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    1099 Independence Blvd Virginia Beach, VA 23455
    Property profile & analytics

    1099 Independence Blvd Virginia Beach, VA 23455

    View on Map
    • Community centers
    • 7,290 SF
    • 0.73 lot acres
    For Lease
    $600,000
    View Listing →
    Retail Space Near Haygood Center For Lease
    $600,000
    5,403 SF

    Retail Space Near Haygood Center

    Retail space available near Haygood Shopping Center in Virginia Beach.

    1099 Independence Blvd, Virginia Beach, VA
    View Listing
    Property ID
    US87-0755654
    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
    $600,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mattress Firm Haygood / Furniture & Home Goods
    • Starbucks / Cafe & Coffee Shop

    Property Details for 1099 Independence Blvd

    Year built
    2012
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.73 lot acres
    Property size
    7,290 SF
    Zone code
    B2
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    14784666240000
    APU
    14784666240000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $410,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $423,000
      Market price range: $159k - $424k

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1351
    Latitude
    36.8748
    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
    $21,824
    $963,400
    $1,241,000
    $2,204,400
    -
    $963,400
    $1,241,000
    $2,204,400

    Comparable in this City

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    • Value Estimation
      $585,000
      6,029 SF

      4801 Shr Dr Ste A1

      MINI-MALL • 6,029 SF
      4801 Shr Dr Ste A1, Virginia Beach, VA 23455-2888
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    • Value Estimation by Request

      5461 Wesleyan Dr

      Lifestyle centers
      5461 Wesleyan Dr, Virginia Beach, VA 23455
      View Details
    • Value Estimation
      $2,415,000
      26,240 SF

      1948 Diamond Spgs Rd Ste G

      MINI-MALL • 26,240 SF
      1948 Diamond Spgs Rd Ste G, Virginia Beach, VA 23455-2335
      View Details
    • Value Estimation
      $1,355,000
      12,834 SF

      1801 Pleasure House Rd Ste, Unit 101

      MINI-MALL • 12,834 SF
      1801 Pleasure House Rd Ste, Virginia Beach, VA 23455-2864
      View Details
    • Value Estimation by Request
      1,910 SF

      Virginia Beach, VA 23455

      MINI-MALL • 1,910 SF
      Virginia Beach, VA 23455
      View Details

    Similar Nearby for Sale

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      Retail Property in Virginia Beach

      Retail property available for sale in Virginia Beach, VA.
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      Virginia Beach Office Building

      5,937 SF office building in thriving Virginia Beach area.
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      Commercial Land on Wesleyan Drive

      Commercial land with high visibility near Food Lion.
      5437 Wesleyan Dr, Virginia Beach, VA 23455
      View Details
    • $1,300,000
      2.22 Acres

      Virginia Beach Land Opportunity

      2+ acre parcel in Burton Station area for development.
      5845 Burton Station Rd, Virginia Beach, VA 23455
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      Virginia Beach Commercial Land Available

      0.712 acre commercial land parcel in central Virginia Beach.
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    Similar Nearby for Lease

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      1,000 SF

      Retail Space on Shore Drive

      Retail units available in Ocean Park community shopping center.
      3700 Shore Dr, Virginia Beach, VA 23455
      View Details
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      400 SF

      Retail Space in Virginia Beach

      Neighborhood shopping center with high traffic location in Virginia Beach.
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    • Contact for pricing
      3,375 SF

      Retail Space in Busy Center

      Retail space available in a high-traffic shopping center.
      1049-1087 Independence Blvd, Virginia Beach, VA 23455
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      Retail Space Near Little Creek

      Prime retail space near Joint Expeditionary Base Little Creek.
      5193 Shore Dr, Virginia Beach, VA 23455
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      Retail and Office Space Available

      Two-story building with retail and office space for rent.
      1115 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      3,818 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
    View Listing
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    1099 Independence Blvd
    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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