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    1124 Lynnhaven Pkwy Virginia Beach, VA 23452
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    Property profile & analytics

    1124 Lynnhaven Pkwy, Virginia Beach, VA 23452

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    • Specialty properties
    • 12,498 SF
    • 2.80 lot acres
    For Sale
    $2,950,000
    View Listing →
    Retail Medical Office Building For Sale
    $2,950,000
    12,498 SF

    Retail Medical Office Building

    Retail and medical office building available for sale.

    1124 Lynnhaven Parkway, Virginia Beach, VA 23452
    View Listing
    Property ID
    US87-1293654
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Specialty properties

    Property Details for 1124 Lynnhaven Pkwy

    Year built
    1993
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.80 lot acres
    Zone code
    B2
    Property type
    Specialty properties
    APN
    14960035970000
    APU
    14960035970000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 18, 2012 — Verizon South INC Commonwealth Of Va Quit Claim Deed · related —
    — — 1124 Lynnhaven Parkway LLC — Deed Of Trust · related $643k · Fulton Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      VETERINARY, ANIMAL HOSPITAL
      $1,250,000
      Current use
      MEDICAL BUILDING
      $1,070,000
      Change: -14% 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
    -76.0833
    Latitude
    36.8021
    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
    $27,816
    $1,522,400
    $1,287,300
    $2,809,700
    -
    $1,522,400
    $1,287,300
    $2,809,700

    Comparable in this City

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      10,170 SF

      2620 Southern Blvd

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      2620 Southern Blvd, Virginia Beach, VA 23452-7414
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      4,822 SF

      2800 Lynnhaven Rd

      VETERINARY, ANIMAL HOSPITAL
      2800 Lynnhaven Rd, Virginia Beach, VA 23452-6768
      View Details
    • Value Estimation
      $690,000
      6,596 SF

      4340 Virginia Bch Blvd

      VETERINARY, ANIMAL HOSPITAL
      4340 Virginia Bch Blvd, Virginia Beach, VA 23452-1238
      View Details
    • Value Estimation by Request
      2,035 SF

      Virginia Beach, VA 23452

      CHARITABLE ORGANIZATION
      Virginia Beach, VA 23452
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    • Value Estimation by Request
      1,118 SF

      Virginia Beach, VA 23452

      CHARITABLE ORGANIZATION
      Virginia Beach, VA 23452
      View Details

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      7,370 SF

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      NNN Red Lobster with 5.25% cap rate for sale.
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    • New
      $125,000
      0.83 Acres

      Commercial Land Near Lynnhaven Mall

      Versatile commercial land near major roads, shopping, and dining.
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    • New
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      1,925 SF

      End Unit Office Warehouse Condo

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      12,498 SF

      Retail Medical Office Building

      Retail and medical office building available for sale.
      1124 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • Contact for pricing

      Virginia Beach Retail Investment Opportunity

      Retail property in Virginia Beach with B-2 zoning.
      3496 Holland Rd, Virginia Beach, VA 23452
      View Details
    • $195,000

      Office Unit Near Town Center

      Office unit with great visibility near Virginia Beach Town Center.
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    Similar Nearby for Lease

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      Lynnhaven

      Discover many ways to work your way in Lynnhaven
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      Retail/Warehouse with Vault Storage

      Freestanding retail/warehouse with secure, climate-controlled vault storage.
      4097 Virginia Beach Blvd, Virginia Beach, VA 23452
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      Retail Space Near Lynnhaven Mall

      Retail spaces available near Lynnhaven Mall in Virginia Beach.
      829 Lynnhaven Pkwy, Virginia Beach, VA 23452
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      548 SF

      Office Space in Lynnhaven Submarket

      Two-story office building with renovated common areas and easy access.
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      5,300 SF

      Retail Space in Virginia Beach

      5,300 SF retail space available for lease.
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      20,000 SF

      Oceana Submarket Warehouse Space

      Industrial warehouse space available for sublease in Virginia Beach.
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      View Details
    View Listing
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    Virginia Beach, VA 23452
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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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