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

    5250 Challedon Dr Virginia Beach, VA 23462

    • Warehouses
    • 15,600 SF
    • 0.62 lot acres
    For Lease
    View listing
    Last Sale
    Jan 31, 2022
    $1,300,000
    Value Estimations
    $1,120,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0080696
    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

    • Hearts Full of Grace / Association / Organization
    • Exclusive Creations / Custom T-Shirt Store / Banner Store
    • Damitka Bynum / Social Worker
    • WRVISUALS / Photography Service
    • 7 Cities Fire Prevention / Fire Protection Service

    Property Details for 5250 Challedon Dr

    Year built
    1975
    Lot size
    0.62 lot acres
    Property size
    15,600 SF
    Zone code
    B2
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    14665839030000
    APU
    14665839030000

    Description

    This well-maintained, Class C office building at 5250 Challedon Drive in Virginia Beach, VA, offers a fantastic opportunity for businesses seeking flexible space. Built in 1975 and extensively renovated in 2018, the property boasts a total of 15,600 square feet, with only 100 square feet currently vacant. The building is zoned B-2, allowing for a variety of commercial uses. The property features a traditional office layout, suitable for single or multiple tenants, providing ample space for growth. With 33 parking spaces available, ample parking is ensured for employees and clients. Located in Virginia Beach City, the building benefits from convenient access to local amenities and transportation networks. The property's design fosters a productive and comfortable work environment, making it an ideal location for businesses of all sizes. The available 100 square feet provides an immediate opportunity for a small business or expansion for an existing one. This is a rare opportunity to secure office space in a well-maintained and conveniently located building in a thriving Virginia Beach community. The zip code is 23462.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,185,000
      ML approach
      $1,155,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $923,000
      Market price range: $453k - $1.63M

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1684
    Latitude
    36.8268
    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
    $13,196
    $134,100
    $1,226,300
    $1,360,400
    -
    $134,100
    $1,226,300
    $1,360,400

    Comparable in this City

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      104 Aragona Blvd

      MINI-WAREHOUSE, STORAGE • 8,000 SF
      104 Aragona Blvd, Virginia Beach, VA 23462-2737
      View Details
    • Value Estimation
      $510,000
      4,656 SF

      4920 Southern Blvd

      MINI-WAREHOUSE, STORAGE • 4,656 SF
      4920 Southern Blvd, Virginia Beach, VA 23462-5314
      View Details
    • Value Estimation
      $355,000
      6,720 SF

      5728 Southern Blvd, Unit A

      MINI-WAREHOUSE, STORAGE • 6,720 SF
      5728 Southern Blvd, Virginia Beach, VA 23462-2409
      View Details
    • Value Estimation
      $785,000
      2,500 SF

      402 Davis St Ste, Unit 103

      MINI-WAREHOUSE, STORAGE • 2,500 SF
      402 Davis St Ste, Virginia Beach, VA 23462-5672
      View Details
    • Value Estimation
      $315,000
      6,258 SF

      5198 Cleveland St Sta, Unit A

      MINI-WAREHOUSE, STORAGE • 6,258 SF
      5198 Cleveland St Sta, Virginia Beach, VA 23462-6531
      View Details
    • Value Estimation
      $455,000
      15,080 SF

      128 Dorset Ave

      MINI-WAREHOUSE, STORAGE • 15,080 SF
      128 Dorset Ave, Virginia Beach, VA 23462-5304
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $4,000 /Mo
      1,000 SF

      Virginia Beach Flex Space Available

      Flex space with I-1 zoning, near Town Center.
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      View Details
    • Contact for pricing
      11,275 SF

      Warehouse/Industrial Site in Virginia Beach

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      View Details
    • $15 SF/Yr
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      Flex Units with Roll-Up Doors

      Flex units with office and warehouse space, convenient highway access.
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    • $11 SF/Yr
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      Flex space with warehouse and office components, convenient location.
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    • $13 SF/Yr
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      Industrial Space Available For Lease

      2850 square feet of warehouse/industrial space for lease.
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      View Details
    • $13 SF/Yr
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      Industrial Space with Interstate Visibility

      Industrial space for rent with signage and ample parking.
      5269 Cleveland St, Virginia Beach, VA 23462
      View Details
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    Virginia Beach, VA 23462
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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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