Medical Condo in Coliseum
For Sale
Contact for pricing
2104 Executive Dr, Hampton, VA 23666
Professionally maintained medical condo leased to Sentara Medical Group.
Property Size3,964 SF
Price / SF$327.95
Days on Market167
Property Features for 2104 Executive Dr
General Information
Standard status
Active
Size
3,964 SF
Property subtype
Office
Zoning
C-2
Net Operating Income
$88,860
Building Details
Year Built
1997
Listing Agency:
Networks Commercial Real Estate
Listed By:
Jim Tucker, CCIM · License #VA 0225033840
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 21 at 5:38AM
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 Networks Commercial Real Estate
Investment Insights
Based on property information with market context.
The medical condominium, located on Executive Drive in Hampton, Virginia, is a professionally maintained healthcare asset leased to Sentara Medical Group and occupied by Albert Francis, MD. The property benefits from stable tenancy backed by a regional health system. Situated within the Coliseum Central medical corridor in Hampton, the property benefits from strong surrounding demographics, proximity to major retail amenities, and convenient access to Interstate 64. The area serves the greater Peninsula and Hampton Roads markets. The condominium is purpose-built for medical use, featuring a functional clinical layout with a reception and waiting area, multiple exam rooms, physician offices, administrative space, and support areas designed for outpatient medical services. The property offers on-site parking and a healthcare-oriented tenant mix. The condominium ownership structure provides operational efficiency and lower management intensity compared to larger multi-tenant medical office buildings. The property contains 3,964 square feet.
Key Highlights
- Leased to Sentara Medical Group and occupied by Albert Francis, MD, providing stable tenancy.
- Located in the highly active Coliseum Central medical corridor.
- Purpose‑built for medical use with a functional clinical layout.
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
$56,340
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
4.33%
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%
$1,126,800
$1.1M
Cap Rate 7%
$804,857
$804.9K
Cap Rate 9%
$626,000
$626.0K
Market Conditions
NOI Build-Up for 3,964 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
$99.9K $25.20/SF
− Vacancy
−$6.0K −$1.51/SF
EGI
$93.9K $23.69/SF
− OpEx
−$37.6K −$9.48/SF
NOI
$56.3K $14.21/SF
Area
Hampton, VA
Vacancy
6.00%
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%
$1,126,800
Cap Rate 7%
$804,857
Cap Rate 9%
$626,000
Alternative Uses
Best Use
Healthcare Medical
$804.9K
$704.3K – $939.0K
NOI $56,340 @ 7.0% cap · market cap 4.33%
Second Best
Office B
$744.2K
$651.2K – $868.3K
NOI $52,096 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$1.03M
$902.0K – $1.20M
NOI $72,161 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,677
Businesses Nearby
Under-served
Demand for This Use
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?
Medical Office Space - Professionally maintained medical condo leased to Sentara Medical Group.
Where is this medical office space located?
The property is located at 2104 Executive Dr Hampton, VA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Leased to Sentara Medical Group and occupied by Albert Francis, MD, providing stable tenancy.; Located in the highly active Coliseum Central medical corridor.; Purpose‑built for medical use with a functional clinical layout.
