1660 Independence BlvdVirginia Beach, VA 23455

Property Details for 1660 Independence Blvd

Year built

1997

Construction

TYPE NOT SPECIFIED

Lot size

1.40 AC

Property size (Sq ft)

11,100 SF

Zone code

B2

Property type

Retail properties

Property subtype

Retail space

APN

14792366180000

APU

14792366180000

Description

This exceptional 11,178-square-foot former Rite Aid drugstore presents a unique investment opportunity in Virginia Beach, VA. Located at the highly visible, signalized intersection of Independence Boulevard and Pleasure House Road in the Haygood submarket, this single-story, Class A building boasts excellent accessibility from both sides of the property. Built in 1997, the property sits on a substantial 1.397 acres of land and includes 52 parking spaces. The building features a convenient drive-thru, and its electrical service includes one 400-amp panel and two 250-amp panels. The property is currently vacant, offering immediate occupancy. The zoning is B-2, and the property taxes are $3.10 per square foot. The surrounding area is anchored by a strong mix of national retailers, including Harris Teeter, Marshall's, Dollar Tree, Starbucks, Chick-fil-A, CVS, and McDonald Garden Center, ensuring high traffic and visibility. This location offers significant potential for redevelopment or repositioning within a thriving retail environment. The property's size, location, and existing infrastructure make it an ideal candidate for a variety of retail uses. This is a rare opportunity to acquire a prime retail property in a high-demand area of Virginia Beach. The address is 1660 Independence Blvd, Virginia Beach, VA 23455.

• CAP approach

  CAP return

  Valuation

  6%

  $3,445,613

  6.5%

  $3,180,566

  7%

  $2,953,382

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,584,144

  Geo Method

  $4,671,604

• Alternative Use

  Use

  Valuation

  Residential

  $2,682,926

  Hospitality

  $2,457,546

  Educational

  $2,044,649

  Medical

  $2,114,968

  Retail

  $3,180,566

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Latitude

36.8944

Longitude

-76.1413

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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