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

    675 Phoenix Dr Virginia Beach, VA 23452-7318

    • Turn key restaurants
    • 5,291 SF
    • 1.19 lot acres
    OFF-MARKET
    Last Sale
    Nov 16, 2022
    $1,700,000
    Value Estimations
    $1,735,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0610890
    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

    • Pop's Diner Co. / Breakfast Restaurant / Brunch Restaurant
    • Yummi Crab / Crab House / Seafood Restaurant

    Property Details for 675 Phoenix Dr

    Year built
    1994
    Construction
    FRAME
    Lot size
    1.19 lot acres
    Property size
    5,291 SF
    Zone code
    I1
    Property type
    Turn key restaurants
    APN
    14964840390000
    APU
    14964840390000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,550,000
      ML approach
      $1,585,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,296,000
      Market price range: $1.04M - $4.09M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,385,000
      Current 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
    -76.069
    Latitude
    36.8225
    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
    $19,576
    $1,041,300
    $936,100
    $1,977,400
    -
    $1,041,300
    $936,100
    $1,977,400

    Comparable in this City

    • Value Estimation
      $390,000
      5,760 SF

      4085 Virginia Bch Blvd

      RESTAURANT • 5,760 SF
      4085 Virginia Bch Blvd, Virginia Beach, VA 23452-1764
      View Details
    • Value Estimation
      $385,000
      6,450 SF

      4292 Holland Rd

      RESTAURANT • 6,450 SF
      4292 Holland Rd, Virginia Beach, VA 23452-1907
      View Details
    • Value Estimation
      $280,000
      2,473 SF

      2808 Sabre St

      RESTAURANT • 2,473 SF
      2808 Sabre St, Virginia Beach, VA 23452-7337
      View Details
    • Value Estimation
      $405,000
      4,620 SF

      3337 Virginia Bch Blvd

      RESTAURANT • 4,620 SF
      3337 Virginia Bch Blvd, Virginia Beach, VA 23452-5616
      View Details
    • Value Estimation
      $450,000
      9,047 SF

      683 Lynnhaven Pkwy

      RESTAURANT • 9,047 SF
      683 Lynnhaven Pkwy, Virginia Beach, VA 23452-7320
      View Details
    • Value Estimation
      $510,000
      5,591 SF

      653 Thalia Rd

      RESTAURANT • 5,591 SF
      653 Thalia Rd, Virginia Beach, VA 23452-1850
      View Details

    Similar Nearby for Sale

    • $6,100,000
      7,370 SF

      NNN Red Lobster For Sale

      NNN Red Lobster with 5.25% cap rate for sale.
      821 Lynnhaven Pkwy, Virginia Beach, VA 23452
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    • $1,300,000
      1,898 SF

      Commercial Property on Virginia Beach

      High-visibility commercial property suitable for auto repair business.
      2841 Virginia Beach Blvd, Virginia Beach, VA 23452
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    • $1,250,000
      0.46 Acres

      Lynn Shores Commercial Land

      Virginia Beach retail land, high traffic
      3899 Bonney Rd, Virginia Beach, VA 23452
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    • $534,900
      960 SF

      Versatile Showroom/Office Space For Sale

      Single-story showroom/office space with high traffic exposure in Virginia Beach.
      2640 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • $1,790,000
      5,150 SF

      Virginia Beach Retail Investment Opportunity

      Two-tenant shopping center in high-traffic Pembroke/Thalia location.
      4336 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • $2,950,000
      12,498 SF

      Retail Building with Ample Parking

      12,498 SF retail building on 2.8 acres for sale.
      1124 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,400 SF

      Retail Space Near Lynnhaven Mall

      Retail space available across from Lynnhaven Regional Mall.
      796 Lynnhaven Pkwy, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      101,418 SF

      Prime Lynnhaven Retail Center

      Virginia Beach shopping center, 101,418 SF available
      2701 Mall Dr, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      1,526 SF

      Retail Space Near Lynnhaven Mall

      Retail space adjacent to Lynnhaven Mall in Virginia Beach.
      2728 N Mall Dr, Virginia Beach, VA 23452
      View Details
    • $12 SF/Yr
      14,000 SF

      Office/Retail Center Space Available

      Office and retail spaces available for lease in Virginia Beach.
      3615 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      6,300 SF

      Retail Space in Virginia Beach

      Retail space available for lease in Virginia Beach, VA.
      3750-3754 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      37,500 SF

      Retail Space on Virginia Beach

      Former Conn’s HomePlus store with high-traffic exposure.
      3421 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
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    Virginia Beach, VA 23452-7318
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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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