Leased Dental Medical Office
For Sale
Contact for pricing
220 West Brambleton Avenue, Norfolk, VA 23510
Fully occupied dental office assets in two Norfolk submarkets with a regional healthcare operator in place.
Property Size6,279 SF
Price / SF$359.45
Days on Market16
Property Features for 220 West Brambleton Avenue
General Information
Standard status
Active
Size
6,279 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$157,990
Building Details
Buildings
2
Units
3
Tenancy
Single
Listing Agency:
S.L. Nusbaum Realty Co
(757) 640-2272
Listed By:
Ben Leon · License #VA 0225061641
Source:
Crexi
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 4:28PM
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 S.L. Nusbaum Realty Co
Investment Insights
Based on property information with market context.
This 6,279-square-foot medical office portfolio consists of dental office properties that are 100% leased. The assets are occupied by Cordental Group, a regional Dental Service Organization operating across 9 states and overseeing more than 45 practices.
The portfolio spans Downtown Norfolk and the Wards Corner submarkets. The reported address is 220 West Brambleton Avenue, Norfolk, VA 23510.
The portfolio spans Downtown Norfolk and the Wards Corner submarkets. The reported address is 220 West Brambleton Avenue, Norfolk, VA 23510.
Key Highlights
- 6,279‑square‑foot medical office portfolio
- 100% leased dental office assets
- Occupied by Cordental Group, a regional DSO operating in 9 states
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
$86,824
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
3.85%
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%
$1,736,480
$1.7M
Cap Rate 7%
$1,240,343
$1.2M
Cap Rate 9%
$964,711
$964.7K
Market Conditions
NOI Build-Up for 6,279 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
$125.8K $20.04/SF
− Vacancy
−$10.1K −$1.60/SF
EGI
$115.8K $18.44/SF
− OpEx
−$28.9K −$4.61/SF
NOI
$86.8K $13.83/SF
Area
Norfolk, VA
Vacancy
8.00%
Lease Rate
$20.04 /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%
$1,736,480
Cap Rate 7%
$1,240,343
Cap Rate 9%
$964,711
Alternative Uses
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $86,824 @ 7.0% cap · market cap 3.85%
Second Best
Healthcare Medical
$1.03M
$898.2K – $1.20M
NOI $71,859 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,240 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,515
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23510, VA
8,778
Population
4,948
Households
1.8
Avg Household Size
33
Median Age
52%
College-Educated
92%
High-School Grad
1.1 sq mi
ZIP Area
7,980
Density / Sq Mi
$75,621
Median Household Income
$53,132
Median Earnings
$1,574
Median Rent
$349,700
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 - Fully occupied dental office assets in two Norfolk submarkets with a regional healthcare operator in place.
Where is this medical office space located?
The property is located at 220 West Brambleton Avenue Norfolk, VA.
What is the asking price?
The asking price for this property is $2,257,000.
What are key features of this property?
This property features: 6,279‑square‑foot medical office portfolio; 100% leased dental office assets; Occupied by Cordental Group, a regional DSO operating in 9 states
