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    3111 Pacific Ave Virginia Beach, VA 23451
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    Property profile & analytics

    3111 Pacific Ave Virginia Beach, VA 23451

    View on Map
    • Office buildings
    • 4,050 SF
    • 0.10 lot acres
    Off-Market
    Property ID
    US87-1047710
    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
    $845,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office buildings

    Property Details for 3111 Pacific Ave

    Year built
    1963
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.10 lot acres
    Property size
    4,050 SF
    Zone code
    OR
    Property type
    Office buildings
    APN
    24280233480000
    APU
    24280233480000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $960,000
      6.5%
      $885,000
      7%
      $820,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,017,000
      Market price range: $507k - $1.42M
      AI Estimate
      $629,000
      Market price range: $234k - $1.01M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,050,000
      Current use
      COMMERCIAL (GENERAL)
      $1,390,000
      Change: +32% Conversion: Easy
      RETAIL STORES
      $1,170,000
      Change: +12% Conversion: Moderate
      MEDICAL BUILDING
      $955,000
      Change: -9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -75.9792
    Latitude
    36.8599
    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
    $6,034
    $518,800
    $90,700
    $609,500
    -
    $518,800
    $90,700
    $609,500

    Comparable in this City

    • Value Estimation
      $3,810,000
      18,296 SF

      3200 Pacific Ave

      OFFICE BUILDING • 18,296 SF
      3200 Pacific Ave, Virginia Beach, VA 23451-2917
      View Details
    • Value Estimation
      $2,710,000
      9,946 SF

      3600 Pacific Ave Ste, Unit 201

      OFFICE BUILDING • 9,946 SF
      3600 Pacific Ave Ste, Virginia Beach, VA 23451-2716
      View Details
    • Value Estimation
      $2,350,000
      8,779 SF

      1369 Laskin Rd Ste, Unit 3

      OFFICE BUILDING (MULTI-STORY) • 8,779 SF
      1369 Laskin Rd Ste, Virginia Beach, VA 23451-6080
      View Details
    • Value Estimation
      $4,300,000
      11,967 SF

      3704 Pacific Ave Ste, Unit 300

      OFFICE BUILDING (MULTI-STORY) • 11,967 SF
      3704 Pacific Ave Ste, Virginia Beach, VA 23451-2719
      View Details
    • Value Estimation
      $795,000
      2,450 SF

      205 25th St

      OFFICE BUILDING • 2,450 SF
      205 25th St, Virginia Beach, VA 23451-3224
      View Details
    • Value Estimation
      $3,110,000
      11,410 SF

      317 30th Stvl

      OFFICE BUILDING • 11,410 SF
      317 30th Stvl, Virginia Beach, VA 23451-3006
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,000 SF

      Sandpiper Key Office Condominium

      Office condominium for sale near Sentara Virginia Beach General Hospital.
      1060 Laskin Rd, Virginia Beach, VA 23451
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      12,571 SF

      Medical Office Building For Sale

      Two-story medical office building in upscale Virginia Beach submarket.
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      10,003 SF

      Two-Story Office Building in Virginia Beach

      Two-story, 10,000 SF office building on one acre.
      1613 Laskin Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing

      4.27 Acres of Land

      4.27 acres of land for sale.
      614 First Colonial Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing

      Oceanfront Resort District Land

      Land available in Oceanfront Resort District, Virginia Beach.
      213 17Th St, Virginia Beach, VA 23451
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,667 SF

      Class A Office Building

      87,000 SF Class A office in the Vibe District.
      2101 Parks Ave, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      3,768 SF

      Class A Office Space Available

      Five-story office building with flexible floor plans for rent.
      300 32Nd St, Virginia Beach, VA 23451
      View Details
    • Contact for pricing

      Virginia Beach Oceanfront Office Space

      A+ location near Princess Anne Country Club and Atlantic Ocean.
      3704 Pacific Ave, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      9,975 SF

      Office Space Near I-264

      Sub-divisible office space directly off I-264 at Birdneck Road.
      1081 19Th St, Virginia Beach, VA 23451
      View Details
    • $16 SF/Yr
      1,260 SF

      Office Space Near I-264

      Office suites available for lease with I-264 access.
      1213 Laskin Rd, Virginia Beach, VA 23451
      View Details
    • $15 SF/Yr

      Office Space on Laskin Road

      Office space for lease with prime highway access.
      1213 Laskin Rd, Virginia Beach, VA 23451
      View Details
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    3111 Pacific Ave
    Virginia Beach, VA 23451
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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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