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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Medical Office Space
968 1st Colonial Rd Ste 105 Virginia Beach, VA 23454-3171
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US87-1132637
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1987
Construction
FRAME
Total area
2,002 SF
Zoning code
O2
APN
24086177305930
UPID
US87-1132637
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$545k
CAP Approach
CAP
$390k
Comparable Approach
Comparable
$401k
Blend (final)
Blend
$550k
Owner & transaction history
Automative Services Finance INC · 4 yrs held
Automative Services Finance INC
since 2022
Last sale
$620,000
3 recorded transactions
Zoning & alternative use
O2 · Virginia Beach, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$705,000
+49.9%
Commercial (general)
$685,000
+45.7%
Retail stores
$580,000
+22.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Virginia Beach submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Virginia Beach submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue 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
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
Blend value · Realmo final
$550k
Range $495k – $605k · ±10% · vs last sale $620k (Jan 31 2022)
Last sale anchor
$620k
Jan 31 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$275 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$2,794
Tax year 2024
Assessed value
$282,200
Assessed 2024
Previous assessed
$282,200
+0.0% YoY
Effective rate
0.99%
On assessed value
Assessed land
$132,000
Assessed improvement
$150,200
Land market value
$132,000
Improvement market value
$150,200
Total market value
$282,200
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1987
Construction
FRAME
Heating
YES
Cooling
CENTRAL
Stories
1
Total area
2,002 SF
Zoning code
O2
APN
24086177305930
UPID
US87-1132637
Jurisdiction
VIRGINIA BEACH CITY
Zoning & alternative use
O2 · Virginia Beach, VA
Zoning O2 · permitted uses
O2 · Virginia Beach, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Virginia Beach. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$470,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$705,000
COMMERCIAL (GENERAL)
Est. value
$685,000
RETAIL STORES
Est. value
$580,000
OFFICE BUILDING
Est. value
$410,000
MEDICAL BUILDING Current
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
RETAIL STORES
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Construction
FRAME
Heating
YES
Cooling
Yes
Stories
1
Current owner
From public records · entity-resolved
Automative Services Finance INC
Entity
Mailing address
968 1ST COLONIAL RD STE #102, VIRGINIA BEACH, VA 23454-3171
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 31, 2022
$620,000
Automative Services Finance INC
Glasson At First Colonial LLC
Foreclosure
related
$50,000 · Primalend Real Estate LLC
Aug 27, 2015
—
Glasson At First Colonial LLC
Glasson,sandra E
Quit Claim Deed
related
—
Mar 17, 2005
—
Aidendalron LLC
Copeland,kenneth P & Rowena A
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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