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    Property profile & analytics

    228 Pennsylvania Ave Virginia Beach, VA 23462-2514

    • Warehouses
    • 11,970 SF
    • 0.35 lot acres
    OFF-MARKET
    Value Estimations
    $835,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1306930
    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

    • Astro Entertainment / Photo Booth / Video Karaoke

    Property Details for 228 Pennsylvania Ave

    Year built
    1973
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.35 lot acres
    Property size
    11,970 SF
    Zone code
    I1
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    14679510330000
    APU
    14679510330000

    Description

    This exceptional 6,490-square-foot warehouse is ideally situated in Virginia Beach's Town Center submarket, offering unparalleled convenience and accessibility. Located just west of Town Center and near the strategic intersection of Witchduck Road and I-264, this single-tenant property boasts a prime location for efficient logistics and distribution. The building itself has undergone recent improvements, featuring brand new flooring throughout, providing a clean and modern workspace. Updated lighting enhances the functionality and efficiency of the space, creating a bright and productive environment. The property's industrial classification and warehouse subtype make it suitable for a variety of businesses requiring ample storage and operational space. Its single-tenant occupancy provides a streamlined and straightforward leasing opportunity. The address is 228 Pennsylvania Avenue, Virginia Beach, VA 23462. This property presents a rare opportunity to acquire a well-maintained, conveniently located warehouse in a thriving Virginia Beach submarket. The building's recent upgrades, combined with its strategic location, make it an attractive option for businesses seeking a functional and accessible space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,070,000
      Market price range: $1.07M - $3.75M

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1548
    Latitude
    36.8434
    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
    $5,288
    $265,600
    $279,600
    $545,200
    -
    $265,600
    $279,600
    $545,200

    Comparable in this City

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      77,778 SF

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      View Details
    • Value Estimation by Request
      2,500 SF

      402 Davis St Ste, Unit 102

      MINI-WAREHOUSE, STORAGE • 2,500 SF
      402 Davis St Ste, Virginia Beach, VA 23462-5672
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    • Value Estimation
      $1,585,000
      15,405 SF

      5716 Southern Blvd Ste, Unit 102

      MINI-WAREHOUSE, STORAGE • 15,405 SF
      5716 Southern Blvd Ste, Virginia Beach, VA 23462-2484
      View Details
    • Value Estimation
      $1,490,000
      17,700 SF

      5772 Arrowhead Dr, Unit 3A

      MINI-WAREHOUSE, STORAGE • 17,700 SF
      5772 Arrowhead Dr, Virginia Beach, VA 23462-3251
      View Details
    • Value Estimation
      $2,685,000
      30,925 SF

      5781 Arrowhead Dr

      MINI-WAREHOUSE, STORAGE • 30,925 SF
      5781 Arrowhead Dr, Virginia Beach, VA 23462-3218
      View Details
    • Value Estimation
      $1,290,000
      13,054 SF

      120 Jersey Ave

      MINI-WAREHOUSE, STORAGE • 13,054 SF
      120 Jersey Ave, Virginia Beach, VA 23462-2508
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $4,000 /Mo
      1,000 SF

      Virginia Beach Flex Space Available

      Flex space with I-1 zoning, near Town Center.
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    • $15 SF/Yr
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      Flex Units with Roll-Up Doors

      Flex units with office and warehouse space, convenient highway access.
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      View Details
    • Contact for pricing
      11,275 SF

      Warehouse/Industrial Site in Virginia Beach

      Proposed 11,275 SF warehouse/industrial site in Pembroke area.
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    • $11 SF/Yr
      15,315 SF

      Flex Space Near Interstates

      Flex space with warehouse and office components, convenient location.
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    • $13 SF/Yr
      2,850 SF

      Industrial Space Available For Lease

      2850 square feet of warehouse/industrial space for lease.
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      View Details
    • $13 SF/Yr
      4,510 SF

      Industrial Space with Interstate Visibility

      Industrial space for rent with signage and ample parking.
      5269 Cleveland St, Virginia Beach, VA 23462
      View Details
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    228 Pennsylvania Ave
    Virginia Beach, VA 23462-2514
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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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