1169 Nimmo Pkwy Virginia Beach, VA 23456
- Community centers
- 147,757 SF
- 15.74 lot acres
Current Use by 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
Property Details for 1169 Nimmo Pkwy
- Year built
- 2001
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 15.74 lot acres
- Property size
- 147,757 SF
- Zone code
- B2
- Property type
- Community centers
- APN
- 24142611300000
- APU
- 24142611300000
Description
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.
Value Estimations
-
CAP approach
- CAP Return
- Estimation
- 6%
- $20,720,000
- 6.5%
- $19,125,000
- 7%
- $17,760,000
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Location Insight
- Map
- Local Demand
- City
- Virginia Beach
- County
- Virginia Beach City
- State
- Virginia
- Longitude
- -76.0104
- Latitude
- 36.7608
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA