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

    1996 Independence Blvd Virginia Beach, VA 23453-4700

    • Grocery and convenience stores
    • 2,940 SF
    • 2.40 lot acres
    OFF-MARKET
    Value Estimations
    $435,000
    Show details
    Cap Rate Potential
    5.9%
    Grocery and convenience stores
    Location Intelligence
    Property ID
    US87-0202820
    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

    • Redbox / Movie Rental Kiosk / Dvd Store
    • 7-Eleven / Convenience Store
    • ATM (7-Eleven) / Atm
    • City of Virginia Beach Traffic Camera / Government Office
    • Amazon Hub Locker - Horatio / E-Commerce Service / Mailing Service

    Property Details for 1996 Independence Blvd

    Year built
    1999
    Construction
    FRAME
    Lot size
    2.40 lot acres
    Property size
    2,940 SF
    Zone code
    PDH1
    Property type
    Grocery and convenience stores
    APN
    14853738870000
    APU
    14853738870000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $425,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $420,000
      6.5%
      $385,000
      7%
      $360,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $515,000
      Market price range: $261k - $516k

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1076
    Latitude
    36.7952
    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
    $31,297
    $2,593,800
    $567,500
    $3,161,300
    -
    $2,593,800
    $567,500
    $3,161,300

    Comparable in this City

    • Value Estimation
      $555,000
      36,388 SF

      3248 Holland Rd

      GROCERY, SUPERMARKET • 36,388 SF
      3248 Holland Rd, Virginia Beach, VA 23453-2829
      View Details
    • Value Estimation
      $380,000
      2,952 SF

      3600 Dm Nck Rd, Unit 1

      GROCERY, SUPERMARKET • 2,952 SF
      3600 Dm Nck Rd, Virginia Beach, VA 23453-2633
      View Details
    • Value Estimation
      $7,575,000
      35,362 SF

      3208 Holland Rd Ste, Unit 101

      GROCERY, SUPERMARKET • 35,362 SF
      3208 Holland Rd Ste, Virginia Beach, VA 23453-2864
      View Details
    • Value Estimation
      $295,000
      1,929 SF

      3640 Dm Nck Rd

      GROCERY, SUPERMARKET • 1,929 SF
      3640 Dm Nck Rd, Virginia Beach, VA 23453-2619
      View Details
    • Value Estimation
      $510,000
      42,067 SF

      3201 Holland Rd

      GROCERY, SUPERMARKET • 42,067 SF
      3201 Holland Rd, Virginia Beach, VA 23453-2828
      View Details
    • Value Estimation
      $325,000
      4,797 SF

      1579 Lynnhaven Pkwy

      CONVENIENCE STORE • 4,797 SF
      1579 Lynnhaven Pkwy, Virginia Beach, VA 23453-2054
      View Details

    Similar Nearby for Sale

    • $1,500,000
      1.65 Acres

      Virginia Beach Commercial Land

      Two Pad Sites, Ready to Build
      3244 Holland Rd, Virginia Beach, VA 23453
      View Details
    • Contact for pricing
      26,578 SF

      Virginia Beach Retail Center

      26,578 SF shopping center shadow-anchored by Target.
      2052 S Independence Blvd, Virginia Beach, VA 23453
      View Details
    • Contact for pricing
      4.47 Acres

      Virginia Beach Commercial Land

      4.47 Acres, B-2 Zoning, High Visibility
      3264 Holland Rd, Virginia Beach, VA 23453
      View Details
    • $999,000

      Commercial Land in Growing Area

      Land in a strong income area near national tenants.
      3244 Holland Rd, Virginia Beach, VA 23453
      View Details
    • $59,400

      Vacant Lot in Virginia Beach

      Vacant lot in a Mobile Home Community for sale.
      1268 Hawk Ave, Virginia Beach, VA 23453
      View Details
    • $2,000,000
      3,312 SF

      Virginia Beach Office Building

      Office building with 3,312 square feet of space.
      3550 Buckner Blvd, Virginia Beach, VA 23453
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      63,500 SF

      Buckner Plaza Retail Center

      Virginia Beach shopping center, 10,954 SF available
      3208 Holland Rd, Virginia Beach, VA 23453
      View Details
    • $15 SF/Yr
      20,800 SF

      Virginia Beach Industrial Warehouse Space

      20,800 SF Warehouse, 4,400 SF Available
      2517 Squadron Ct, Virginia Beach, VA 23453
      View Details
    • Contact for pricing
      194,713 SF

      Holland Rd Outparcel Development Opportunity

      4.47 Acres, B-2 Zoning, Virginia Beach
      3264 Holland Rd, Virginia Beach, VA 23453
      View Details
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    1996 Independence Blvd
    Virginia Beach, VA 23453-4700
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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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