Multi-Tenant Office
For Sale
Contact for pricing
2020 General Booth Boulevard, Virginia Beach, VA 23454
Two-story office property with separate entry and exit points along an established commercial corridor.
Property Size11,518 SF
Lot Size0.85 Acres
Price / SF$172
Days on Market9
Property Features for 2020 General Booth Boulevard
General Information
Standard status
Active
Size
11,518 SF
Total Parking Spaces
50
Lot size
0.85 Acres
Property subtype
Office
Occupancy
99%
Additional Details
Road Access
Yes
Building Details
Year Built
1988
Year Renovated
2015
Buildings
1
Stories
2
Tenancy
Multi
Building Size
11,518 SF
Parking Ratio
4.4 per 1,000 SF
Listing Agency:
Parker Burnell Real Estate Group
(757) 222-0111
Listed By:
Jay Burnell · License #0225051316
Source:
Crexi
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 11 at 8:08AM
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 Parker Burnell Real Estate Group
Investment Insights
Based on property information with market context.
This two-story office building contains 11,518 SF across multiple tenant spaces and is 99.5% leased. The property occupies 0.85 AC and includes 50 surface parking spaces, equal to 4.4 spaces per 1,000 square feet. Constructed in 1988, the building received major upgrades in 2015.
Access is provided through dual ingress and egress points along General Booth Boulevard, which carries over 30K VPD. The property is positioned in the Princess Anne submarket of Virginia Beach and is surrounded by established residential neighborhoods and major national retailers. Its setting within a north-south commercial corridor supports convenient access and strong roadway exposure.
Access is provided through dual ingress and egress points along General Booth Boulevard, which carries over 30K VPD. The property is positioned in the Princess Anne submarket of Virginia Beach and is surrounded by established residential neighborhoods and major national retailers. Its setting within a north-south commercial corridor supports convenient access and strong roadway exposure.
Key Highlights
- 11,518 SF two‑story office building with multiple tenant spaces
- 99.5% leased across the multi‑tenant office configuration
- 0.85 AC site with 50 surface parking spaces
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
$161,246
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
8.14%
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%
$3,224,920
$3.2M
Cap Rate 7%
$2,303,514
$2.3M
Cap Rate 9%
$1,791,622
$1.8M
Market Conditions
NOI Build-Up for 11,518 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
$252.9K $21.96/SF
− Vacancy
−$37.9K −$3.29/SF
EGI
$215.0K $18.67/SF
− OpEx
−$53.7K −$4.67/SF
NOI
$161.2K $14.00/SF
Area
ZIP 23454
Vacancy
15.00%
Lease Rate
$21.96 /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%
$3,224,920
Cap Rate 7%
$2,303,514
Cap Rate 9%
$1,791,622
Alternative Uses
Best Use
Office B
$2.30M
$2.02M – $2.69M
NOI $161,246 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.91M
$2.55M – $3.40M
NOI $203,940 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Explore this area
Business Placement
Demographics for 23454, VA
58,665
Population
24,253
Households
2.4
Avg Household Size
38
Median Age
43%
College-Educated
94%
High-School Grad
22.5 sq mi
ZIP Area
2,607
Density / Sq Mi
$97,835
Median Household Income
$48,961
Median Earnings
$1,600
Median Rent
$401,900
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 - Two-story office property with separate entry and exit points along an established commercial corridor.
Where is this office building located?
The property is located at 2020 General Booth Boulevard Virginia Beach, VA.
What is the asking price?
The asking price for this property is $1,981,142.
What are key features of this property?
This property features: 11,518 SF two‑story office building with multiple tenant spaces; 99.5% leased across the multi‑tenant office configuration; 0.85 AC site with 50 surface parking spaces
