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    Property profile & analytics

    2293 Upton Dr Virginia Beach, VA 23454

    • Retail space
    • 14,738 SF
    • 1.68 lot acres
    For Lease
    View listing
    Value Estimations
    $535,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3981215
    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

    • Rite Aid / Pharmacy / Beauty Supply Store
    • James Baccellieri / Pharmacy
    • Christine Cronin / Pharmacy
    • Amy Rodriguez / Pharmacy
    • Amazon Hub Locker - Bison / Mailing Service / E-Commerce Service

    Property Details for 2293 Upton Dr

    Year built
    2003
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.68 lot acres
    Property size
    14,738 SF
    Zone code
    B2
    Property type
    Retail space
    APN
    24142342250000
    APU
    24142342250000

    Description

    This exceptional 14,738-square-foot freestanding retail building presents a unique investment opportunity. Located at 2293 Upton Drive, this single-tenant property boasts a prime location at a signalized intersection of Upton Drive and Princess Anne Road, benefiting from high visibility and significant traffic volume. Daily traffic counts reach 19,936 vehicles on Upton Drive and 16,432 vehicles on Princess Anne Road. The building includes a convenient drive-thru. Situated within a Target-anchored community center in the expanding Red Mill trade area, this property enjoys strong demographics, including high household incomes and substantial residential growth. Its strategic placement across from Sandbridge Commons, a Harris Teeter-anchored neighborhood center, further enhances its appeal. The property features prominent monument signage ensuring excellent visibility to potential customers. Units start at approximately 1,544 square feet, offering flexibility for various retail concepts. The entire 14,738 square feet is currently vacant, providing a blank canvas for a new tenant or a significant expansion opportunity. This property offers a compelling combination of location, visibility, and size, making it an ideal investment for discerning buyers.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $535,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0098
    Latitude
    36.753
    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
    $45,243
    $2,112,500
    $2,457,500
    $4,570,000
    -
    $2,112,500
    $2,457,500
    $4,570,000

    Comparable in this City

    • Value Estimation
      $370,000
      8,400 SF

      1727 Laskin Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,400 SF
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      View Details
    • Value Estimation
      $660,000
      126,344 SF

      2233 Upton Dr

      RETAIL STORES (PERSONAL SERVICES) • 126,344 SF
      2233 Upton Dr, Virginia Beach, VA 23454-1186
      View Details
    • Value Estimation
      $1,520,000
      10,112 SF

      2325 Virginia Bch Blvd

      RETAIL STORES (PERSONAL SERVICES) • 10,112 SF
      2325 Virginia Bch Blvd, Virginia Beach, VA 23454-4007
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    • Value Estimation
      $345,000
      3,861 SF

      141 London Brg Rd

      RETAIL STORES (PERSONAL SERVICES) • 3,861 SF
      141 London Brg Rd, Virginia Beach, VA 23454
      View Details
    • Value Estimation
      $285,000
      2,370 SF

      2333 Virginia Bch Blvd

      RETAIL STORES (PERSONAL SERVICES) • 2,370 SF
      2333 Virginia Bch Blvd, Virginia Beach, VA 23454-4007
      View Details
    • Value Estimation
      $415,000
      5,040 SF

      1700 General Booth Blvd, Unit 102

      RETAIL STORES (PERSONAL SERVICES) • 5,040 SF
      1700 General Booth Blvd, Virginia Beach, VA 23454-5601
      View Details

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    Similar Nearby for Lease

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      Retail Space on Oceana Boulevard

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      Retail Space Available For Lease

      Retail space available, join Vitamin Shoppe and T-Mobile.
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      View Details
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    Virginia Beach, VA 23454
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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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