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    968 First Colonial Rd Virginia Beach, VA 23454
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    Property profile & analytics

    968 First Colonial Rd Virginia Beach, VA 23454

    View on Map
    • Medical Office Space
    • 2,500 SF
    Off-Market
    Property ID
    US87-0725010
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cao Catherine X MD / Physician / Medical Clinic
    • Dr. Donald E. Lamarche Jr, MD / Physician / Medical Clinic
    • Angela Kent Tucker, Keller Williams Realty / Real Estate Agency
    • Kayla Driscoll, Keller Williams Realty / Real Estate Agency
    • Munesh Nikita Homes / Real Estate Agency

    Property Details for 968 First Colonial Rd

    Year built
    1987
    Property size
    2,500 SF
    Property type
    Medical Office Space

    Description

    This exceptional 2,500 square foot medical office condo, located at 968 First Colonial Road in Virginia Beach, VA 23454, presents a unique investment opportunity. Built in 1987 and recently remodeled, this property boasts a modern and functional layout perfectly suited for a thriving medical practice. The space features multiple private consultation rooms, spacious treatment areas designed for patient comfort, and a welcoming patient lobby. Premium finishes and updated amenities create a professional and inviting atmosphere. Large windows throughout the unit provide ample natural light. Situated in a high-traffic area with excellent visibility and accessibility, this location offers significant advantages for patient access. Its proximity to major roads, local businesses, and residential neighborhoods ensures a consistent flow of potential clients. This is an ideal space for both established healthcare providers seeking to upgrade their facilities and growing practices looking to establish themselves in a prime Virginia Beach location. The asking price for this mixed-use, medical office property is $715,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.026163877954
    Latitude
    36.858828727868

    Comparable in this City

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      6,000 SF

      Virginia Beach Office/Flex Space

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    Similar Nearby for Sale

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      Medical office building near Sentara Virginia Beach General Hospital.
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      Medical Office Building For Sale

      Medical office building in Great Neck, Virginia Beach for sale.
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      Commercial Property in Virginia Beach

      Well-located commercial property suitable for various business uses.
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      30,600 SF

      Premier Office Building For Sale

      Premier office building in Corporate Landing Business Park, Virginia Beach.
      1293 Perimeter Pkwy, Virginia Beach, VA 23454
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    • $800,000
      3.30 Acres

      Virginia Beach Mixed-Use Land

      3.3 acres zoned for mixed-use development in Virginia Beach.
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      6,000 SF

      Virginia Beach Office/Flex Space

      Two-story office/flex space in Virginia Beach's Hilltop area.
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    Similar Nearby for Lease

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      1,542 SF

      First Colonial Office Park Suites

      Single-story office park with professional and medical suites for rent.
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      Class A Medical Office Building

      Class A medical office building in Corporate Landing Business Park.
      1232 Perimeter Pkwy, Virginia Beach, VA 23454
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      Class A Medical Office Space

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      First Colonial Road Office Space

      Office space with modern amenities and ample parking available for lease.
      1101 First Colonial Rd, Virginia Beach, VA 23454
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      Medical Office Suite For Lease

      Well-equipped medical office suite with shared waiting area.
      1301 First Colonial Rd, Virginia Beach, VA 23454
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      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
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    Virginia Beach, VA 23454
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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.

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