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Property profile & analytics
OFF-MARKET Estimated value $16,065,000
Community centers

1169 Nimmo Pkwy Virginia Beach, VA 23456-7760

147,757 SF 15.74 ac lot Built 2001
Entity Owned 5-yr Hold Absentee Owner ~ Est. High Equity
Property ID
US87-0831945
Property summary
AI-generated overview

Red Mill Commons & Walk, a 370,456 square foot regional power center in Virginia Beach's Red Mill submarket, presents a unique investment opportunity. This well-maintained, established shopping center boasts 91 suites, with 16,296 square feet currently vacant, divisible to a minimum of 1,000 square feet and up to 30,000 contiguous square feet. Anchored by Walmart, Target, and Home Depot, and featuring junior anchors including TJ Maxx, Michaels, Five Below, Dollar Tree, and HomeGoods, the center benefits from a strong tenant mix that includes popular dining establishments like Blue Seafood, Only at Renee's, Tida Thai, and Flip Flops Bar & Grill, as well as fitness centers such as Cyclebar, Burn Boot Camp, and Fat Frogs Bicycles. Situated on 100 acres of commercially zoned land and built in 2001, the property enjoys a prime location near major employers such as Oceana Naval Air Station, Virginia Beach Municipal Center, Camp Pendleton, and Corporate Landing Office Park. The center also benefits from its proximity to Sandbridge Beaches, attracting over one million tourists annually. The surrounding area features an affluent community with average household incomes exceeding $100,000, a dense residential population, and numerous area schools, creating a robust and stable market. Cross Street is Upton Dr. This is an exceptional opportunity to acquire a thriving retail property in a high-demand location.

Property profile
Verified
Property type Community centers
Use group MINI-MALL
Year built 2001
Construction TYPE NOT SPECIFIED
Total area 147,757 SF
Lot 15.74 ac (685,809 SF)
Zoning code B2
APN 24142611300000
UPID US87-0831945
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Fringe Salon Hair Salon Nail Salon
  • KP NAILS & MORE Nail Salon
  • Hair Cuttery Hair Salon
  • Royal Nails Spa Nail Salon
  • Five Guys Restaurant Take-out & Catering
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$19.13M
Comparable Approach Comparable
by Request
Blend (final) Blend
$16.07M
Owner & transaction history
Lake Gem II LLC
Lake Gem II LLC
1 recorded transaction
1969
Price N/A
Zoning & alternative use
B2 · Virginia Beach, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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