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

    1620 Centerville Tpke Ste, Unit 118 Virginia Beach, VA 23464-6500

    • Warehouses
    • 2,600 SF
    OFF-MARKET
    Last Sale
    Aug 27, 2021
    $507,500
    Value Estimations
    $525,000
    Show details
    Cap Rate Potential
    4.2%
    Warehouses
    Location Intelligence
    Property ID
    US87-1054482
    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

    • Warehouses

    Property Details for 1620 Centerville Tpke Ste

    Year built
    1998
    Construction
    TYPE NOT SPECIFIED
    Property size
    2,600 SF
    Zone code
    I1
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    14558404970118
    APU
    14558404970118

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $600,000
      ML approach
      $620,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $415,000
      6.5%
      $385,000
      7%
      $355,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $370,000
      Current use
      RETAIL STORES
      $750,000
      Change: +102% Conversion: Moderate
      MEDICAL BUILDING
      $610,000
      Change: +65% Conversion: Difficult
      OFFICE BUILDING
      $480,000
      Change: +29% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1941
    Latitude
    36.7876
    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
    $1,736
    $59,000
    $120,000
    $179,000
    -
    $59,000
    $120,000
    $179,000

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation
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      2,160 SF

      1620 Centerville Tpke Ste, Unit 120

      MINI-WAREHOUSE, STORAGE • 2,160 SF
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    • Value Estimation by Request
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      5929 Providence Rd, Unit 2

      MINI-WAREHOUSE, STORAGE • 9,490 SF
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    • Value Estimation
      $1,945,000
      26,692 SF

      528 Military Hwya

      MINI-WAREHOUSE, STORAGE • 26,692 SF
      528 Military Hwya, Virginia Beach, VA 23464-1818
      View Details
    • Value Estimation
      $1,350,000
      8,050 SF

      701 Military Hwy

      MINI-WAREHOUSE, STORAGE • 8,050 SF
      701 Military Hwy, Virginia Beach, VA 23464-1870
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Virginia Beach Flex Space Investment

      12,800-14,000 SF Flex Space Available
      1620 Centerville Tpke, Virginia Beach, VA 23464
      View Details
    • $2,800,000
      1.98 Acres

      Prime Virginia Beach Commercial Land

      1.98 Acres, B-2 Zoning, $2.8M
      1861 Kempsville Rd, Virginia Beach, VA 23464
      View Details
    • Contact for pricing

      Value-Add Multifamily Opportunity in Virginia

      Value-add multifamily opportunity in Virginia Beach with rent growth potential.
      1749 Lacrosse Dr, Virginia Beach, VA 23464
      View Details
    • $2,600,000

      Land for Sale

      Land available for sale in Virginia Beach, Virginia.
      1861 Kempsville Rd, Virginia Beach, VA 23464
      View Details
    • Contact for pricing
      3,397 SF

      McDonald's in Virginia Beach, VA

      Leased to McDonald’s since 2001 with renewal options.
      5236 Fairfield Blvd, Virginia Beach, VA 23464
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    • Contact for pricing
      1.46 Acres

      Prime Office Land: Virginia Beach

      Three office pads, O-2 zoning, high traffic area.
      0 Sandbridge Rd And Princess Anne Rd, Virginia Beach, VA 23464
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    Similar Nearby for Lease

    • $389,900
      3,044 SF

      Flex Space with 20' Clearance

      Flex space featuring private offices, loading door, and high ceilings.
      1620 Centerville Tpke, Virginia Beach, VA 23464
      View Details
    • $22 SF/Yr
      25,929 SF

      Kempsville Retail Center Opportunity

      High-traffic retail space available now
      5300 Kempsriver Dr, Virginia Beach, VA 23464
      View Details
    • $22 SF/Yr
      5,826 SF

      Kempsville Road Executive Office Space

      Virginia Beach Office: 859 SF Available
      1446 Kempsville Rd, Virginia Beach, VA 23464
      View Details
    • $12 SF/Yr
      128,017 SF

      Virginia Beach Retail Center Investment

      High-traffic retail space available now.
      880 Military Hwy, Virginia Beach, VA 23464
      View Details
    • $19 SF/Yr
      3,700 SF

      Freestanding Restaurant Building For Lease

      Freestanding restaurant building with existing upgrades available for lease.
      1924 Centerville Tpke, Virginia Beach, VA 23464
      View Details
    • $50 SF/Yr
      7,344 SF

      Community Center Retail Space Available

      Centrally located retail space in Virginia Beach for lease.
      880-886 S Military Hwy, Virginia Beach, VA 23464
      View Details
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    Virginia Beach, VA 23464-6500
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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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