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

    1660 Independence Blvd Virginia Beach, VA 23455-4060

    • Retail space
    • 11,100 SF
    • 1.40 lot acres
    OFF-MARKET
    Value Estimations
    $480,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1281487
    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

    • Rite Aid / Beauty Supply Store / Convenience Store
    • KeyMe Locksmiths / Key Duplication Service / Emergency Locksmith Service
    • Coinhub Bitcoin ATM Teller / Atm
    • Rite Aid Pharmacy / Pharmacy
    • Western Union / Money Transfer Service

    Property Details for 1660 Independence Blvd

    Year built
    1997
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.40 lot acres
    Property size
    11,100 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    14792366180000
    APU
    14792366180000

    Description

    This exceptional 11,178-square-foot former Rite Aid drugstore presents a unique investment opportunity in Virginia Beach, VA. Located at the highly visible, signalized intersection of Independence Boulevard and Pleasure House Road in the Haygood submarket, this single-story, Class A building boasts excellent accessibility from both sides of the property. Built in 1997, the property sits on a substantial 1.397 acres of land and includes 52 parking spaces. The building features a convenient drive-thru, and its electrical service includes one 400-amp panel and two 250-amp panels. The property is currently vacant, offering immediate occupancy. The zoning is B-2, and the property taxes are $3.10 per square foot. The surrounding area is anchored by a strong mix of national retailers, including Harris Teeter, Marshall's, Dollar Tree, Starbucks, Chick-fil-A, CVS, and McDonald Garden Center, ensuring high traffic and visibility. This location offers significant potential for redevelopment or repositioning within a thriving retail environment. The property's size, location, and existing infrastructure make it an ideal candidate for a variety of retail uses. This is a rare opportunity to acquire a prime retail property in a high-demand area of Virginia Beach. The address is 1660 Independence Blvd, Virginia Beach, VA 23455.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $480,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1413
    Latitude
    36.8944
    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
    $29,976
    $1,478,700
    $1,549,200
    $3,027,900
    -
    $1,478,700
    $1,549,200
    $3,027,900

    Comparable in this City

    • Value Estimation
      $455,000
      11,928 SF

      1220 Baker Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,928 SF
      1220 Baker Rd, Virginia Beach, VA 23455-3658
      View Details
    • Value Estimation
      $450,000
      6,500 SF

      1048 Independence Blvd

      RETAIL STORES (PERSONAL SERVICES) • 6,500 SF
      1048 Independence Blvd, Virginia Beach, VA 23455-5503
      View Details
    • Value Estimation
      $415,000
      3,602 SF

      4097 Shr Dr

      RETAIL STORES (PERSONAL SERVICES) • 3,602 SF
      4097 Shr Dr, Virginia Beach, VA 23455-2857
      View Details
    • Value Estimation
      $1,575,000
      2,893 SF

      4429 Shr Dr

      RETAIL STORES (PERSONAL SERVICES) • 2,893 SF
      4429 Shr Dr, Virginia Beach, VA 23455-2821
      View Details
    • Value Estimation
      $245,000
      4,230 SF

      4417 Shr Dra

      RETAIL STORES (PERSONAL SERVICES) • 4,230 SF
      4417 Shr Dra, Virginia Beach, VA 23455-2821
      View Details
    • Value Estimation
      $240,000
      3,000 SF

      3716 Shr Dr

      RETAIL STORES (PERSONAL SERVICES) • 3,000 SF
      3716 Shr Dr, Virginia Beach, VA 23455-2922
      View Details

    Similar Nearby for Sale

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      Virginia Beach Commercial Land Available

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      Office Space on Independence Boulevard

      Office space available for purchase on Independence Boulevard.
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    Similar Nearby for Lease

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      Retail Space on Shore Drive

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      Retail Space Available For Lease

      Retail space available for lease in Virginia Beach, VA.
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    • $26 SF/Yr
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      Retail Space Near Naval Base

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      2104 Pleasure House Rd, Virginia Beach, VA 23455
      View Details
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    1660 Independence Blvd
    Virginia Beach, VA 23455-4060
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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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