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

    5644 Parliament Dr Virginia Beach, VA 23462-3319

    • Industrial properties
    • 19,785 SF
    • 0.67 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2024
    Value Estimations
    $1,170,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1304655
    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

    • Gymstrada Gymnastics / Gymnastics Center

    Property Details for 5644 Parliament Dr

    Year built
    1966
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.67 lot acres
    Property size
    19,785 SF
    Zone code
    B2
    Property type
    Industrial properties
    APN
    14671317790000
    APU
    14671317790000

    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
    -76.1821
    Latitude
    36.8405
    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
    $6,959
    $213,600
    $503,800
    $717,400
    -
    $213,600
    $503,800
    $717,400

    Comparable in this City

    • Value Estimation by Request
      62,000 SF

      5149-5151 Bonney Rd

      Distribution properties • 62,000 SF
      5149-5151 Bonney Rd, Virginia Beach, VA 23462
      View Details
    • Value Estimation by Request
      576 SF

      121 Southgate Ave

      INDUSTRIAL MISCELLANEOUS • 576 SF
      121 Southgate Ave, Virginia Beach, VA 23462-2518
      View Details
    • Value Estimation by Request
      1,144 SF

      209 Jersey Ave

      INDUSTRIAL MISCELLANEOUS • 1,144 SF
      209 Jersey Ave, Virginia Beach, VA 23462
      View Details
    • Value Estimation
      $1,510,000
      12,690 SF

      201 Expy Ct

      INDUSTRIAL (GENERAL) • 12,690 SF
      201 Expy Ct, Virginia Beach, VA 23462-6526
      View Details
    • Value Estimation by Request
      35,157 SF

      203 Expressway Ct

      Distribution properties • 35,157 SF
      203 Expressway Ct, Virginia Beach, VA 23462
      View Details
    • Value Estimation by Request
      50,975 SF

      5305 Cleveland St

      Flex space • 50,975 SF
      5305 Cleveland St, Virginia Beach, VA 23462
      View Details

    Similar Nearby for Sale

    • $410,000
      1,664 SF

      Virginia Beach Duplex Opportunity

      Duplex in Virginia Beach, remodeled unit, tenant occupied.
      5002 Century Dr, Virginia Beach, VA 23462
      View Details
    • $785,000
      4,368 SF

      Two-Story Office Condo For Sale

      Two-story office condominium centrally located with convenient highway access.
      808 Newtown Rd, Virginia Beach, VA 23462
      View Details
    • $95,000
      0.19 Acres

      Virginia Beach Commercial Land Parcel

      Prime 0.19-acre commercial lot in Virginia Beach.
      818 Newtown Rd, Virginia Beach, VA 23462
      View Details
    • $415,000
      2,013 SF

      Turn-Key Office Condo For Sale

      Move-in ready office condo in central Virginia Beach location.
      4646 Princess Anne Rd, Virginia Beach, VA 23462
      View Details
    • $1,300,000
      1.08 Acres

      Prime VB Land: Independence Blvd

      1.08-acre B2 zoned lot near Town Center.
      449-465 Independence Blvd, Virginia Beach, VA 23462
      View Details
    • $5,641,000
      11,780 SF

      Virginia Beach Office Building

      Office building with 11,780 square feet of space.
      380 Cleveland Pl, Virginia Beach, VA 23462
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      3,200 SF

      Industrial Space in Virginia Beach

      3,200 SF industrial property available for lease.
      5321 Cleveland St, Virginia Beach, VA 23462
      View Details
    • $15 SF/Yr
      1,800 SF

      Virginia Beach Flex Space Available

      Flex space with 16' ceilings and yard space.
      5768-5772 Arrowhead Dr, Virginia Beach, VA 23462
      View Details
    • $4,000 /Mo
      1,000 SF

      Virginia Beach Flex Space Available

      Flex space with I-1 zoning, near Town Center.
      232 Jersey Ave, Virginia Beach, VA 23462
      View Details
    • Contact for pricing
      11,275 SF

      Warehouse/Industrial Site in Virginia Beach

      Proposed 11,275 SF warehouse/industrial site in Pembroke area.
      309 Aragona Blvd, Virginia Beach, VA 23462
      View Details
    • $13 SF/Yr
      6,404 SF

      Flex Building Near I-264

      36,947 SF flex building with convenient highway access.
      236 Clearfield Ave, Virginia Beach, VA 23462
      View Details
    • $15 SF/Yr
      1,608 SF

      Flex Units with Roll-Up Doors

      Flex units with office and warehouse space, convenient highway access.
      5773 Arrowhead Dr, Virginia Beach, VA 23462
      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.
    5644 Parliament Dr
    Virginia Beach, VA 23462-3319
    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.