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

    505 S Independence Blvd Virginia Beach, VA 23452

    • Office buildings
    • 34,764 SF
    • 2.77 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1184729
    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

    • Office buildings

    Property Details for 505 S Independence Blvd

    Year built
    1985
    Construction
    FRAME
    Lot size
    2.77 lot acres
    Property size
    34,764 SF
    Zone code
    B2
    Property type
    Office buildings
    APN
    14766845940000
    APU
    14766845940000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,184,000
      Market price range: $4.18M - $6.57M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $4,985,000
      Current use
      INDUSTRIAL (GENERAL)
      $5,940,000
      Change: +19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1302
    Latitude
    36.8249
    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
    $29,793
    $2,134,700
    $874,700
    $3,009,400
    -
    $2,134,700
    $874,700
    $3,009,400

    Comparable in this City

    • Value Estimation by Request

      599 Studio Dr, Unit 3A-2

      OFFICE BUILDING
      599 Studio Dr, Virginia Beach, VA 23452-1176
      View Details
    • Value Estimation
      $6,655,000
      59,284 SF

      2900 Sabre St Ste, Unit 200

      OFFICE BUILDING (MULTI-STORY) • 59,284 SF
      2900 Sabre St Ste, Virginia Beach, VA 23452-7380
      View Details
    • Value Estimation
      $5,745,000
      49,800 SF

      525 Independence Blvd

      OFFICE BUILDING (MULTI-STORY) • 49,800 SF
      525 Independence Blvd, Virginia Beach, VA 23452-1188
      View Details
    • Value Estimation
      $4,065,000
      31,820 SF

      596 Lynnhaven Pkwy Ste, Unit 100

      OFFICE BUILDING • 31,820 SF
      596 Lynnhaven Pkwy Ste, Virginia Beach, VA 23452-7371
      View Details
    • Value Estimation
      $5,465,000
      49,702 SF

      3500 Virginia Bch Blvd

      OFFICE BUILDING (MULTI-STORY) • 49,702 SF
      3500 Virginia Bch Blvd, Virginia Beach, VA 23452-4445
      View Details
    • Value Estimation
      $5,235,000
      28,745 SF

      441 Viking Dr

      OFFICE BUILDING • 28,745 SF
      441 Viking Dr, Virginia Beach, VA 23452-7309
      View Details

    Similar Nearby for Sale

    • $9,750,000
      61,528 SF

      Class A Office Building

      61,528 SF Class A office building for sale.
      555 S Independence Blvd, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      35,000 SF

      Virginia Beach Office Building

      Office building located on Lynnhaven Parkway in Virginia Beach.
      770 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      50,000 SF

      Fully Leased Office Building

      Functional office building for sale in Virginia Beach.
      600 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • New
      $1,150,000
      5,500 SF

      Virginia Beach Multi-Use Building

      Multi-use building near the Interstate with updated features and ample parking.
      121 Landmark Sq, Virginia Beach, VA 23452
      View Details
    • $5,600,000
      33,420 SF

      Renovated Class A Office Building

      Class A office building in Lynnhaven submarket, renovated in 2018.
      468 Viking Dr, Virginia Beach, VA 23452
      View Details
    • $534,900
      960 SF

      Versatile Showroom/Office Space For Sale

      Single-story showroom/office space with high traffic exposure in Virginia Beach.
      2640 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      4,970 SF

      Class A Office Space Available

      Class A office building in Lynnhaven with tenant amenities.
      448 Viking Dr, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      2,049 SF

      Office Building with Renovations Underway

      Two-story office building with ongoing renovations and elevator addition.
      123 S Lynnhaven Rd, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      20,000 SF

      Class A Office Building Available

      Class A office building with modern amenities and convenient location.
      2900 Sabre St, Virginia Beach, VA 23452
      View Details
    • $2,500,000
      12,242 SF

      Virginia Beach Office Space

      Office building with 12,242 square feet available for rent.
      3795 Bonney Rd, Virginia Beach, VA 23452
      View Details
    • $3,790,000
      2,807 SF

      Suburban Office Building For Rent

      Two-story office building in Lynnhaven submarket available for rent.
      641 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • $18 SF/Yr
      2,044 SF

      Virginia Beach Office Building For Rent

      Two-story office building in the Lynnhaven submarket of Virginia Beach.
      760 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
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    505 S Independence Blvd
    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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