Medical Office Building with
For Sale
$515,000
2216 Executive Drive, Hampton, VA 23666
Commercial/Industrial, Hampton, VA
Property Size3,558 SF
Lot Size0.04 Acres
Price / SF$144.74
Days on Market222
Property Features for 2216 Executive Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Subdivision
ALL OTHERS AREA 105
Standard status
Active
Size
3,558 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4544
Utilities
Heating system
Forced Air, Electric (Heating)
Cooling system
Zoned, Central Air
Building Details
Year built
2009
Roof type
Shingle
Listing Agency:
Abbitt Realty Company LLC
(757) 827-6995
Listed By:
Patricia Green · License #0225051371
(757) 534-7922
Added: Feb 17
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# 10620487
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,558-square-foot medical office building was constructed in 2009 and includes treatment tables, therapy equipment, and contemporary office furnishings. The property is configured for chiropractic or similar clinical use, with central air conditioning, zoned cooling, electric heating, and forced-air heat. A shingle roof completes the building improvements.
The property occupies 0.0355 acres at 2216 Executive Drive in Hampton, Virginia 23666. C2 zoning supports its classification as medical office space, while the existing equipment and furnishings provide a built-out setting for professional healthcare operations.
The property occupies 0.0355 acres at 2216 Executive Drive in Hampton, Virginia 23666. C2 zoning supports its classification as medical office space, while the existing equipment and furnishings provide a built-out setting for professional healthcare operations.
Key Highlights
- 3,558‑square‑foot medical office building constructed in 2009
- Treatment tables, therapy equipment, and modern office furnishings included
- C2 zoning designation
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
$46,760
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
9.08%
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%
$935,200
$935.2K
Cap Rate 7%
$668,000
$668.0K
Cap Rate 9%
$519,556
$519.6K
Market Conditions
NOI Build-Up for 3,558 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
$70.4K $19.80/SF
− Vacancy
−$8.1K −$2.28/SF
EGI
$62.3K $17.52/SF
− OpEx
−$15.6K −$4.38/SF
NOI
$46.8K $13.14/SF
Area
Hampton, VA
Vacancy
11.50%
Lease Rate
$19.80 /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%
$935,200
Cap Rate 7%
$668,000
Cap Rate 9%
$519,556
Alternative Uses
Best Use
Healthcare Medical
$722.4K
$632.1K – $842.8K
NOI $50,569 @ 7.0% cap · market cap 9.82%
Second Best
Office B
$668.0K
$584.5K – $779.3K
NOI $46,760 @ 7.0% cap · market cap 9.08%
Theoretical Best
Office A
$925.3K
$809.6K – $1.08M
NOI $64,770 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,084
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - C2-zoned medical office with treatment equipment, central air, and forced-air heating.
Where is this medical office space located?
The property is located at 2216 Executive Drive Hampton, VA.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 3,558‑square‑foot medical office building constructed in 2009; Treatment tables, therapy equipment, and modern office furnishings included; C2 zoning designation
