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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    233 Pennsylvania Ave Virginia Beach, VA 23462

    • Office buildings
    • 980 SF
    • 0.28 lot acres
    OFF-MARKET
    Value Estimations
    $230,000
    Show details
    Cap Rate Potential
    4.8%
    Office buildings
    Location Intelligence
    Property ID
    US87-0278936
    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

    • Domestic Uniform Rental / Laundry Service
    • Southeastern Services / Painter

    Property Details for 233 Pennsylvania Ave

    Year built
    1950
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.28 lot acres
    Property size
    980 SF
    Zone code
    I1
    Property type
    Office buildings
    APN
    14678590630000
    APU
    14678590630000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $220,000
      6.5%
      $205,000
      7%
      $190,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $215,000
      Market price range: $109k - $216k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $170,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $345,000
      Change: +104% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $335,000
      Change: +98% Conversion: Easy
      RETAIL STORES
      $285,000
      Change: +67% Conversion: Moderate
      MEDICAL BUILDING
      $230,000
      Change: +36% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1554
    Latitude
    36.8433
    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
    $3,304
    $250,000
    $83,700
    $333,700
    -
    $250,000
    $83,700
    $333,700

    Comparable in this City

    • Value Estimation
      $625,000
      30,628 SF

      5589 Greenwich Rd Ste, Unit 100

      OFFICE BUILDING (MULTI-STORY) • 30,628 SF
      5589 Greenwich Rd Ste, Virginia Beach, VA 23462-6565
      View Details
    • Value Estimation
      $685,000
      31,891 SF

      4701 Columbus St Ste, Unit 200

      OFFICE BUILDING (MULTI-STORY) • 31,891 SF
      4701 Columbus St Ste, Virginia Beach, VA 23462-6725
      View Details
    • Value Estimation by Request
      19,041 SF

      5151 Bonney Rd Ste, Unit 201

      OFFICE BUILDING (MULTI-STORY) • 19,041 SF
      5151 Bonney Rd Ste, Virginia Beach, VA 23462-4384
      View Details
    • Value Estimation
      $285,000
      61,569 SF

      4433 Corporation Ln

      OFFICE BUILDING (MULTI-STORY) • 61,569 SF
      4433 Corporation Ln, Virginia Beach, VA 23462-3351
      View Details
    • Value Estimation
      $420,000
      10,746 SF

      205 Business Park Dr Ste, Unit 100

      OFFICE BUILDING (MULTI-STORY) • 10,746 SF
      205 Business Park Dr Ste, Virginia Beach, VA 23462-6535
      View Details
    • Value Estimation
      $3,045,000
      15,000 SF

      5032 Rouse Dr Ste, Unit 100

      OFFICE BUILDING • 15,000 SF
      5032 Rouse Dr Ste, Virginia Beach, VA 23462-3764
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,850 SF

      Office Parcel For Sale/Lease

      Office parcel near Virginia Beach Central Business District.
      1492 S Independence Blvd, Virginia Beach, VA 23462
      View Details
    • $5,641,000
      11,780 SF

      Virginia Beach Office Building

      Office building with 11,780 square feet of space.
      380 Cleveland Pl, Virginia Beach, VA 23462
      View Details
    • $785,000
      4,368 SF

      Two-Story Office Condo For Sale

      Two-story office condominium centrally located with convenient highway access.
      808 Newtown Rd, Virginia Beach, VA 23462
      View Details
    • $415,000
      2,013 SF

      Turn-Key Office Condo For Sale

      Move-in ready office condo in central Virginia Beach location.
      4646 Princess Anne Rd, Virginia Beach, VA 23462
      View Details
    • $410,000
      1,664 SF

      Virginia Beach Duplex Opportunity

      Duplex in Virginia Beach, remodeled unit, tenant occupied.
      5002 Century Dr, Virginia Beach, VA 23462
      View Details
    • $1,800,000

      Land Available in Virginia Beach

      Land for sale at 541 Downey Dr, Virginia Beach, VA
      541 Downey Dr, Virginia Beach, VA 23462
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      4,553 SF

      Three-Story Office Building For Rent

      51,123 RSF office building in Pembroke/Town Center submarket.
      4460 Corporation Ln, Virginia Beach, VA 23462
      View Details
    • $19 SF/Yr
      3,961 SF

      Class A Office Space Available

      Three-story Class A office building with convenient interstate access.
      5544 Greenwich Rd, Virginia Beach, VA 23462
      View Details
    • $57,000,000
      6,023 SF

      Class A Office Building For Rent

      Class A office building with excellent access and free parking.
      4456 Corporation Ln, Virginia Beach, VA 23462
      View Details
    • $23 SF/Yr
      3,558 SF

      Class A Office Space Available

      Recently renovated office building in Virginia Beach Town Center.
      4417 Corporation Ln, Virginia Beach, VA 23462
      View Details
    • $16 SF/Yr
      1,200 SF

      Freestanding Office Building For Lease

      Two-story office building with central location and ample parking.
      4099 Foxwood Dr, Virginia Beach, VA 23462
      View Details
    • $18 SF/Yr
      1,858 SF

      Office Space in Virginia Beach

      Office spaces available in a three-story building near amenities.
      4452 Corporation Ln, Virginia Beach, VA 23462
      View Details
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    233 Pennsylvania Ave
    Virginia Beach, VA 23462
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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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