Sign Up Successful!
You now have access to more from Realmo!
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

    206 23rd St Virginia Beach, VA 23451-3206

    • Turn key restaurants
    • 2,100 SF
    • 0.01 lot acres
    OFF-MARKET
    Last Sale
    Apr 21, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1287888
    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

    • Baja Cantina / Mexican Restaurant / Latin American Restaurant
    • Speedy TowTruck Service / Auto Repair Shop

    Property Details for 206 23rd St

    Year built
    2003
    Lot size
    0.01 lot acres
    Property size
    2,100 SF
    Zone code
    OR
    Property type
    Turn key restaurants
    APN
    24271921580000
    APU
    24271921580000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -75.9764
    Latitude
    36.851
    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
    $11
    $0.00
    $1,100
    $1,100
    -
    $0.00
    $1,100
    $1,100

    Comparable in this City

    • Value Estimation by Request

      3224 Atlantic Ave

      RESTAURANT
      3224 Atlantic Ave, Virginia Beach, VA 23451-2935
      View Details
    • Value Estimation by Request

      3401 Atlantic Ave, Unit C1

      RESTAURANT
      3401 Atlantic Ave, Virginia Beach, VA 23451-2854
      View Details
    • Value Estimation by Request

      2705 Atlantic Ave, Unit TLH2

      RESTAURANT
      2705 Atlantic Ave, Virginia Beach, VA 23451-3135
      View Details
    • Value Estimation by Request
      0.01 Acres

      Virginia Beach, VA 23451

      RESTAURANT • 0.01 Acres
      Virginia Beach, VA 23451
      View Details
    • Value Estimation by Request
      1,152 SF

      Virginia Beach, VA 23451

      RESTAURANT • 1,152 SF
      Virginia Beach, VA 23451
      View Details
    • Value Estimation by Request
      1,260 SF

      Virginia Beach, VA 23451

      RESTAURANT • 1,260 SF
      Virginia Beach, VA 23451
      View Details

    Similar Nearby for Sale

    • $3,499,000
      5,553 SF

      Waterfront Restaurant/Event Space Available

      Two-story, 5,551 SF building on 1.26 acre waterfront site.
      800 Laskin 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
    • $1,400,000
      3,270 SF

      Freestanding Building in Virginia Beach

      Well-maintained building with ample parking and high visibility.
      1001 Laskin Rd, Virginia Beach, VA 23451
      View Details
    • $1,650,000
      6,000 SF

      Corner Building Near Virginia Beach Boardwalk

      Two-story commercial building near the boardwalk, suitable for retail or office.
      223 17Th St, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      8,576 SF

      Prime Virginia Beach Retail Space

      8,576 SF Bank Building, VA Beach
      621 Nevan Rd, 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

    • $25 SF/Yr
      230,000 SF

      Atlantic Park Retail Space

      Virginia Beach Oceanfront: Prime Retail Opportunity
      19th St & Pacific Ave, Virginia Beach, VA 23451
      View Details
    • $35 SF/Yr
      4,000 SF

      Boardwalk Retail Space For Rent

      Prime location retail space on the North End boardwalk.
      2901 Atlantic Ave, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      42,200 SF

      Laskin Road Gateway Commercial Space

      Prime Laskin Road location; 17,200-25,000 SF available.
      941 Laskin Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      47,500 SF

      The Canopy: Prime VB Office Space

      Virginia Beach Executive Suites, 10,000-30,000 SF
      1413 Laskin Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      10,010 SF

      Retail Space Near Bayfront Suites

      Retail property with diverse tenant mix near Delta Hotels.
      2817 Shore Dr, Virginia Beach, VA 23451
      View Details
    • $15 SF/Yr
      17,450 SF

      Birdneck Shoppes Retail Space

      Virginia Beach retail space, 1,000 sq ft.
      1091 Norfolk Ave, 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.
    206 23rd St
    Virginia Beach, VA 23451-3206
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.