Medical Office Condo with
For Sale
Contact for pricing
2216 Executive Drive Suite A, Hampton, VA 23666
Configured chiropractic practice space with treatment equipment, furnishings, and C-2 zoning.
Property Size3,558 SF
Price / SF$144.74
Days on Market174
Property Features for 2216 Executive Drive Suite A
General Information
Standard status
Active
Size
3,558 SF
Class
A
Total Parking Spaces
30
Property subtype
Office
Zoning
C-2
Investment Type
Owner/User
Additional Details
Furnished
Yes
Building Details
Year Built
2009
Units
2
Tenancy
Single
Listing Agency:
Abbitt Realty Company LLC
(757) 534-7922
Listed By:
Patricia Green · License #0225051371
Source:
Crexi
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 11:45AM
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 Abbitt Realty Company LLC
Investment Insights
Based on property information with market context.
This 3,558-square-foot medical office condo at 2216 Executive Drive, Suite A, provides a purpose-built setting for chiropractic services. The property includes treatment tables, therapy equipment, and office furnishings, allowing the physical space to support an established clinical layout.
Constructed in 2009, the property carries C-2 zoning. The offering described here covers the real estate and specified office equipment; any separate business transaction is subject to additional negotiation.
Constructed in 2009, the property carries C-2 zoning. The offering described here covers the real estate and specified office equipment; any separate business transaction is subject to additional negotiation.
Key Highlights
- 3,558‑square‑foot medical office condo
- Treatment tables and therapy equipment included
- Office furnishings included
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
Property Profile
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
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 - Configured chiropractic practice space with treatment equipment, furnishings, and C-2 zoning.
Where is this medical office space located?
The property is located at 2216 Executive Drive Suite A 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 condo; Treatment tables and therapy equipment included; Office furnishings included
