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    Property profile & analytics

    1400 Independence Blvd, Unit A Virginia Beach, VA 23462-5331

    • Car washes
    • 4,288 SF
    OFF-MARKET
    Last Sale
    May 22, 2023
    $3,000,242
    Value Estimations
    $3,155,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1875720
    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

    • Jiffy Lube / Car Inspection Station / Car Repair And Maintenance Service
    • Freedom Wash / Car Wash
    • Cavtech Sales & Distribution / Distribution Service

    Property Details for 1400 Independence Blvd

    Year built
    2004
    Construction
    FRAME
    Property size
    4,288 SF
    Zone code
    PDH1
    Property type
    Car washes
    APN
    14767761770001
    APU
    14767761770001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,045,000
      ML approach
      $3,080,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,660,000
      Market price range: $1.44M - $4.66M

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1263
    Latitude
    36.8212
    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
    $17,722
    $1,156,200
    $633,900
    $1,790,100
    -
    $1,156,200
    $633,900
    $1,790,100

    Comparable in this City

    • Value Estimation
      $5,330,000
      7,715 SF

      4981 Virginia Bch Blvd

      CAR WASH • 7,715 SF
      4981 Virginia Bch Blvd, Virginia Beach, VA 23462-2623
      View Details
    • Value Estimation
      $255,000
      576 SF

      5032 Southern Blvd

      SERVICE STATION (FULL SERVICE) • 576 SF
      5032 Southern Blvd, Virginia Beach, VA 23462-2537
      View Details
    • Value Estimation by Request
      29,700 SF

      4945 Cleveland St

      VEHICLE SALES, RENTALS • 29,700 SF
      4945 Cleveland St, Virginia Beach, VA 23462-5301
      View Details
    • Value Estimation
      $270,000
      2,250 SF

      209 Brian Ave

      PARKING GARAGE, PARKING STRUCTURE • 2,250 SF
      209 Brian Ave, Virginia Beach, VA 23462-2515
      View Details
    • Value Estimation
      $2,630,000
      5,616 SF

      5059 Cleveland St

      SERVICE STATION (FULL SERVICE) • 5,616 SF
      5059 Cleveland St, Virginia Beach, VA 23462-2528
      View Details
    • Value Estimation
      $655,000
      5,619 SF

      316 Davis St

      SERVICE STATION (FULL SERVICE) • 5,619 SF
      316 Davis St, Virginia Beach, VA 23462-5610
      View Details

    Similar Nearby for Sale

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      1.08 Acres

      Prime VB Land: Independence Blvd

      1.08-acre B2 zoned lot near Town Center.
      449-465 Independence Blvd, Virginia Beach, VA 23462
      View Details
    • Contact for pricing
      4,850 SF

      Office Parcel For Sale/Lease

      Office parcel near Virginia Beach Central Business District.
      1492 S Independence Blvd, Virginia Beach, VA 23462
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    • $95,000
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      Prime 0.19-acre commercial lot in Virginia Beach.
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    • $415,000
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      Turn-Key Office Condo For Sale

      Move-in ready office condo in central Virginia Beach location.
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    • $5,641,000
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      Virginia Beach Office Building

      Office building with 11,780 square feet of space.
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      Virginia Beach Duplex Opportunity

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    Similar Nearby for Lease

    • Contact for pricing
      4,973 SF

      Retail Space in Town Center

      Retail space available in Virginia Beach's Town Center.
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    • Contact for pricing
      62,000 SF

      Prime Virginia Beach Commercial Space

      Versatile Office & Warehouse Units Available
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    • $125,000
      17,948 SF

      Kemps Landing Medical Office Space

      Virginia Beach medical office suites available.
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      2,543 SF

      Prime Holland Rd Office Space

      Virginia Beach Office: Lease or Build
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      1,200 SF

      Retail Space in Kempsville Area

      Retail space available in Harris Teeter anchored shopping center.
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      View Details
    • Contact for pricing
      12,400 SF

      Pembroke Plaza Retail Spaces Available

      Prime Virginia Beach retail center; five spaces, 1,875-3,025 sq ft.
      353 Independence Blvd, Virginia Beach, VA 23462
      View Details
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    Virginia Beach, VA 23462-5331
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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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