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

    5461 Wesleyan Dr Virginia Beach, VA 23455

    • Lifestyle centers
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0020757
    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

    • Golden City / Chinese Restaurant
    • Mac Kutz / Barber Shop
    • Food Lion / Grocery Store
    • SprinterBus.net / Transportation Service
    • King kong chinese / Chinese Restaurant

    Property Details for 5461 Wesleyan Dr

    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    This exceptional 7-suite shopping center in Virginia Beach, VA, presents a fantastic retail leasing opportunity. Located at 5461 Wesleyan Drive, zip code 23455, this single-story building offers a 1,200 square foot vacant suite (Suite 106), perfect for a variety of retail businesses. The space includes two restrooms. The property boasts a strong tenant mix, including established businesses such as Food Lion, Luxury Nails, Silver Fox Tobacco, Cali Cuts Hair Salon, and Golden City Take-Out, creating a vibrant and attractive shopping destination. The asking rent is $18 per square foot, plus NNN expenses of $4.95. This is a highly visible location with excellent access and ample parking, ensuring high foot traffic and customer visibility. The property is easily accessible from major roadways, making it convenient for both customers and employees. This is an ideal opportunity to establish or expand your retail business in a thriving commercial area. Don't miss out on this chance to join a successful shopping center in a prime Virginia Beach location. The property features no elevators.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1695031
    Latitude
    36.8698237

    Comparable in this City

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      Retail Space on Shore Drive

      Retail units available in Ocean Park community shopping center.
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      Retail Space in Busy Center

      Retail space available in a high-traffic shopping center.
      1049-1087 Independence Blvd, Virginia Beach, VA 23455
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    • $16 SF/Yr
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      Retail Space in Virginia Beach

      Neighborhood shopping center with high traffic location in Virginia Beach.
      1604-1608 Pleasure House Rd, Virginia Beach, VA 23455
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      1,400 SF

      Retail Space on Shore Drive

      Retail space available on Shore Drive in Virginia Beach.
      4701 Shore Dr, Virginia Beach, VA 23455
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    Similar Nearby for Sale

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      Industrial Land Available for Sale

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      Virginia Beach Commercial Land Available

      0.712 acre commercial land parcel in central Virginia Beach.
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      Office Space on Independence Boulevard

      Office space available for purchase on Independence Boulevard.
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    Similar Nearby for Lease

    • $18 SF/Yr
      58,230 SF

      Lake Shores Plaza Retail Center

      Virginia Beach prime retail space, high traffic.
      5193 Shore Dr, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      56,655 SF

      Independent Plaza: Prime Retail/Office Space

      Virginia Beach Retail & Office Opportunity: 1,200 SF Available
      1115 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      1,000 SF

      Retail Space on Shore Drive

      Retail units available in Ocean Park community shopping center.
      3700 Shore Dr, Virginia Beach, VA 23455
      View Details
    • Contact for pricing
      1,974 SF

      Retail Space in Busy Center

      Retail space available in a high-traffic shopping center.
      1049-1087 Independence Blvd, Virginia Beach, VA 23455
      View Details
    • $16 SF/Yr
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      Retail Space in Virginia Beach

      Neighborhood shopping center with high traffic location in Virginia Beach.
      1604-1608 Pleasure House Rd, Virginia Beach, VA 23455
      View Details
    • $40 SF/Yr
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      Retail Space Available For Lease

      Retail space available for lease in Virginia Beach, VA.
      5720 Northampton Blvd, Virginia Beach, VA 23455
      View Details
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    Virginia Beach, VA 23455
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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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