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

    1701 Independence Blvd Virginia Beach, VA 23455-4042

    • Retail space
    • 13,214 SF
    • 2.21 lot acres
    OFF-MARKET
    Last Sale
    Oct 03, 2022
    $4,229,800
    Value Estimations
    $4,120,000
    Show details
    Cap Rate Potential
    3.6%
    Retail space
    Location Intelligence
    Property ID
    US87-1159844
    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

    • CVS / Convenience Store / Greeting Card Shop
    • CVS Pharmacy / Pharmacy
    • John Rick Pagaduan / Pharmacy
    • UPS Access Point location / Shipping And Mailing Service / Mailing Service
    • Coinhub Bitcoin ATM Teller / Atm

    Property Details for 1701 Independence Blvd

    Year built
    2009
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.21 lot acres
    Property size
    13,214 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    14792315670000
    APU
    14792315670000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,855,000
      ML approach
      $3,940,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,919,000
      Market price range: $2.46M - $4.92M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $3,820,000
      Current use
      RESTAURANT
      $5,955,000
      Change: +56% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $4,660,000
      Change: +22% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $4,530,000
      Change: +19% Conversion: Easy
      MEDICAL BUILDING
      $3,110,000
      Change: -19% 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
    -76.1429
    Latitude
    36.8939
    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
    $44,861
    $2,088,400
    $2,443,000
    $4,531,400
    -
    $2,088,400
    $2,443,000
    $4,531,400

    Comparable in this City

    • Value Estimation
      $275,000
      1,660 SF

      Virginia Beach, VA 23455

      RETAIL STORES (PERSONAL SERVICES) • 1,660 SF
      Virginia Beach, VA 23455
      View Details
    • Value Estimation
      $260,000
      1,377 SF

      4408 Shr Drb

      RETAIL STORES (PERSONAL SERVICES) • 1,377 SF
      4408 Shr Drb, Virginia Beach, VA 23455-2822
      View Details
    • Value Estimation
      $260,000
      3,600 SF

      2224 Pleasure House Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,600 SF
      2224 Pleasure House Rd, Virginia Beach, VA 23455-2005
      View Details
    • Value Estimation
      $285,000
      6,685 SF

      2032 Pleasure House Rd

      RETAIL STORES (PERSONAL SERVICES) • 6,685 SF
      2032 Pleasure House Rd, Virginia Beach, VA 23455-2710
      View Details
    • Value Estimation
      $235,000
      1,320 SF

      3725 Shr Dr

      RETAIL STORES (PERSONAL SERVICES) • 1,320 SF
      3725 Shr Dr, Virginia Beach, VA 23455-2973
      View Details
    • Value Estimation
      $225,000
      4,140 SF

      4465 Shr Dr Ste, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 4,140 SF
      4465 Shr Dr Ste, Virginia Beach, VA 23455-2800
      View Details

    Similar Nearby for Sale

    • $2,500,000
      24,660 SF

      Retail Property in Virginia Beach

      Retail property available for sale in Virginia Beach, VA.
      1036 Ferry Plantation Rd, Virginia Beach, VA 23455
      View Details
    • Contact for pricing

      Industrial Land Available for Sale

      8.1 acres of industrial land with immediate availability.
      2540 Ferry Rd, Virginia Beach, VA 23455
      View Details
    • $1,500,000
      2.22 Acres

      Virginia Beach Land Parcel

      2+ acre parcel in Burton Station area, Virginia Beach.
      5845 Burton Station Rd, Virginia Beach, VA 23455
      View Details
    • $695,000

      Virginia Beach Commercial Land Available

      0.712 acre commercial land parcel in central Virginia Beach.
      760 Independence Cir, Virginia Beach, VA 23455
      View Details
    • $310,000
      1,149 SF

      Office Space on Independence Boulevard

      Office space available for purchase on Independence Boulevard.
      1137 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • $599,900
      0.72 Acres

      Waterfront Lot in Ridgely Manor

      Premium waterfront lot in sought-after Virginia Beach community.
      5205 Woolwich Ct, Virginia Beach, VA 23455
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      1,200 SF

      Retail Space Near Food Lion

      Retail space available near Wesleyan Dr and Diamond Springs Rd.
      5461 Wesleyan Dr, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space on Shore Drive

      Retail units available in Ocean Park community shopping center.
      3700 Shore Dr, Virginia Beach, VA 23455
      View Details
    • $40 SF/Yr
      2,944 SF

      Retail Space Available For Lease

      Retail space available for lease in Virginia Beach, VA.
      5720 Northampton Blvd, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      1,400 SF

      Retail Space on Shore Drive

      Retail space available on Shore Drive in Virginia Beach.
      4701 Shore Dr, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      1,160 SF

      Office and Retail Space Available

      Office and retail spaces with ample parking, convenient location.
      4609-4633 Pembroke Lake Cir, Virginia Beach, VA 23455
      View Details
    • $26 SF/Yr
      604 SF

      Retail Space Near Naval Base

      Retail space near Little Creek Amphibious Base and Chic’s Beach.
      2104 Pleasure House Rd, Virginia Beach, VA 23455
      View Details
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    1701 Independence Blvd
    Virginia Beach, VA 23455-4042
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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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