Property profile

228 Pennsylvania Ave Virginia Beach, VA 23462

OFF-MARKET
Warehouses
Property ID
US87-1306930
11,970 SF 0.35 ac lot Built 1973
Entity Owned 12-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

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.

Property profile

Verified
Property type Warehouses
Use group MINI-WAREHOUSE, STORAGE
Year built 1973
Construction TYPE NOT SPECIFIED
Total area 11,970 SF
Lot 0.35 ac (15,287 SF)
Zoning code I1
APN 14679510330000
UPID US87-1306930

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Nightclub Music Venue

Location

228 Pennsylvania Ave Virginia Beach, VA 23462-2514
Virginia Beach metro Census 41002 VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.07M
Blend (final) Blend
$310k

Owner & transaction history

since 2014
1 recorded transaction
2014
$464,000

Zoning & alternative use

I1 · Virginia Beach, VA
Zoning description

The purpose of the I-1 Light Industrial District is to permit light industrial uses, wholesaling, storage, packaging, distribution, and retailing restricted primarily to operations requiring bulk deliveries by truck or v…

General category INDUSTRIAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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