Commonwealth Dentistry Medical
For Sale
$1,187,000
2003 Meade Pkwy, Suffolk, VA 23434
Medical office space offered for sale in Suffolk, Virginia, at a named Parkway address.
Property Size4,287 SF
Price / SF$276.88
Days on Market47
Property Features for 2003 Meade Pkwy
General Information
Standard status
Active
Size
4,287 SF
Property subtype
Single-Tenant Office Medical
Lease Type
NN
Amenities
Portfolio of Seven Single-Tenant Commonwealth Dentistry Locations in Virginia
Double Net Lease Through July 2033 with Annual CPI Increases
Corporate Guarantee: 60+ Locations in Three States
Over 52,000 Residents within Five Miles with Average Household Income of $91,856
Building Details
Building Size
4,287 SF
Listing Agency:
Marcus & Millichap - Milwaukee
(262) 364-1924
Listed By:
Jeff R. Rowlett · License #License(s): WI: 74743-94, IL: 471.016866
(262) 364-1924
Source:
Marcusmillichap
Added: Jul 15
Changed: Aug 30
Last Checked: Aug 30 at 3:06AM
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 Marcus & Millichap - Milwaukee
Investment Insights
Based on property information with market context.
Commonwealth Dentistry is identified as a medical office property offered for sale at 2003 Meade Pkwy in Suffolk, Virginia. The building contains 4,287 square feet of property area and is associated with the Commonwealth Dentistry name.
The property is located in Suffolk, VA 23434. Available information identifies the asset as medical office space and provides a specific Parkway address for the offering. No additional building, site, tenant, or operating details are included.
The property is located in Suffolk, VA 23434. Available information identifies the asset as medical office space and provides a specific Parkway address for the offering. No additional building, site, tenant, or operating details are included.
Key Highlights
- 4,287‑square‑foot medical office property
- Located at 2003 Meade Pkwy, Suffolk, VA 23434
- Commonwealth Dentistry name associated with the property
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
$60,282
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
5.08%
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%
$1,205,640
$1.2M
Cap Rate 7%
$861,171
$861.2K
Cap Rate 9%
$669,800
$669.8K
Market Conditions
NOI Build-Up for 4,287 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
$108.0K $25.20/SF
− Vacancy
−$7.6K −$1.76/SF
EGI
$100.5K $23.44/SF
− OpEx
−$40.2K −$9.37/SF
NOI
$60.3K $14.06/SF
Area
Suffolk County, VA
Vacancy
7.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,205,640
Cap Rate 7%
$861,171
Cap Rate 9%
$669,800
Alternative Uses
Best Use
Healthcare Medical
$861.2K
$753.5K – $1.00M
NOI $60,282 @ 7.0% cap · market cap 5.08%
Second Best
Office B
$670.6K
$586.8K – $782.3K
NOI $46,940 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$993.4K
$869.2K – $1.16M
NOI $69,536 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 23434, VA
51,430
Population
21,764
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
90%
High-School Grad
206.8 sq mi
ZIP Area
249
Density / Sq Mi
$75,798
Median Household Income
$47,291
Median Earnings
$1,242
Median Rent
$293,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office space offered for sale in Suffolk, Virginia, at a named Parkway address.
Where is this medical office space located?
The property is located at 2003 Meade Pkwy Suffolk, VA.
What is the asking price?
The asking price for this property is $1,187,000.
What are key features of this property?
This property features: 4,287‑square‑foot medical office property; Located at 2003 Meade Pkwy, Suffolk, VA 23434; Commonwealth Dentistry name associated with the property
