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

    968 1st Colonial Rd Ste, Unit 105 Virginia Beach, VA 23454-3171

    • Medical offices
    • 2,002 SF
    OFF-MARKET
    Last Sale
    Jan 31, 2022
    $620,000
    Value Estimations
    $550,000
    Show details
    Cap Rate Potential
    4.5%
    Medical offices
    Location Intelligence
    Property ID
    US87-1132637
    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

    • Medical offices

    Property Details for 968 1st Colonial Rd Ste

    Year built
    1987
    Construction
    FRAME
    Property size
    2,002 SF
    Zone code
    O2
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    24086177305930
    APU
    24086177305930

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $565,000
      ML approach
      $545,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $425,000
      6.5%
      $390,000
      7%
      $365,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $401,000
      Market price range: $347k - $653k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $470,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $705,000
      Change: +50% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $685,000
      Change: +46% Conversion: Easy
      RETAIL STORES
      $580,000
      Change: +23% Conversion: Difficult
      OFFICE BUILDING
      $410,000
      Change: -13% 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
    -76.0258
    Latitude
    36.8591
    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
    $2,794
    $132,000
    $150,200
    $282,200
    -
    $132,000
    $150,200
    $282,200

    Comparable in this City

    • Value Estimation
      $3,410,000
      26,020 SF

      1101 1st Colonial Rd

      MEDICAL BUILDING • 26,020 SF
      1101 1st Colonial Rd, Virginia Beach, VA 23454-2409
      View Details
    • Value Estimation
      $935,000
      5,120 SF

      1036 1st Colonial Rd

      MEDICAL BUILDING • 5,120 SF
      1036 1st Colonial Rd, Virginia Beach, VA 23454
      View Details
    • Value Estimation by Request
      50,022 SF

      1717 Will O Wisp Dr

      MEDICAL BUILDING • 50,022 SF
      1717 Will O Wisp Dr, Virginia Beach, VA 23454-3102
      View Details
    • Value Estimation by Request
      1,787 SF

      1809 Colonial Medical Ct Ste, Unit 101

      MEDICAL BUILDING • 1,787 SF
      1809 Colonial Medical Ct Ste, Virginia Beach, VA 23454-3076
      View Details
    • Value Estimation
      $790,000
      5,382 SF

      1012 1st Colonial Rd

      MEDICAL BUILDING • 5,382 SF
      1012 1st Colonial Rd, Virginia Beach, VA 23454-3072
      View Details
    • Value Estimation by Request
      1,956 SF

      1240 Perimeter Pkwy Ste, Unit 402

      MEDICAL BUILDING • 1,956 SF
      1240 Perimeter Pkwy Ste, Virginia Beach, VA 23454-5698
      View Details

    Similar Nearby for Sale

    • $3,400,000
      22,290 SF

      First Colonial Medical Center

      Medical office building near Sentara Virginia Beach General Hospital.
      1120 First Colonial Rd, 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
    • $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
    • $650,000
      0.90 Acres

      Commercial Lot in Virginia Beach

      0.9-acre vacant commercial lot in a vibrant business corridor.
      1249 Oceana Blvd, Virginia Beach, VA 23454
      View Details
    • $650,000
      6,411 SF

      Redevelopment Opportunity on Virginia Beach

      Redevelopment opportunity in high-traffic location near Hilltop Retail District.
      1733 Virginia Beach Blvd, Virginia Beach, VA 23454
      View Details
    • $1,636,364

      Retail Property For Sale

      Retail property available for purchase in Virginia Beach, VA.
      1896 General Booth Blvd, Virginia Beach, VA 23454
      View Details

    Similar Nearby for Lease

    • $24,000
      1,000 SF

      Virginia Beach Medical Office Suite

      Prime Medical Office Space for Lease
      1301 First Colonial Rd, 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
    • $22 SF/Yr
      1,542 SF

      First Colonial Office Park Suites

      Single-story office park with professional and medical suites for rent.
      921 First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing
      4,200 SF

      Class A Medical Office Space

      Move-in ready medical office near Sentara Virginia Beach General.
      324 Louisa Ave, Virginia Beach, VA 23454
      View Details
    • $30 SF/Yr
      6,505 SF

      Medical Office Space For Rent

      Multi-tenant medical office building near Sentara Virginia Beach General Hospital.
      1101 First Colonial Rd, Virginia Beach, VA 23454
      View Details
    • Contact for pricing
      17,633 SF

      Oceana Blvd Executive Office Space

      Modern Virginia Beach Office Suite, 1273 sqft
      1337 Oceana Blvd, Virginia Beach, VA 23454
      View Details
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    Virginia Beach, VA 23454-3171
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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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