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

    1920 Centerville Tpke Virginia Beach, VA 23464-6800

    • Grocery and convenience stores
    • 54,780 SF
    • 15.41 lot acres
    OFF-MARKET
    Value Estimations
    $370,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0665718
    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

    • Fantasy Tattoo Company / Tattoo Shop
    • 3 Amigos Mexican Restaurant / Mexican Restaurant
    • DIY Treasures & Gifts / Gift Shop
    • Utopia Restaurant & Lounge / Restaurant
    • Centerville Tobacco & Vape / Tobacco Shop

    Property Details for 1920 Centerville Tpke

    Year built
    1988
    Construction
    TYPE NOT SPECIFIED
    Lot size
    15.41 lot acres
    Property size
    54,780 SF
    Zone code
    B2
    Property type
    Grocery and convenience stores
    APN
    14559143450000
    APU
    14559143450000

    Description

    This exceptional 152,314 square foot shopping center, situated at 1920 Centerville Turnpike in Virginia Beach, VA (zip code 23464), presents a compelling investment opportunity. Built in 1988 and zoned B-2, the property boasts 568 free surface parking spaces, ensuring ample convenience for customers. Currently, there are four available retail spaces ranging from 1,481 to 1,600 contiguous square feet, totaling 4,681 square feet of vacant space. The minimum divisible space is 1,481 square feet. Strategically located at the intersection of Centerville Turnpike and Kempsville Road, this center benefits from high visibility and accessibility. Its prime location is approximately one mile from Regent University and the Founders Inn Hotel and Conference Center, ensuring a robust customer base. Anchored by a Food Lion and Dollar General, this attractive community shopping center thrives in the heart of Kempsville, Virginia Beach's most densely populated submarket. This property offers a unique chance to establish or expand a business within a thriving retail environment. The property's strong location and established anchors make it an ideal investment for discerning buyers seeking a high-traffic retail space in a desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $370,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.19
    Latitude
    36.7791
    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
    $102,398
    $3,220,400
    $7,122,800
    $10,343,200
    -
    $3,220,400
    $7,122,800
    $10,343,200

    Comparable in this City

    • Value Estimation
      $350,000
      2,520 SF

      1869 Kempsville Rd

      CONVENIENCE STORE • 2,520 SF
      1869 Kempsville Rd, Virginia Beach, VA 23464-6802
      View Details
    • Value Estimation
      $380,000
      2,940 SF

      2530 Lynnhaven Pkwy

      CONVENIENCE STORE • 2,940 SF
      2530 Lynnhaven Pkwy, Virginia Beach, VA 23464-8529
      View Details
    • Value Estimation
      $535,000
      44,762 SF

      5020 Ferrell Pkwy

      GROCERY, SUPERMARKET • 44,762 SF
      5020 Ferrell Pkwy, Virginia Beach, VA 23464-8869
      View Details
    • Value Estimation
      $410,000
      2,320 SF

      6084 Indian Riv Rd

      CONVENIENCE STORE • 2,320 SF
      6084 Indian Riv Rd, Virginia Beach, VA 23464-3804
      View Details
    • Value Estimation
      $2,285,000
      2,348 SF

      1900 Centerville Tpke

      CONVENIENCE STORE • 2,348 SF
      1900 Centerville Tpke, Virginia Beach, VA 23464-6839
      View Details
    • Value Estimation
      $645,000
      2,400 SF

      6048 Indian Riv Rd

      CONVENIENCE STORE • 2,400 SF
      6048 Indian Riv Rd, Virginia Beach, VA 23464-3804
      View Details

    Similar Nearby for Sale

    • $800,000
      2,664 SF

      Freestanding Commercial Property on Indian River

      Commercial property suitable for automotive, retail, or service-related use.
      6209 Indian River Rd, 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
      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
      View Details
    • 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
    • $2,600,000

      Land for Sale

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

    Similar Nearby for Lease

    • $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
    • $23 SF/Yr
      800 SF

      Retail Space For Rent

      Retail space available for lease in Virginia Beach, VA.
      5350 Kempsriver Dr, Virginia Beach, VA 23464
      View Details
    • $23 SF/Yr
      1,600 SF

      Retail Space in Virginia Beach

      Retail space available for lease in Virginia Beach, VA.
      1309 Fordham Dr, Virginia Beach, VA 23464
      View Details
    • Contact for pricing
      3,420 SF

      Retail Space on Indian River

      Retail space with high traffic and easy access.
      6651-6657 Indian River Rd, Virginia Beach, VA 23464
      View Details
    • Contact for pricing
      84,414 SF

      Retail Space in High-Traffic Area

      Retail property with high visibility and strong tenant mix.
      1832 Kempsville Rd, Virginia Beach, VA 23464
      View Details
    • Contact for pricing
      1,028 SF

      Retail Space on Indian River

      Retail space with great exposure and easy access.
      6661 Indian River Rd, Virginia Beach, VA 23464
      View Details
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    Virginia Beach, VA 23464-6800
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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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