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

    508 Birdneck Rd Ste F Virginia Beach, VA 23451-6301

    • Office buildings
    • 8,300 SF
    • 1.00 lot acres
    OFF-MARKET
    Last Sale
    Jan 19, 2024
    $1,500,000
    Value Estimations
    $1,500,000
    Show details
    Cap Rate Potential
    7.9%
    Office buildings
    Location Intelligence
    Property ID
    US87-1282548
    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

    • Bewitched Salon / Hair Salon
    • Drapery Decor / (Bike/Boat/Book/etc) Store
    • Birdneck Animal Hospital / Veterinary Clinic
    • Mind|Body Method / Crisis Center / Medical Clinic
    • The River Ellis Foundation / Association / Organization

    Property Details for 508 Birdneck Rd Ste F

    Year built
    1965
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.00 lot acres
    Property size
    8,300 SF
    Zone code
    B2
    Property type
    Office buildings
    APN
    24176820050000
    APU
    24176820050000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,500,000
      ML approach
      $1,500,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,965,000
      6.5%
      $1,815,000
      7%
      $1,685,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,678,000
      Market price range: $1.04M - $2.91M
      AI Estimate
      $1,038,000
      Market price range: $480k - $2.07M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,150,000
      Current use
      RETAIL STORES
      $2,400,000
      Change: +12% Conversion: Moderate
      MEDICAL BUILDING
      $1,955,000
      Change: -9% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -75.9937
    Latitude
    36.8483
    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
    $9,954
    $484,600
    $520,900
    $1,005,500
    -
    $484,600
    $520,900
    $1,005,500

    Comparable in this City

    • Value Estimation by Request
      0.72 Acres

      607 21st St

      OFFICE BUILDING (MULTI-STORY) • 0.72 Acres
      607 21st St, Virginia Beach, VA 23451-4120
      View Details
    • Value Estimation
      $4,030,000
      36,504 SF

      1604 Hilltop W Shopping Ctr Ste, Unit 216

      OFFICE BUILDING (MULTI-STORY) • 36,504 SF
      1604 Hilltop W Shopping Ctr Ste, Virginia Beach, VA 23451-6131
      View Details
    • Value Estimation
      $10,600,000
      39,145 SF

      948 Laskin Rd

      OFFICE BUILDING • 39,145 SF
      948 Laskin Rd, Virginia Beach, VA 23451-3905
      View Details
    • Value Estimation
      $15,565,000
      71,770 SF

      300 32nd St

      OFFICE BUILDING (MULTI-STORY) • 71,770 SF
      300 32nd St, Virginia Beach, VA 23451-2969
      View Details
    • Value Estimation
      $3,295,000
      18,240 SF

      1092 Laskin Rd Ste, Unit 110

      OFFICE BUILDING (MULTI-STORY) • 18,240 SF
      1092 Laskin Rd Ste, Virginia Beach, VA 23451-6362
      View Details
    • Value Estimation
      $1,130,000
      4,955 SF

      3701 Pacific Ave Ste, Unit 400

      OFFICE BUILDING (MULTI-STORY) • 4,955 SF
      3701 Pacific Ave Ste, Virginia Beach, VA 23451-2717
      View Details

    Similar Nearby for Sale

    • $230,000
      1,000 SF

      Sandpiper Key Office Condominium

      Office condominium for sale near Sentara Virginia Beach General Hospital.
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      Medical Office Building For Sale

      Two-story medical office building in upscale Virginia Beach submarket.
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      Two-story commercial building near the boardwalk, suitable for retail or office.
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      Prime Medical Office Building in Virginia Beach

      Class A, 12,571 SF Medical Office Building
      2829 Shore Dr, Virginia Beach, VA 23451
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    • $814,000
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      Office/Warehouse Building in Virginia Beach

      4,354 SF office/warehouse building with light industrial zoning.
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    • $110,000
      0.20 Acres

      Vacant Lot Near Oceanfront

      Spacious lot near the beach in Virginia Beach, VA.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,297 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
      42,200 SF

      Laskin Road Gateway Commercial Space

      Prime Laskin Road location; 17,200-25,000 SF available.
      941 Laskin Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      47,500 SF

      The Canopy: Prime VB Office Space

      Virginia Beach Executive Suites, 10,000-30,000 SF
      1413 Laskin Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      1,625 SF

      Office Space on Virginia Beach

      Office space with excellent exposure and access on Virginia Beach.
      5606 Virginia Beach Blvd, Virginia Beach, VA 23451
      View Details
    • $15 SF/Yr
      4,175 SF

      Versatile Flex Space in Virginia Beach

      Flex office/warehouse suite in desirable Hilltop area available for lease.
      619 Jack Rabbit Rd, Virginia Beach, VA 23451
      View Details
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    508 Birdneck Rd Ste F
    Virginia Beach, VA 23451-6301
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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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