Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    548 Progress Ln Virginia Beach, VA 23454-3474

    • Industrial properties
    • 9,288 SF
    • 1.03 lot acres
    OFF-MARKET
    Value Estimations
    $2,805,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0711762
    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

    • Mikes Paint & Body Inc / Auto Body Shop / Auto Painting

    Property Details for 548 Progress Ln

    Year built
    2007
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.03 lot acres
    Property size
    9,288 SF
    Zone code
    I1
    Property type
    Industrial properties
    APN
    14966991480000
    APU
    14966991480000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $1,965,000
      Current use
      RESTAURANT
      $4,185,000
      Change: +113% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $3,275,000
      Change: +67% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $3,185,000
      Change: +62% Conversion: Difficult
      RETAIL STORES
      $2,685,000
      Change: +36% Conversion: Moderate
      MEDICAL BUILDING
      $2,185,000
      Change: +11% 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
    -76.0603
    Latitude
    36.8253
    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
    $13,144
    $204,000
    $1,151,000
    $1,355,000
    -
    $204,000
    $1,151,000
    $1,355,000

    Comparable in this City

    • Value Estimation by Request
      440 SF

      2420 Virginia Bch Blvd Ste, Unit 111

      CONDOMINIUMS (INDUSTRIAL) • 440 SF
      2420 Virginia Bch Blvd Ste, Virginia Beach, VA 23454-4000
      View Details
    • Value Estimation by Request
      1,392 SF

      2425 Bowland Pkwy Ste, Unit 114

      CONDOMINIUMS (INDUSTRIAL) • 1,392 SF
      2425 Bowland Pkwy Ste, Virginia Beach, VA 23454-5229
      View Details
    • Value Estimation by Request
      440 SF

      2420 Virginia Bch Blvd Ste, Unit 119

      CONDOMINIUMS (INDUSTRIAL) • 440 SF
      2420 Virginia Bch Blvd Ste, Virginia Beach, VA 23454-4057
      View Details
    • Value Estimation by Request
      440 SF

      2420 Virginia Bch Blvd Ste, Unit 128

      CONDOMINIUMS (INDUSTRIAL) • 440 SF
      2420 Virginia Bch Blvd Ste, Virginia Beach, VA 23454-4057
      View Details
    • Value Estimation by Request
      440 SF

      2420 Virginia Bch Blvd Ste, Unit 129

      CONDOMINIUMS (INDUSTRIAL) • 440 SF
      2420 Virginia Bch Blvd Ste, Virginia Beach, VA 23454-4058
      View Details
    • Value Estimation by Request
      440 SF

      2420 Virginia Bch Blvd Ste, Unit 138

      CONDOMINIUMS (INDUSTRIAL) • 440 SF
      2420 Virginia Bch Blvd Ste, Virginia Beach, VA 23454-4058
      View Details

    Similar Nearby for Sale

    • $6,070,000
      30,600 SF

      Virginia Beach Flex Space Investment

      High-demand flex space, strong NOI, excellent location.
      1293 Perimeter Pkwy, Virginia Beach, VA 23454
      View Details
    • $500,000
      3,700 SF

      Versatile Flex Condo with Warehouse

      3,700 SF flex condo with office and warehouse space.
      1728 Virginia Beach Blvd, Virginia Beach, VA 23454
      View Details
    • $2,975,000
      20,942 SF

      Industrial Flex Building For Sale

      20,942 SF industrial flex building in Virginia Beach.
      572 Central Dr, Virginia Beach, VA 23454
      View Details
    • $640,000
      6,000 SF

      Virginia Beach Office/Flex Space

      Two-story office/flex space in Virginia Beach's Hilltop area.
      105 S First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • $295,000
      1,500 SF

      Industrial Flex Unit For Sale

      1500 SF industrial flex unit near Hilltop and I-264.
      113 S First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing

      Virginia Beach Pad Ready Parcel

      Located in a Class A office/flex and research park.
      1741 Corporate Landing Pkwy, Virginia Beach, VA 23454
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      20,000 SF

      Conditioned Warehouse Space in Virginia Beach

      20,000 SF conditioned warehouse, ideal for storage, built in 2006.
      585 London Bridge Rd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing
      2,400 SF

      Class A Flex Building For Rent

      2,400 SF flex building with fenced yard near Oceanfront.
      1309 Virginia Beach Blvd, Virginia Beach, VA 23454
      View Details
    • $14 SF/Yr
      3,214 SF

      Oceana Industrial Park Condo

      Office/warehouse condo in Oceana Industrial Park available for lease.
      2425 Bowland Pkwy, Virginia Beach, VA 23454
      View Details
    • $24 SF/Yr
      20,000 SF

      Virginia Beach Medical Office Space

      Class A Medical Office Suites Available
      1232 Perimeter Pkwy, Virginia Beach, VA 23454
      View Details
    • $18 SF/Yr
      11,448 SF

      Prime Virginia Beach Office Space

      1,733 SF Available, High Visibility
      2020 General Booth Blvd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing
      6,891 SF

      Hickman Place Retail Spaces

      Virginia Beach storefront retail, 1,200-5,244 SF
      2180 General Booth Blvd, Virginia Beach, VA 23454
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    548 Progress Ln
    Virginia Beach, VA 23454-3474
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.