Medical Condo with UVA Pediatrics
For Sale
$1,950,000
16244 Bennett Road, Culpeper, VA 22701
NNN leased medical condominium with pediatrics interior build-out and a UVA Pediatrics lease scheduled through May 2031.
Property Size9,226 SF
Price / SF$211.36
Days on Market94
Property Features for 16244 Bennett Road
General Information
Standard status
Active
Size
9,226 SF
Class
A
Property subtype
Office
Zoning
HI
Occupancy
100%
Additional Details
Office Units
1
Building Details
Building Size
9,226 SF
Year Built
2011
Buildings
1
Tenancy
Single
Listing Agency:
Cres Inc Commercial Real Estate Services
Listed By:
Bill Chipman
(540) 878-1211
Source:
Cresinc
Added: Jul 29
Changed: Oct 25
Last Checked: Oct 28 at 7:34AM
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 Cres Inc Commercial Real Estate Services
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Investment Insights
Based on property information with market context.
This medical condominium is leased to UVA Pediatrics on an NNN basis. The property is described as a “shell” building where the tenant completed the interior medical build-out. The space totals 9,200+ square feet, with a listed building size of 9,226 SF. Built in 2011, the building is positioned for medical use under HI zoning.
The current lease runs through May 2031 and includes a 5-year option. Rent increases are set at 2% annually. The property is reported as 100% occupied, and the transaction is presented as a single-unit, medical condominium.
For a buyer seeking a credit-tenant medical asset, the combination of a long-dated lease term and scheduled annual increases may be a key consideration, along with the NNN structure and HI zoning for medical use.
The current lease runs through May 2031 and includes a 5-year option. Rent increases are set at 2% annually. The property is reported as 100% occupied, and the transaction is presented as a single-unit, medical condominium.
For a buyer seeking a credit-tenant medical asset, the combination of a long-dated lease term and scheduled annual increases may be a key consideration, along with the NNN structure and HI zoning for medical use.
Key Highlights
- Leased to UVA Pediatrics on an NNN basis with tenant‑completed interior medical build‑out
- Lease term runs through May 2031 with a 5‑year option
- 2% annual increases under the current lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$144,715
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,894,300
$2.9M
Cap Rate 7%
$2,067,357
$2.1M
Cap Rate 9%
$1,607,944
$1.6M
Market Conditions
NOI Build-Up for 9,226 SF
Gross rent
$258.0K $27.96/SF
− Vacancy
−$16.8K −$1.82/SF
EGI
$241.2K $26.14/SF
− OpEx
−$96.5K −$10.46/SF
NOI
$144.7K $15.69/SF
Area
Culpeper County, VA
Vacancy
6.50%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,894,300
Cap Rate 7%
$2,067,357
Cap Rate 9%
$1,607,944
Alternative Uses
Best Use
Healthcare Medical
$2.07M
$1.81M – $2.41M
NOI $144,715 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.12M
$4.48M – $5.98M
NOI $358,707 @ 7.0% cap · market cap 18.40%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
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Business Placement
Demographics for 22701, VA
37,411
Population
13,770
Households
2.7
Avg Household Size
38
Median Age
27%
College-Educated
88%
High-School Grad
172.2 sq mi
ZIP Area
217
Density / Sq Mi
$93,910
Median Household Income
$47,492
Median Earnings
$1,386
Median Rent
$376,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Medical center - NNN leased medical condominium with pediatrics interior build-out and a UVA Pediatrics lease scheduled through May 2031.
Where is this medical center located?
The property is located at 16244 Bennett Road Culpeper, VA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Leased to UVA Pediatrics on an NNN basis with tenant‑completed interior medical build‑out; Lease term runs through May 2031 with a 5‑year option; 2% annual increases under the current lease
