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

    880 Military Hwy Virginia Beach, VA 23464

    • Community centers
    • 9,537 SF
    • 12.73 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Feb 11, 2022
    $2,930,000
    Value Estimations
    $2,565,000
    Cap Rate Potential
    5.2%
    Community centers
    Location Intelligence
    Property ID
    US87-0659790
    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

    • Burlington / Home Goods Store / Jewelry Store
    • Western Union / Bank / Credit Union
    • Coinstar Kiosk | Bitcoin ATM / Atm / Currency Exchange Service
    • It's Fashion / Clothing Store

    Property Details for 880 Military Hwy

    Year built
    1966
    Construction
    TYPE NOT SPECIFIED
    Lot size
    12.73 lot acres
    Property size
    9,537 SF
    Zone code
    B2
    Property type
    Community centers
    APN
    14562403890000
    APU
    14562403890000

    Description

    This prime retail opportunity, located at 880 S Military Hwy in Virginia Beach, VA 23464, presents a significant investment prospect within the Indian River Shopping Center. The center boasts a total of 128,017 square feet of retail space, offering multiple tenancy options. Currently, there is 48,080 square feet of vacant space available, with a minimum divisible unit of 22,330 square feet and a maximum contiguous space of 25,750 square feet. One immediately available space totals 7,344 square feet, ideal for a variety of retail uses. The property's strategic location on S Military Highway ensures high visibility and accessibility, attracting a substantial customer base. This is an exceptional chance to establish or expand a retail presence in a thriving Virginia Beach commercial hub. The property's size and flexibility make it suitable for a single large tenant or multiple smaller businesses. Detailed floor plans and lease terms are available upon request. Don't miss this chance to secure a prominent position in this established shopping center. Contact us today to learn more about this exciting opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,670,000
      ML approach
      $2,150,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,325,000
      6.5%
      $2,145,000
      7%
      $1,990,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $3,365,000
      Current use
      COMMERCIAL (GENERAL)
      $3,270,000
      Change: -3% Conversion: Easy
      RETAIL STORES
      $2,755,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.2139
    Latitude
    36.815
    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
    $48,250
    $3,598,500
    $1,275,200
    $4,873,700
    -
    $3,598,500
    $1,275,200
    $4,873,700

    Comparable in this City

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    • Value Estimation
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    • Value Estimation by Request
      3,380 SF

      837 Kempsville Rd

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      837 Kempsville Rd, Virginia Beach, VA 23464-2708
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    • Value Estimation
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      5386 Kempsriver Dr Ste, Unit 101

      MINI-MALL • 19,165 SF
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    • Value Estimation
      $1,790,000
      13,200 SF

      5347 Lila Ln Ste, Unit 101

      MINI-MALL • 13,200 SF
      5347 Lila Ln Ste, Virginia Beach, VA 23464-6783
      View Details
    • Value Estimation
      $1,495,000
      13,406 SF

      5318 Providence Rd

      MINI-MALL • 13,406 SF
      5318 Providence Rd, Virginia Beach, VA 23464-4102
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      12,381 SF

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      Retail space in a dominant, highly visible shopping center.
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    • $50 SF/Yr
      7,344 SF

      Community Center Retail Space Available

      Centrally located retail space in Virginia Beach for lease.
      880-886 S Military Hwy, Virginia Beach, VA 23464
      View Details
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      View Details
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    880 Military Hwy
    Virginia Beach, VA 23464
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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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