This exceptional 152,314 square foot shopping center, situated at 1920 Centerville Turnpike in Virginia Beach, VA (zip code 23464), presents a compelling investment opportunity. Built in 1988 and zoned B-2, the property boasts 568 free surface parking spaces, ensuring ample convenience for customers. Currently, there are four available retail spaces ranging from 1,481 to 1,600 contiguous square feet, totaling 4,681 square feet of vacant space. The minimum divisible space is 1,481 square feet. Strategically located at the intersection of Centerville Turnpike and Kempsville Road, this center benefits from high visibility and accessibility. Its prime location is approximately one mile from Regent University and the Founders Inn Hotel and Conference Center, ensuring a robust customer base. Anchored by a Food Lion and Dollar General, this attractive community shopping center thrives in the heart of Kempsville, Virginia Beach's most densely populated submarket. This property offers a unique chance to establish or expand a business within a thriving retail environment. The property's strong location and established anchors make it an ideal investment for discerning buyers seeking a high-traffic retail space in a desirable area.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
CAP approach
CAP return
Valuation
6%
$14,940,415
6.5%
$13,791,152
7%
$12,806,070
Comparable approach
Method
Valuation
Relative Method
$15,492,986
Geo Method
$23,054,996
Alternative Use
Use
Valuation
Residential
$11,633,353
Hospitality
$10,656,089
Educational
$8,865,741
Medical
$9,170,647
Retail
$13,791,152
Location Insight
City
Virginia Beach
County
Virginia Beach City
State
Virginia
Latitude
36.7791
Longitude
-76.19
CBSA code
47260
CBSA name
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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