Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2001 Atlantic Ave, Unit 602 Virginia Beach, VA 23451-3344

    • Hotels
    • 8 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Dec 03, 2021
    $6,950,000
    Value Estimations
    $7,720,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0927567
    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

    • Capes Hotel / Hotel & Motel

    Property Details for 2001 Atlantic Ave

    Year built
    1984
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.19 lot acres
    Property size
    8 SF
    Zone code
    OR
    Property type
    Hotels
    Property subtype
    Motels
    APN
    24271872670000
    APU
    24271872670000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,200,000
      ML approach
      $8,785,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -75.9747
    Latitude
    36.8485
    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
    $29,096
    $2,475,000
    $464,000
    $2,939,000
    -
    $2,475,000
    $464,000
    $2,939,000

    Comparable in this City

    • Value Estimation
      $835,000
      2,694 SF

      213 12th St

      HOTEL/MOTEL • 2,694 SF
      213 12th St, Virginia Beach, VA 23451
      View Details
    • Value Estimation
      $510,000
      1,535 SF

      205 35th St

      HOTEL/MOTEL • 1,535 SF
      205 35th St, Virginia Beach, VA 23451
      View Details
    • Value Estimation
      $730,000
      2,112 SF

      Virginia Beach, VA 23451

      HOTEL/MOTEL • 2,112 SF
      Virginia Beach, VA 23451
      View Details
    • Value Estimation by Request
      1,152 SF

      Virginia Beach, VA 23451

      HOTEL/MOTEL • 1,152 SF
      Virginia Beach, VA 23451
      View Details
    • Value Estimation by Request
      976 SF

      Virginia Beach, VA 23451

      HOTEL/MOTEL • 976 SF
      Virginia Beach, VA 23451
      View Details
    • Value Estimation by Request
      11 SF

      2501 Atlantic Ave, Unit 504

      HOTEL/MOTEL • 11 SF
      2501 Atlantic Ave, Virginia Beach, VA 23451-3102
      View Details

    Similar Nearby for Sale

    • $8,000,000
      4.27 Acres

      Virginia Beach Development Land

      Prime 4.27-acre site, redevelopment opportunity.
      614 First Colonial Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      3,000 SF

      Freestanding Building on Shore Drive

      Freestanding building with four drive-thru lanes on Shore Drive.
      2993 Shore Dr, Virginia Beach, VA 23451
      View Details
    • Contact for pricing

      Oceanfront Resort District Land

      Land available in Oceanfront Resort District, Virginia Beach.
      213 17Th St, Virginia Beach, VA 23451
      View Details
    • $975,000
      4,500 SF

      Oceanfront Golf Cart Rental Business

      Turnkey golf cart rental and sales business in Virginia Beach.
      1804 Arctic Ave, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      11,000 SF

      Office/Warehouse Industrial Buildings For Sale

      Two new office/warehouse buildings with yard space, fully leased.
      1140 Loretta Ln, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      3,000 SF

      Shore Drive Retail Opportunity

      Prime Virginia Beach location, vacant, 3,000 SF.
      2993 Shore Dr, Virginia Beach, VA 23451
      View Details

    Similar Nearby for Lease

    • $32 SF/Yr
      121,000 SF

      Hilltop Retail Center Investment

      Prime Virginia Beach retail space. Multiple suites available.
      737 First Colonial Rd, Virginia Beach, VA 23451
      View Details
    • $15 SF/Yr
      2,400 SF

      Commercial/Industrial Space For Lease

      Commercial/Industrial space available for lease in Virginia Beach, VA
      633 10Th St, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      1,050 SF

      Retail Space on Shore Drive

      Retail space in a densely populated beach community.
      3033-3045 Shore Dr, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      2,833 SF

      Freestanding Building Near Oceanfront

      Freestanding building near the Virginia Beach Boardwalk for lease.
      2400 Pacific Ave, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      3,768 SF

      Class A Office Space Available

      Five-story office building with flexible floor plans for rent.
      300 32Nd St, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space in Virginia Beach

      Retail property available for lease in Virginia Beach, VA.
      4753 Virginia Beach Blvd, Virginia Beach, VA 23451
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2001 Atlantic Ave, Unit 602
    Virginia Beach, VA 23451-3344
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!