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    3615 Virginia Beach Blvd Virginia Beach, VA 23452
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    3615 Virginia Beach Blvd Virginia Beach, VA 23452

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    • Office buildings
    • 13,218 SF
    • 1.05 lot acres
    For Lease
    $12 SF/Yr
    View Listing →
    Office/Retail Center Space Available For Lease
    $12 SF/Yr
    14,000 SF

    Office/Retail Center Space Available

    Office and retail spaces available for lease in Virginia Beach.

    3615 Virginia Beach Blvd, Virginia Beach, VA
    View Listing
    Property ID
    US87-1102759
    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

    • MAD Elite Dance Company / Theater & Performing Art Venue / Training Center
    • Russian Art School / High School

    Property Details for 3615 Virginia Beach Blvd

    Year built
    1979
    Construction
    FRAME
    Lot size
    1.05 lot acres
    Property size
    13,218 SF
    Zone code
    B2
    Property type
    Office buildings
    APN
    14876442080000
    APU
    14876442080000

    Description

    This exceptional retail opportunity is located at 3615 Virginia Beach Boulevard, Virginia Beach, VA 23452, a prime location in the Little Neck submarket. The property boasts a total of 14,000 square feet across 12 suites, offering a flexible layout suitable for various retail businesses. Currently, 2,700 square feet of space is immediately available, with a minimum divisible space of 1,200 square feet and a maximum contiguous space of 3,300 square feet. The building is a single-story structure with ample parking, providing 50 spaces for customers and employees. Its B-2 zoning allows for a wide range of commercial uses. The property enjoys exceptional visibility and accessibility, situated on Virginia Beach Boulevard at the intersection of Rosemont Road. This high-traffic area benefits from proximity to major retailers such as Home Depot, BJ's, Sam's Club, Harris Teeter, and Kroger, ensuring significant foot traffic and brand exposure. This is an ideal location for businesses seeking a strong presence in a thriving retail corridor. The property's convenient location and ample parking make it an attractive option for both businesses and their customers. Don't miss this chance to establish your business in a high-demand area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,591,000
      Market price range: $1.59M - $2.50M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,895,000
      Current use
      INDUSTRIAL (GENERAL)
      $2,260,000
      Change: +19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0959
    Latitude
    36.84
    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
    $13,514
    $1,119,700
    $245,400
    $1,365,100
    -
    $1,119,700
    $245,400
    $1,365,100

    Comparable in this City

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      View Details
    • Value Estimation
      $2,600,000
      13,744 SF

      560 Lynnhaven Pkwy

      OFFICE BUILDING • 13,744 SF
      560 Lynnhaven Pkwy, Virginia Beach, VA 23452-7312
      View Details
    • Value Estimation
      $1,965,000
      10,396 SF

      564 Lynnhaven Pkwy

      OFFICE BUILDING (MULTI-STORY) • 10,396 SF
      564 Lynnhaven Pkwy, Virginia Beach, VA 23452-7463
      View Details
    • Value Estimation
      $605,000
      4,285 SF

      2832 Lynnhaven Rd, Unit 101

      OFFICE BUILDING • 4,285 SF
      2832 Lynnhaven Rd, Virginia Beach, VA 23452-6715
      View Details
    • Value Estimation
      $950,000
      7,592 SF

      236 Mustang Trl, Unit 101

      OFFICE BUILDING (MULTI-STORY) • 7,592 SF
      236 Mustang Trl, Virginia Beach, VA 23452-7517
      View Details
    • Value Estimation
      $1,655,000
      14,912 SF

      641 Phoenix Dr

      OFFICE BUILDING • 14,912 SF
      641 Phoenix Dr, Virginia Beach, VA 23452-7318
      View Details

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      Virginia Beach Multi-Use Building

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    Similar Nearby for Lease

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    View Listing
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    Virginia Beach, VA 23452
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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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