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    522 S Independence Blvd Virginia Beach, VA 23452
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    522 S Independence Blvd Virginia Beach, VA 23452

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    • Office buildings
    • 14,774 SF
    • 1.23 lot acres
    For Lease
    $18 SF/Yr
    View Listing →
    Office Space with Lake Views For Lease
    $18 SF/Yr
    966 SF

    Office Space with Lake Views

    Office space with lake views, private restroom, and deck.

    522 S Independence Blvd, Virginia Beach, VA
    View Listing
    Property ID
    US87-3995319
    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

    • The Look Art Gallery / Art Gallery
    • Matrixx Healthcare LLC / Home Health Care Service / Home Help Service Agency
    • Potentials In Life / Medical Clinic
    • Just By 5, Inc / Medical Clinic

    Property Details for 522 S Independence Blvd

    Year built
    1987
    Construction
    FRAME
    Lot size
    1.23 lot acres
    Property size
    14,774 SF
    Zone code
    B2
    Property type
    Office buildings
    APN
    14767817960000
    APU
    14767817960000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,829,000
      Market price range: $1.78M - $2.79M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,120,000
      Current use
      INDUSTRIAL (GENERAL)
      $2,525,000
      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
    -76.1278
    Latitude
    36.8256
    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
    $15,901
    $794,100
    $812,100
    $1,606,200
    -
    $794,100
    $812,100
    $1,606,200

    Comparable in this City

    • Value Estimation
      $8,160,000
      46,706 SF

      784 Lynnhaven Pkwy

      OFFICE BUILDING • 46,706 SF
      784 Lynnhaven Pkwy, Virginia Beach, VA 23452-7315
      View Details
    • Value Estimation
      $1,285,000
      6,781 SF

      2533 Virginia Bch Blvd

      OFFICE BUILDING • 6,781 SF
      2533 Virginia Bch Blvd, Virginia Beach, VA 23452-7635
      View Details
    • Value Estimation
      $9,050,000
      49,889 SF

      200 Bendix Rd

      OFFICE BUILDING (MULTI-STORY) • 49,889 SF
      200 Bendix Rd, Virginia Beach, VA 23452-1395
      View Details
    • Value Estimation
      $17,075,000
      104,184 SF

      296 Bendix Rd

      OFFICE BUILDING (MULTI-STORY) • 104,184 SF
      296 Bendix Rd, Virginia Beach, VA 23452
      View Details
    • Value Estimation
      $9,970,000
      83,866 SF

      295 Bendix Rd, Unit 500

      OFFICE BUILDING (MULTI-STORY) • 83,866 SF
      295 Bendix Rd, Virginia Beach, VA 23452-1293
      View Details
    • Value Estimation
      $3,505,000
      32,668 SF

      3145 Virginia Bch Blvd Ste, Unit 101

      OFFICE BUILDING (MULTI-STORY) • 32,668 SF
      3145 Virginia Bch Blvd Ste, Virginia Beach, VA 23452-6950
      View Details

    Similar Nearby for Sale

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      12,242 SF

      Virginia Beach Office Space

      Office building with 12,242 square feet available for rent.
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      33,420 SF

      Renovated Class A Office Building

      Class A office building in Lynnhaven submarket, renovated in 2018.
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    • $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
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      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
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    • $1,150,000
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      Virginia Beach Multi-Use Building

      Multi-use building near the Interstate with updated features and ample parking.
      121 Landmark Sq, Virginia Beach, VA 23452
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    Similar Nearby for Lease

    • Contact for pricing

      Office Building in Lynnhaven Corridor

      Office building in the Lynnhaven Submarket with on-site parking.
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      View Details
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      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
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      Office Building with Large Floors

      Office building offering flexible floor plans for lease.
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      View Details
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      1,977 SF

      Class A Office Space Available

      Four-story office building in Reflections Office Park near I-264.
      2901 S Lynnhaven Rd, Virginia Beach, VA 23452
      View Details
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      16,753 SF

      Class A Office in Virginia Beach

      Renovated office space with water views in Lynnhaven submarket.
      484 Viking Dr, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      3,321 SF

      Class A Office Space Available

      Two-story office building in Lynnhaven Corridor for lease.
      2829 Guardian Ln, Virginia Beach, VA 23452
      View Details
    View Listing
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    522 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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