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    2476 Nimmo Pkwy Virginia Beach, VA 23456

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    2476 Nimmo Pkwy Virginia Beach, VA 23456

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    • Grocery and convenience stores
    • 49,730 SF
    • 11.30 lot acres
    For Lease
    $8,060,000
    View Listing →
    Retail Space in Virginia Beach For Lease
    $8,060,000

    Retail Space in Virginia Beach

    Retail and office spaces for lease near Municipal Center.

    2476 Nimmo Pkwy, Virginia Beach, VA 23456
    View Listing
    Property ID
    US87-2970050
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • United Atlantic Mortgage / Loan Service / Bank
    • El Azteca Mexican Restaurant / Restaurant
    • East Wok / Restaurant
    • Michael Anthony Robusto / Law Firm
    • Harris Teeter / Grocery & Convenience Store / Food Market

    Property Details for 2476 Nimmo Pkwy

    Year built
    2005
    Construction
    TYPE NOT SPECIFIED
    Lot size
    11.30 lot acres
    Property size
    49,730 SF
    Zone code
    B2
    Property type
    Grocery and convenience stores
    APN
    14946334740000
    APU
    14946334740000

    Description

    Courthouse Marketplace, located at 2476 Nimmo Pkwy in Virginia Beach, VA 23456, offers exceptional retail and restaurant opportunities. This thriving marketplace boasts a total of 102,119 square feet of commercial space, anchored by a Harris Teeter grocery store. Currently, there are multiple spaces available for lease, with a minimum divisible space of 2,982 square feet and a maximum contiguous space of 7,841 square feet. A total of 10,823 square feet is currently vacant and ready for immediate occupancy. The property's strategic location directly across from the Virginia Beach Municipal Center and Courthouse Complex ensures high visibility and significant foot traffic. This prime location in Virginia Beach County offers unparalleled access to a dense population base and a strong local economy. The flexible space options cater to a variety of business needs, making Courthouse Marketplace an ideal location for both established businesses and new ventures seeking a vibrant and convenient location. Interested parties are encouraged to inquire about available space and lease terms. This is a unique opportunity to establish a presence in a high-traffic, well-established commercial center.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,130,000
      6.5%
      $10,275,000
      7%
      $9,540,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $11,705,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0648
    Latitude
    36.7548
    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
    $138,266
    $4,570,600
    $9,395,700
    $13,966,300
    -
    $4,570,600
    $9,395,700
    $13,966,300

    Comparable in this City

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      2,448 SF

      3701 Tiffany Ln

      CONVENIENCE STORE • 2,448 SF
      3701 Tiffany Ln, Virginia Beach, VA 23456-1385
      View Details
    • Value Estimation
      $8,175,000
      60,749 SF

      2105 Princess Anne Rd

      GROCERY, SUPERMARKET • 60,749 SF
      2105 Princess Anne Rd, Virginia Beach, VA 23456-4164
      View Details
    • Value Estimation by Request
      0.94 Acres

      2103 Princess Anne Rd

      CONVENIENCE STORE (W/FUEL PUMP) • 0.94 Acres
      2103 Princess Anne Rd, Virginia Beach, VA 23456-4001
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      17,857 SF

      Retail Space For Sale

      Retail space available, totaling 17,857 square feet.
      3705 Tiffany Ln, Virginia Beach, VA 23456
      View Details
    • Contact for pricing
      14,364 SF

      Retail Property in Virginia Beach

      Retail property available for sale in Virginia Beach, VA.
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      View Details
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      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
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    • $195,000

      Interior RV Lot with Amenities

      Large RV lot with water views and resort-style amenities.
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      Waterfront Lot in Gated Community

      Waterfront lot with amenities in Virginia Beach's Surfside at Sandbridge.
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      Waterfront RV Lot in Virginia

      Waterfront RV lot near amenities and the Atlantic Ocean.
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    Similar Nearby for Lease

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      Retail Space in Virginia Beach

      Retail space available in a busy Virginia Beach shopping center.
      2105 Princess Anne Rd, Virginia Beach, VA 23456
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      5,287 SF

      Retail Space in Virginia Beach

      Retail space available for lease in Virginia Beach, VA.
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      View Details
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      3,010 SF

      Retail Space Near Walmart

      Retail space with high visibility and easy access.
      2061 Lynnhaven Pkwy, Virginia Beach, VA 23456
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      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

      Regional Shopping and Dining Destination

      Southern Virginia Beach shopping center anchored by major retailers.
      1169 Nimmo Pkwy, Virginia Beach, VA 23456
      View Details
    • Contact for pricing

      Retail Space in Prime Location

      Retail space in Virginia Beach's dense retail corridor.
      1908 Landstown Centre Way, Virginia Beach, VA 23456
      View Details
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    Virginia Beach, VA 23456
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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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