Flexible Medical Office
For Sale
Contact for pricing
1618 Hardy Cash Drive, Hampton, VA 23666
Former medical-use office building with a flexible suite layout and ample on-site parking at a signalized intersection.
Property Size12,045 SF
Price / SF$145.29
Days on Market51
Property Features for 1618 Hardy Cash Drive
General Information
Standard status
Active
Size
12,045 SF
Property subtype
Office
Zoning
C2
Additional Details
Highway Access
Yes
Building Details
Year Built
1986
Buildings
1
Listing Agency:
Mid Atlantic Commercial
(757) 620-2932
Listed By:
Jonathan Guion · License #VA 0226007065
Source:
Crexi
Added: Jul 7
Changed: Aug 25
Last Checked: Aug 24 at 7:25PM
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 Mid Atlantic Commercial
Investment Insights
Based on property information with market context.
The property is a 12,045 SF office building that was formerly utilized for medical use and is supported by a versatile interior layout. Multiple suites include a combination of administrative areas and private offices, providing flexibility for single-tenant occupancy or division for multiple tenants. The building’s configuration is suitable for medical, general office, or specialty practice use.
The property is situated at the signalized intersection of Magruder Boulevard and Hardy Cash Drive, offering convenient, prominent access. It is positioned near major healthcare drivers including Sentara CarePlex Hospital and surrounding medical offices, placing it within an established medical and professional corridor. In addition, the site provides immediate access to Interstate 64 less than one mile away, supporting connectivity to the broader Hampton Roads region.
Ample on-site parking is available to accommodate staff and visitors, supporting day-to-day operations for office and patient-facing uses.
The property is situated at the signalized intersection of Magruder Boulevard and Hardy Cash Drive, offering convenient, prominent access. It is positioned near major healthcare drivers including Sentara CarePlex Hospital and surrounding medical offices, placing it within an established medical and professional corridor. In addition, the site provides immediate access to Interstate 64 less than one mile away, supporting connectivity to the broader Hampton Roads region.
Ample on-site parking is available to accommodate staff and visitors, supporting day-to-day operations for office and patient-facing uses.
Key Highlights
- 12,045 SF office building built in 1986, formerly used for medical purposes
- Flexible suite layout supports single‑tenant occupancy or division into multiple tenant spaces
- Interior includes administrative areas and private offices, suited for office or specialty/professional uses
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$158,298
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,165,960
$3.2M
Cap Rate 7%
$2,261,400
$2.3M
Cap Rate 9%
$1,758,867
$1.8M
Market Conditions
NOI Build-Up for 12,045 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$238.5K $19.80/SF
− Vacancy
−$27.4K −$2.28/SF
EGI
$211.1K $17.52/SF
− OpEx
−$52.8K −$4.38/SF
NOI
$158.3K $13.14/SF
Area
Hampton, VA
Vacancy
11.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,165,960
Cap Rate 7%
$2,261,400
Cap Rate 9%
$1,758,867
Alternative Uses
Best Use
Healthcare Medical
$2.45M
$2.14M – $2.85M
NOI $171,193 @ 7.0% cap · market cap 9.78%
Second Best
Office B
$2.26M
$1.98M – $2.64M
NOI $158,298 @ 7.0% cap · market cap 9.05%
Theoretical Best
Office A
$3.13M
$2.74M – $3.65M
NOI $219,267 @ 7.0% cap · market cap 12.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,392
Businesses Nearby
Explore this area
Business Placement
Demographics for 23666, VA
52,845
Population
25,117
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
91%
High-School Grad
19.4 sq mi
ZIP Area
2,724
Density / Sq Mi
$70,798
Median Household Income
$42,552
Median Earnings
$1,439
Median Rent
$241,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Former medical-use office building with a flexible suite layout and ample on-site parking at a signalized intersection.
Where is this office building located?
The property is located at 1618 Hardy Cash Drive Hampton, VA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 12,045 SF office building built in 1986, formerly used for medical purposes; Flexible suite layout supports single‑tenant occupancy or division into multiple tenant spaces; Interior includes administrative areas and private offices, suited for office or specialty/professional uses
