential for appreciation. This is a rare opportunity to acquire a well-established, high-performing retail property in a thriving coastal market.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $1,875,000
- ML approach
- $1,840,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,315,000
- 6.5%
- $1,215,000
- 7%
- $1,130,000
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $2,180,000 Current use
- NEIGHBORHOOD: SHOPPING CENTER
- $2,660,000 Change: +22% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $2,585,000 Change: +19% Conversion: Easy
- OFFICE BUILDING
- $1,955,000 Change: -10% Conversion: Easy
- MEDICAL BUILDING
- $1,775,000 Change: -19% 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
- -75.9945
- Latitude
- 36.8413
- 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
$19,634
$1,104,600
$878,600
$1,983,200
-
$1,104,600
$878,600
$1,983,200
