Class A Office
For Sale
Contact for pricing
468 Viking Dr, Virginia Beach, VA 23452
Completely renovated Class A office building with approximately 13,000 SF available and monument signage.
Property Size33,420 SF
Price / SF$167.56
Days on Market1391
Property Features for 468 Viking Dr
General Information
Standard status
Active
Size
33,420 SF
Class
A
Property subtype
OFFICE
Zoning
O-1
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Amenities
monument signage
Building Details
Year Renovated
2018
Tenancy
Multi
Listing Agency:
Cushman & Wakefield | Thalhimer - Virginia Beach
(757) 499-2900
Listed By:
John Duffy, Jr
(757) 676-4644
Source:
Moodyscre
Added: Jan 5, 2023
Changed: Oct 25
Last Checked: Oct 26 at 4:29PM
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 Cushman & Wakefield | Thalhimer - Virginia Beach
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Investment Insights
Based on property information with market context.
This Class A office building was completely renovated in 2018 and offers an owner-occupant friendly setup for a corporate headquarters. The building includes approximately 13,000 SF of available space and features monument signage.
The property is ideally situated in the Lynnhaven submarket, adjacent to I-264 access. It is served by an O-1 zoning designation in an Opportunity Zone.
The current tenancy is described as an excellent tenant mix with five tenants, supporting a built-in occupancy framework for investors or owner users.
The property is ideally situated in the Lynnhaven submarket, adjacent to I-264 access. It is served by an O-1 zoning designation in an Opportunity Zone.
The current tenancy is described as an excellent tenant mix with five tenants, supporting a built-in occupancy framework for investors or owner users.
Key Highlights
- Approximately 13,000 SF of space available in a Class A office building
- Completely renovated in 2018
- Monument signage available
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$473,548
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,470,960
$9.5M
Cap Rate 7%
$6,764,971
$6.8M
Cap Rate 9%
$5,261,644
$5.3M
Market Conditions
NOI Build-Up for 33,420 SF
Gross rent
$770.0K $23.04/SF
− Vacancy
−$138.6K −$4.15/SF
EGI
$631.4K $18.89/SF
− OpEx
−$157.8K −$4.72/SF
NOI
$473.5K $14.17/SF
Area
ZIP 23452
Vacancy
18.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,470,960
Cap Rate 7%
$6,764,971
Cap Rate 9%
$5,261,644
Alternative Uses
Best Use
Office B
$6.76M
$5.92M – $7.89M
NOI $473,548 @ 7.0% cap · market cap 8.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.66M
$7.58M – $10.11M
NOI $606,372 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,327
Businesses Nearby
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Business Placement
Demographics for 23452, VA
59,076
Population
23,455
Households
2.5
Avg Household Size
37
Median Age
35%
College-Educated
95%
High-School Grad
15.1 sq mi
ZIP Area
3,912
Density / Sq Mi
$77,327
Median Household Income
$44,009
Median Earnings
$1,571
Median Rent
$324,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Completely renovated Class A office building with approximately 13,000 SF available and monument signage.
Where is this office building located?
The property is located at 468 Viking Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Approximately 13,000 SF of space available in a Class A office building; Completely renovated in 2018; Monument signage available
