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    2058 Independence Blvd Virginia Beach, VA 23453-4747
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    Property profile & analytics

    2058 Independence Blvd Virginia Beach, VA 23453-4747

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    • Grocery and convenience stores
    • 59,643 SF
    • 6.33 lot acres
    Off-Market
    Last Sale Mar 4, 2021
    Property ID
    US87-0992148
    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.
    Value Estimations
    $5,900,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • higi / Physician

    Property Details for 2058 Independence Blvd

    Year built
    1999
    Construction
    TYPE NOT SPECIFIED
    Lot size
    6.33 lot acres
    Property size
    59,643 SF
    Zone code
    B2
    Property type
    Grocery and convenience stores
    APN
    14853526500000
    APU
    14853526500000

    Description

    This exceptional 59,643-square-foot vacant grocery store is available for sale. Located at 2058 S Independence Blvd in Virginia Beach, VA 23453, this single-story building sits on a 6.33-acre lot and is zoned PDH1. The property is part of the Princess Anne Crossing Shopping Center, strategically positioned at the signalized intersection of Princess Anne Road and S. Independence Boulevard. This high-visibility location benefits from its proximity to a Target store and the new Spence Crossing development, ensuring significant foot traffic and accessibility. The building offers substantial space ideal for a variety of retail uses, given its previous function as a grocery store. The large lot size provides ample parking and potential for expansion or future development. This presents a unique opportunity for investors and entrepreneurs seeking a prominent retail space in a thriving Virginia Beach commercial area. The property is offered for sale by owner, providing a direct and streamlined transaction process. Serious inquiries are encouraged to explore this exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1086
    Latitude
    36.7892
    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
    $58,308
    $3,584,600
    $2,305,100
    $5,889,700
    -
    $3,584,600
    $2,305,100
    $5,889,700

    Comparable in this City

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      3248 Holland Rd

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    • Value Estimation by Request
      2,940 SF

      1996 Independence Blvd

      CONVENIENCE STORE • 2,940 SF
      1996 Independence Blvd, Virginia Beach, VA 23453-4700
      View Details
    • Value Estimation by Request
      2,952 SF

      3600 Dm Nck Rd, Unit 1

      GROCERY, SUPERMARKET • 2,952 SF
      3600 Dm Nck Rd, Virginia Beach, VA 23453-2633
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    • Value Estimation
      $6,705,000
      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 by Request
      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
      $4,935,000
      42,067 SF

      3201 Holland Rd

      GROCERY, SUPERMARKET • 42,067 SF
      3201 Holland Rd, Virginia Beach, VA 23453-2828
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,858 SF

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      14,720 SF

      Princess Anne Marketplace Medical Strip

      14,720 SF shopping center in Virginia Beach, Virginia.
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      Prime Commercial Land Available

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      Prime Commercial Land Opportunity

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      Vacant Lot in Virginia Beach

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    Similar Nearby for Lease

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      Food Lion Anchored Shopping Center

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      Retail Shops Near Target, DMV

      12,814 SF retail shops adjacent to Target and DMV.
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      Prime Commercial Land Available

      4.47 acres suitable for retail, office, and service uses.
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      Storefront Opportunity Near Lynnhaven Green

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      Corner Commercial Land for Rent

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      Commercial space available for rent featuring grade level access.
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    Virginia Beach, VA 23453-4747
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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.

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