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    1423 N Great Neck Rd Virginia Beach, VA 23454
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    Property profile & analytics

    1423 N Great Neck Rd Virginia Beach, VA 23454

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    • Office buildings
    • 23,056 SF
    • 1.82 lot acres
    For Lease
    $2,625,000
    View Listing →
    Mixed-Use Development in Great Neck For Lease
    $2,625,000

    Mixed-Use Development in Great Neck

    Two-story mixed-use property with retail and office spaces for rent.

    1423 N Great Neck Rd, Virginia Beach, VA 23454
    View Listing
    Property ID
    US87-3806144
    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

    • Havana / Restaurant
    • Papa John's Pizza / Restaurant
    • Garrett Wellness & Support / Gym & Fitness Center / Alternative Medicine Practice
    • Rich Grado Music school / Training Center / Tutoring Service
    • Mill Dam Crossing / Shopping Center & Mall

    Property Details for 1423 N Great Neck Rd

    Year built
    1986
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.82 lot acres
    Property size
    23,056 SF
    Zone code
    B2
    Property type
    Office buildings
    APN
    24081848330000
    APU
    24081848330000

    Description

    Mill Dam Crossing, located at 1423 N Great Neck Rd in Virginia Beach, VA 23454, presents a unique opportunity for businesses seeking high-visibility retail or office space. This two-story, mixed-use development offers a total of 23,152 square feet, with 10,756 square feet currently vacant. The property boasts a convenient location in the heart of Great Neck, providing excellent access to major thoroughfares like I-264 and Shore Drive, ensuring high traffic volume and visibility. The building is configured to accommodate multiple tenants, with a minimum divisible space of 5,378 square feet and a maximum contiguous space of 5,378 square feet, making it ideal for a variety of business needs. The property's strategic location within Virginia County offers significant advantages for businesses seeking to establish a presence in a thriving commercial area. The building's mixed-use nature allows for a diverse tenant mix, creating a vibrant and dynamic environment. This is an exceptional opportunity to secure prime commercial space in a high-demand location. The property's size and layout offer flexibility for businesses of various sizes, and its convenient location ensures easy access for customers and employees. Don't miss this chance to establish your business in a thriving Virginia Beach community. Contact us today to learn more about leasing opportunities at Mill Dam Crossing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,955,000
      Market price range: $2.96M - $6.64M
      AI Estimate
      $1,710,000
      Market price range: $1.12M - $5.33M

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0433
    Latitude
    36.879
    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
    $20,141
    $1,305,000
    $729,400
    $2,034,400
    -
    $1,305,000
    $729,400
    $2,034,400

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      View Details
    • Value Estimation
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      10,060 SF

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      View Details

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      First Colonial Medical Center

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      Medical Office Building For Sale

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      6,000 SF

      Virginia Beach Office/Flex Space

      Two-story office/flex space in Virginia Beach's Hilltop area.
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      View Details
    • $650,000
      6,411 SF

      Redevelopment Opportunity on Virginia Beach

      Redevelopment opportunity in high-traffic location near Hilltop Retail District.
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      4,198 SF

      Former Restaurant Space Available

      Restaurant space with upgrades, close to military bases and attractions.
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    Similar Nearby for Lease

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      Office Building For Lease

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      Class A medical office building in Corporate Landing Business Park.
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      Hilltop/Great Neck Office Space

      Two-story office building with suite available in Virginia Beach.
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      Office/Warehouse Space For Lease

      Office and warehouse space available for lease.
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      Great Neck Office Space Available

      Office space available in Great Neck, ideal for professional use.
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    View Listing
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    Virginia Beach, VA 23454
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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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    1423 N Great Neck Rd, Virginia Beach, VA, 23454
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