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First Colonial Medical Center

1120 First Colonial Rd, Virginia Beach, VA

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For Sale

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Medical office building near Sentara Virginia Beach General Hospital.

Type:OFFICE

Property size:

22,290 SF

Lot size:

2.19 Acres

Price / SF:

$152/SF

HighLights

Strategic location in close proximity to Sentara Virginia Beach General Hospital.
Situated on a major medical corridor with excellent visibility and easy access.
Spacious 2.19‑acre lot.
Approximately 22,000 square feet building size.
Sturdy concrete, CMU block, brick, and steel structure.
Practical rectangular lot shape.

We can help!

Listing Contact

Brian Devlin

Learn more

For Sale

Contact for pricing

Medical office building near Sentara Virginia Beach General Hospital.

Type:OFFICE

Property size:

22,290 SF

Lot size:

2.19 Acres

Price / SF:

$152/SF

Added:: Oct 13, 2023
Days on Market:: 984
Last Refresh:: May 20 at 8:00 pm

Property Features for 1120 First Colonial Rd

General Information

Standard status: Active
Size: 22,290 SF
Lot size: 2.19 Acres
Property subtype: OFFICE

We can help!

Listing Contact

Brian Devlin

Listing agent Brian Devlin

Listing office Divaris Real Estate - Hampton Roads

Listing date Oct 13, 2023

Source Moodyscre

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Divaris Real Estate - Hampton Roads

HighLights

Strategic location in close proximity to Sentara Virginia Beach General Hospital.
Situated on a major medical corridor with excellent visibility and easy access.
Spacious 2.19‑acre lot.
Approximately 22,000 square feet building size.
Sturdy concrete, CMU block, brick, and steel structure.
Practical rectangular lot shape.

Overview

The First Colonial Medical Center is located at 1120 First Colonial Road in Virginia Beach, VA. Constructed in 1970, the building is a concrete, CMU block, brick, and steel structure. The property contains approximately 22,000 square feet and is situated on a 2.19-acre lot with a rectangular shape. The building's location offers advantages for healthcare practitioners and patients. The property is positioned on a major medical corridor in close proximity to Sentara Virginia Beach General Hospital, with visibility and access.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$468.1k	$21.00
− Vacancy	−$72.6k	−$3.26
EGI	$395.5k	$17.75
− OpEx	−$98.9k	−$4.44
NOI	$296.7k	$13.31

22,290 SF · lease $21.00/SF/yr · vacancy 15.50% · expense 25.00%

Alternative Uses

Best Use

Office B

$4.24M

$3.71M – $4.94M (±1% cap)

NOI $296,652 @ 7.0% cap · market cap 8.73%

Second Best

Healthcare Medical

$3.78M

$3.30M – $4.41M (±1% cap)

NOI $264,324 @ 7.0% cap · market cap 7.77%

Theoretical Best

Office A

$5.72M

$5.00M – $6.67M (±1% cap)

NOI $400,266 @ 7.0% cap · market cap 11.77%

Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Current Use by Public Records

Rebecca Houvener Physician Madeleine Mccarty Physician Dr. Roshan Morbia Physician Virginia Plastic Surgery Physician Coastal Surgical Specialists: ... Physician

Suggested Use

Location Insight

Map
Local Demand

City: Virginia Beach
County: Virginia Beach
State: Virginia
Longitude: -76.0289
Latitude: 36.8668

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For sale
Medical Office Space
VA
Virginia Beach
1120 First Colonial Rd

What type of property is this?

Medical Office Space - Medical office building near Sentara Virginia Beach General Hospital.

Where is this medical office space located?

The property is located at 1120 First Colonial Rd Virginia Beach, VA.

What is the asking price?

The asking price for this property is $3,400,000.

What are key features of this property?

This property features: Strategic location in close proximity to Sentara Virginia Beach General Hospital.; Situated on a major medical corridor with excellent visibility and easy access.; Spacious 2.19‑acre lot.

1120 First Colonial Rd, Virginia Beach, VA

Medical office building near Sentara Virginia Beach General Hospital.

Property Features for 1120 First Colonial Rd

General Information

We can help!

HighLights

Overview

Local Financial Insights For Office B

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Two-Story Medical Office Building

Flex Condo with Office and Warehouse

Commercial Property in Virginia Beach

Virginia Beach Multi-Use Building

Triplex with Multiple Rental Units

Virginia Beach Hotel Investment Opportunity

Promising Duplex Near the Beach

Virginia Beach Quadruplex Investment Opportunity

Virginia Beach Land with RV

Park Model RV in Resort

Back Bay RV Lot

Virginia Beach Retail/Restaurant Opportunity

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