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

    1160 Millers Ln Virginia Beach, VA 23451-5716

    • Industrial properties
    • 8,040 SF
    • 1.19 lot acres
    OFF-MARKET
    Value Estimations
    $735,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3584070
    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

    • Industrial properties

    Property Details for 1160 Millers Ln

    Year built
    1984
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.19 lot acres
    Property size
    8,040 SF
    Zone code
    I1
    Property type
    Industrial properties
    APN
    24174446030000
    APU
    24174446030000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $880,000
      6.5%
      $810,000
      7%
      $755,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $659,000
      Market price range: $292k - $1.09M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $1,220,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0002
    Latitude
    36.839
    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
    $6,655
    $119,400
    $566,700
    $686,100
    -
    $119,400
    $566,700
    $686,100

    Comparable in this City

    • Value Estimation
      $3,715,000
      29,927 SF

      545 Birdneck Rd Ste, Unit 202

      INDUSTRIAL (GENERAL) • 29,927 SF
      545 Birdneck Rd Ste, Virginia Beach, VA 23451-5891
      View Details
    • Value Estimation
      $1,675,000
      2,262 SF

      1253 Jensen Dr Ste, Unit 102

      CONDOMINIUMS (INDUSTRIAL) • 2,262 SF
      1253 Jensen Dr Ste, Virginia Beach, VA 23451-5887
      View Details
    • Value Estimation by Request
      1,140 SF

      1244 Jensen Dr Ste, Unit 102

      CONDOMINIUMS (INDUSTRIAL) • 1,140 SF
      1244 Jensen Dr Ste, Virginia Beach, VA 23451-5895
      View Details
    • Value Estimation by Request
      1,196 SF

      8404 Ocean Front Ave, Unit A

      INDUSTRIAL (GENERAL) • 1,196 SF
      8404 Ocean Front Ave, Virginia Beach, VA 23451-1834
      View Details
    • Value Estimation by Request
      6,000 SF

      1228 Jensen Dr Ste, Unit 101

      CONDOMINIUMS (INDUSTRIAL) • 6,000 SF
      1228 Jensen Dr Ste, Virginia Beach, VA 23451-5886
      View Details
    • Value Estimation
      $550,000
      6,650 SF

      609 Jack Rabbit Rd Ste, Unit 102

      INDUSTRIAL (GENERAL) • 6,650 SF
      609 Jack Rabbit Rd Ste, Virginia Beach, VA 23451-6108
      View Details

    Similar Nearby for Sale

    • $814,000
      4,354 SF

      Office/Warehouse Building in Virginia Beach

      4,354 SF office/warehouse building with light industrial zoning.
      1142 Jensen Dr, Virginia Beach, VA 23451
      View Details
    • $2,250,000
      11,000 SF

      Office/Warehouse Industrial Buildings For Sale

      Two new office/warehouse buildings with yard space, fully leased.
      1140 Loretta Ln, Virginia Beach, VA 23451
      View Details
    • $3,450,000
      6,000 SF

      Retail Building with Warehouse Space

      Freestanding retail building with warehouse in ViBe Creative District.
      623 Virginia Beach Blvd, Virginia Beach, VA 23451
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    • $230,000
      1,000 SF

      Sandpiper Key Office Condominium

      Office condominium for sale near Sentara Virginia Beach General Hospital.
      1060 Laskin Rd, Virginia Beach, VA 23451
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    • $110,000
      0.20 Acres

      Vacant Lot Near Oceanfront

      Spacious lot near the beach in Virginia Beach, VA.
      1145 Beautiful St, Virginia Beach, VA 23451
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      12,571 SF

      Medical Office Building For Sale

      Two-story medical office building in upscale Virginia Beach submarket.
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    Similar Nearby for Lease

    • $1,650 /Mo
      1,250 SF

      Flex Office/Warehouse Suite Available

      Flex office/warehouse suite for lease with convenient highway access.
      609 Jack Rabbit Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      5,000 SF

      Stand Alone Warehouse Building

      Stand alone 5,000 SF warehouse building for rent.
      624 10Th St, Virginia Beach, VA 23451
      View Details
    • $15 SF/Yr
      4,175 SF

      Versatile Flex Space in Virginia Beach

      Flex office/warehouse suite in desirable Hilltop area available for lease.
      619 Jack Rabbit Rd, Virginia Beach, VA 23451
      View Details
    • $15 SF/Yr
      1,500 SF

      Office/Warehouse Flex Space Available

      Office/warehouse flex facility in Virginia Beach for lease.
      545 Birdneck Rd S, Virginia Beach, VA 23451
      View Details
    • $15 SF/Yr
      1,650 SF

      Virginia Beach Flex/Industrial Space

      Flex/Industrial space available for lease in Virginia Beach, VA.
      553 S Birdneck Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      1,297 SF

      Class A Office Building

      87,000 SF Class A office in the Vibe District.
      2101 Parks Ave, Virginia Beach, VA 23451
      View Details
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    1160 Millers Ln
    Virginia Beach, VA 23451-5716
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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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