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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1066 Independence Blvd Virginia Beach, VA 23455

    • Drive through restaurants
    • 3,398 SF
    • 1.58 lot acres
    For Lease
    View listing
    Value Estimations
    $580,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0796007
    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

    • Wendy's / Fast Food Restaurant / Hamburger Restaurant

    Property Details for 1066 Independence Blvd

    Year built
    2013
    Construction
    FRAME
    Lot size
    1.58 lot acres
    Property size
    3,398 SF
    Zone code
    B2
    Property type
    Drive through restaurants
    APN
    14784695560000
    APU
    14784695560000

    Description

    This exceptional 2,930-square-foot freestanding restaurant building presents a unique opportunity in Virginia Beach, VA. Situated on a 1.64-acre lot at 1066 Independence Boulevard, this property boasts 174 feet of frontage on this heavily trafficked thoroughfare, ensuring high visibility and accessibility for your business. Built in 2013, the building is currently vacant and ready for immediate occupancy. The property's B2 zoning allows for a variety of commercial uses, making it ideal for a restaurant or other retail establishment. The single-tenant structure offers ample space for a full-service restaurant or a similar business requiring significant square footage. The location within Virginia Beach, specifically in the 23455 zip code, provides access to a robust customer base. This is a rare chance to acquire a well-located, sizable commercial property with significant street presence in a thriving area. The property's size and location make it an attractive investment for entrepreneurs seeking a high-impact commercial space. The building's 2013 construction ensures modern amenities and efficient operation. The ample lot size provides ample parking and potential for future expansion. This is a turnkey opportunity for a discerning business owner.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $435,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $722,000
      Market price range: $275k - $764k

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1338
    Latitude
    36.8746
    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
    $18,926
    $1,153,000
    $758,700
    $1,911,700
    -
    $1,153,000
    $758,700
    $1,911,700

    Comparable in this City

    • Value Estimation
      $650,000
      4,013 SF

      4608 Haygood Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,013 SF
      4608 Haygood Rd, Virginia Beach, VA 23455-5430
      View Details
    • Value Estimation
      $1,310,000
      946 SF

      1641 Independence Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 946 SF
      1641 Independence Blvd, Virginia Beach, VA 23455-4037
      View Details
    • Value Estimation
      $530,000
      3,598 SF

      1201 Baker Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,598 SF
      1201 Baker Rd, Virginia Beach, VA 23455-3602
      View Details
    • Value Estimation
      $595,000
      4,375 SF

      701 Independence Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,375 SF
      701 Independence Blvd, Virginia Beach, VA 23455-6205
      View Details
    • Value Estimation
      $825,000
      2,290 SF

      925 Diamond Spgs Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,290 SF
      925 Diamond Spgs Rd, Virginia Beach, VA 23455-6668
      View Details
    • Value Estimation by Request
      2,127 SF

      4877 Shr Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,127 SF
      4877 Shr Dr, Virginia Beach, VA 23455-2743
      View Details

    Similar Nearby for Sale

    • $2,500,000
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      Retail Property in Virginia Beach

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      Virginia Beach Commercial Land Available

      0.712 acre commercial land parcel in central Virginia Beach.
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    • $310,000
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      Office Space on Independence Boulevard

      Office space available for purchase on Independence Boulevard.
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    Similar Nearby for Lease

    • Contact for pricing
      2,930 SF

      Freestanding Restaurant with Drive-Thru

      2,930 SF restaurant with drive-thru, outparcel to Lidl.
      1066 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • $18 SF/Yr
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      Lake Shores Plaza Retail Center

      Virginia Beach prime retail space, high traffic.
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      56,655 SF

      Independent Plaza: Prime Retail/Office Space

      Virginia Beach Retail & Office Opportunity: 1,200 SF Available
      1115 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space on Shore Drive

      Retail units available in Ocean Park community shopping center.
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      View Details
    • $40 SF/Yr
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      Retail Space Available For Lease

      Retail space available for lease in Virginia Beach, VA.
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      View Details
    • Contact for pricing
      1,200 SF

      Retail Showroom/Warehouse Space Available

      18,702 SF retail showroom/warehouse near Norfolk Premium Outlets.
      5393 Wesleyan Dr, Virginia Beach, VA 23455
      View Details
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    Virginia Beach, VA 23455
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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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