Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2332 Elson Grn Ave Virginia Beach, VA 23456-6767

    • Drive through restaurants
    • 2,959 SF
    • 0.89 lot acres
    OFF-MARKET
    Last Sale
    Nov 05, 2021
    $1,000,000
    Value Estimations
    $1,100,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0577217
    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

    • Zaxby’s / Restaurant

    Property Details for 2332 Elson Grn Ave

    Year built
    2024
    Construction
    FRAME
    Lot size
    0.89 lot acres
    Property size
    2,959 SF
    Zone code
    B2
    Property type
    Drive through restaurants
    APN
    24142437650000
    APU
    24142437650000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,180,000
      ML approach
      $1,225,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,335,000
      Current use

    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
    36.7571
    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
    $19,079
    $891,200
    $1,036,000
    $1,927,200
    -
    $891,200
    $1,036,000
    $1,927,200

    Comparable in this City

    • Value Estimation by Request
      3,036 SF

      1185 Nimmo Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,036 SF
      1185 Nimmo Pkwy, Virginia Beach, VA 23456-7730
      View Details
    • Value Estimation by Request
      2,766 SF

      2432 Princess Anne Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,766 SF
      2432 Princess Anne Rd, Virginia Beach, VA 23456-3409
      View Details
    • Value Estimation
      $1,470,000
      2,658 SF

      3792 Princess Anne Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,658 SF
      3792 Princess Anne Rd, Virginia Beach, VA 23456-1906
      View Details
    • Value Estimation
      $505,000
      4,566 SF

      2037 Lynnhaven Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,566 SF
      2037 Lynnhaven Pkwy, Virginia Beach, VA 23456-1410
      View Details
    • Value Estimation by Request
      2,323 SF

      2009 Lynnhaven Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,323 SF
      2009 Lynnhaven Pkwy, Virginia Beach, VA 23456-1410
      View Details
    • Value Estimation
      $580,000
      5,016 SF

      2013 Lynnhaven Pkwy

      DRIVE-THRU RESTAURANT, FAST FOOD • 5,016 SF
      2013 Lynnhaven Pkwy, Virginia Beach, VA 23456-1410
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,364 SF

      Retail Property in Virginia Beach

      Retail property available for sale in Virginia Beach, VA.
      1808 Salem Rd, Virginia Beach, VA 23456
      View Details
    • $3,000,000
      14,364 SF

      Virginia Beach Retail Investment

      14,364 SF Vacant Pharmacy Building
      1808 Salem Rd, Virginia Beach, VA 23456
      View Details
    • Contact for pricing
      19,150 SF

      Retail Buildings in Virginia Beach

      Three retail buildings leased to four tenants in Virginia Beach.
      3709 Tiffany Ln, Virginia Beach, VA 23456
      View Details
    • $200,000

      Interior RV Lot with Amenities

      Large RV lot with water views and resort-style amenities.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $260,000

      Waterfront RV Oasis in Virginia Beach

      Waterfront RV property near amenities and the Atlantic Ocean.
      3665 Sandpiper Rd, Virginia Beach, VA 23456
      View Details
    • $2,910,000
      36.80 Acres

      Prime Corner Land in Pungo

      48.576 acres of land for development in Virginia Beach.
      3045 Seaboard Rd, Virginia Beach, VA 23456
      View Details

    Similar Nearby for Lease

    • $25 SF/Yr
      370,456 SF

      Red Mill Commons Retail Space

      Prime Retail Center, Virginia Beach
      1169 Nimmo Pkwy, Virginia Beach, VA 23456
      View Details
    • Contact for pricing
      102,119 SF

      Courthouse Marketplace Retail Spaces

      Prime Virginia Beach retail space available.
      2476 Nimmo Pkwy, Virginia Beach, VA 23456
      View Details
    • Contact for pricing
      21,095 SF

      Foxfire Center: Virginia Beach Retail

      Prime Virginia Beach retail space available.
      2401 Seaboard Rd, Virginia Beach, VA 23456
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space in Virginia Beach

      Retail space available in a super-regional power center.
      3388 Princess Anne Rd, Virginia Beach, VA 23456
      View Details
    • Contact for pricing
      2,066 SF

      Retail Space in Virginia Beach

      Retail space available in a super-regional power center.
      3376 Princess Anne Rd, Virginia Beach, VA 23456
      View Details
    • Contact for pricing
      3,010 SF

      Retail Space Near Walmart

      Retail space with high visibility and easy access.
      2061 Lynnhaven Pkwy, Virginia Beach, VA 23456
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2332 Elson Grn Ave
    Virginia Beach, VA 23456-6767
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!