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    Property profile & analytics

    889 Seahawk Cir Virginia Beach, VA 23452

    • Distribution centers
    • 122,678 SF
    • 11.32 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Last Sale
    Nov 03, 2021
    $9,200,000
    Value Estimations
    $10,140,000
    Cap Rate Potential
    9%
    Distribution centers
    Location Intelligence
    Property ID
    US87-1290430
    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

    • Kauffman Engineering / Industrial Manufacturer / Production Facility

    Property Details for 889 Seahawk Cir

    Year built
    1986
    Construction
    TYPE NOT SPECIFIED
    Lot size
    11.32 lot acres
    Property size
    122,678 SF
    Zone code
    I1
    Property type
    Distribution centers
    APN
    14966458140000
    APU
    14966458140000

    Description

    This exceptional 29,545-square-foot warehouse, located at 889 Seahawk Circle in Virginia Beach, VA 23452, presents a significant leasing opportunity. Built in 1986, the property offers a versatile space ideal for various industrial uses. The entire building is currently vacant, providing immediate occupancy for a single tenant. The warehouse boasts impressive ceiling heights ranging from 16 to 26 feet, allowing for ample storage and operational flexibility. Loading and unloading are facilitated by three loading docks and one drive-in door. The property is equipped with robust 3-phase, 600-amp power, ensuring sufficient capacity for energy-intensive operations. Zoning is designated I-1 (Light Industrial), APZ 1, and is subject to a Navy Air Easement, which potential tenants should review and understand. Situated in Virginia Beach, this warehouse benefits from convenient access to major transportation routes and a skilled workforce. The property's size and features make it suitable for a wide range of industrial businesses seeking a substantial and well-equipped space. Interested parties should conduct their own due diligence regarding zoning regulations and easements. This is a rare opportunity to secure a large, fully vacant warehouse in a prime Virginia Beach location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,855,000
      ML approach
      $10,470,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,976,000
      Market price range: $11.0M - $38.4M

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.0621
    Latitude
    36.8134
    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
    $68,779
    $974,900
    $6,115,700
    $7,090,600
    -
    $974,900
    $6,115,700
    $7,090,600

    Comparable in this City

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    • Value Estimation
      $6,240,000
      81,360 SF

      513 Viking Dr

      DISTRIBUTION WAREHOUSE • 81,360 SF
      513 Viking Dr, Virginia Beach, VA 23452-7322
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    • Value Estimation by Request

      2693 Reliance Dr

      Distribution properties
      2693 Reliance Dr, Virginia Beach, VA 23452
      View Details
    • Value Estimation
      $19,270,000
      284,490 SF

      2525 International Pkwy

      DISTRIBUTION WAREHOUSE • 284,490 SF
      2525 International Pkwy, Virginia Beach, VA 23452-7821
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    • Value Estimation by Request
      5,978 SF

      101 Malibu Dr

      DISTRIBUTION WAREHOUSE • 5,978 SF
      101 Malibu Dr, Virginia Beach, VA 23452-4446
      View Details
    • Value Estimation
      $14,610,000
      251,052 SF

      2600 International Pkwy

      DISTRIBUTION WAREHOUSE • 251,052 SF
      2600 International Pkwy, Virginia Beach, VA 23452-7801
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • Contact for pricing
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    • $12 SF/Yr
      29,545 SF

      Virginia Beach Warehouse For Lease

      Large industrial warehouse, fully vacant.
      889 Seahawk Cir, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      20,000 SF

      Oceana Submarket Warehouse Space

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    • $12 SF/Yr
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      Flex space in the heart of the Lynnhaven business corridor.
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    • $7 SF/Yr
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      Warehouse Space Near Lynnhaven Mall

      16,100 SF warehouse space with dock and grade loading.
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      View Details
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    889 Seahawk Cir
    Virginia Beach, VA 23452
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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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