222 Central Park Ave Virginia Beach, VA 23462
- Theaters & concert halls
- 246,500 SF
Current Use by Public Records
- Jeff Rosen / Attorney
- Willcox Savage / Attorney
- Mark R. Baumgartner / Attorney
- Moriarty Joseph P / Attorney
- Mark E. Slaughter, Attorney at Law / Attorney / Estate Planning Attorney
Property Details for 222 Central Park Ave
- Year built
- 2002
- Construction
- CONCRETE
- Property size
- 246,500 SF
- Zone code
- B3A
- Property type
- Theaters & concert halls
- APN
- 14775540310005
- APU
- 14775540310005
Description
This exceptional retail investment opportunity presents 450,000 square feet of prime retail space in the heart of Virginia Beach's Town Center, located at 222 Central Park Ave, Virginia Beach, VA 23462. The property, situated on a substantial 36-acre lot in Lower Norfolk County, offers a unique blend of established tenancy and significant vacancy, presenting a compelling opportunity for expansion or redevelopment. The center currently comprises five suites, with 80,485 square feet of vacant space available for lease, ranging from a minimum of 633 square feet to a maximum contiguous space of 19,937 square feet. This allows for flexibility to accommodate a variety of retail concepts, from small boutiques to larger flagship stores. The Town Center boasts a thriving environment, supported by a substantial daytime population, 934 residences, and the presence of prominent hotels such as The Westin and Hilton. Further enhancing its appeal is the proximity to the Sandler Center, a 1,300-seat performing arts theater, and its strategic location just 11 miles from the Virginia Beach Oceanfront and Norfolk, placing it at the center of a bustling business and shopping district. This property offers a rare chance to capitalize on a high-traffic location within a vibrant and established community. The existing infrastructure and strong surrounding demographics make this an ideal investment for both established and emerging businesses seeking a prominent presence in a prime Virginia Beach location.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $585,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $430,000
- 6.5%
- $425,000
- 7%
- $435,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $390,000
- Geo Method
- $440,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $435,000
- Retail
- $445,000
- Mixed-Use
- $500,000
- Hospitality
- $435,000
- Educational
- $365,000
- Residential Income
- $475,000
- Energy
- $380,000
- Income-Based Land
- $395,000
- Food Service
- $495,000
Location Insight
- Map
- Local Demand
- City
- Virginia Beach
- County
- Virginia Beach City
- State
- Virginia
- Longitude
- -76.1333
- Latitude
- 36.8428
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
