1808 Salem RdVirginia Beach, VA 23456

Property Details for 1808 Salem Rd

Year built

2005

Construction

TYPE NOT SPECIFIED

Lot size

2.96 AC

Property size (Sq ft)

14,364 SF

Zone code

B2

Property type

Retail space

APN

14759249540000

APU

14759249540000

Description

This exceptional Class A, 14,364-square-foot freestanding retail building presents a unique investment opportunity in Virginia Beach, VA. Situated on a 2.95-acre lot at the signalized intersection of Salem Road and Independence Boulevard, this single-tenant property boasts a prominent location within the densely populated Salem/Lynnhaven area. The building features a convenient drive-thru, enhancing its appeal to a wide range of potential tenants. Its strategic placement offers excellent visibility and accessibility, complemented by monument signage. The property benefits from high traffic counts, exceeding 16,500 vehicles per day on S. Independence Boulevard and 15,608 vehicles per day on Salem Road. Nearby key establishments include a Walmart Supercenter, Home Depot, and the Tidewater Community College campus on Princess Anne Road, ensuring a strong customer base and high foot traffic. The entire building is currently vacant, providing a blank canvas for a new tenant or a chance to lease to multiple tenants. This property offers a compelling combination of size, location, and visibility, making it an ideal investment for discerning buyers seeking a high-impact retail presence in a thriving market. The property's address is 1808 Salem Rd, Virginia Beach, VA 23456.

• CAP approach

  CAP return

  Valuation

  6%

  $3,917,563

  6.5%

  $3,616,212

  7%

  $3,357,912

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,062,454

  Geo Method

  $6,045,308

• Alternative Use

  Use

  Valuation

  Residential

  $3,050,410

  Hospitality

  $2,794,160

  Educational

  $2,324,708

  Medical

  $2,404,658

  Retail

  $3,616,212

Location Insight

City

Virginia Beach

County

Virginia Beach City

State

Virginia

Latitude

36.7819

Longitude

-76.1214

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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