Medical Office Building in
229 Hillcrest Pkwy Chesapeake, VA 23322
229 Hillcrest Pkwy, Chesapeake, VA, 23322
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For Sale
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Two-story medical office building in Edinburgh development, Chesapeake.
Property Size12,298 SF
Price / SF$424.46
Days on Market1206
Property Features for 229 Hillcrest Pkwy
General Information
- Standard status
- Active
- Size
- 12,298 SF
- Property subtype
- Office
Building Details
- Year Built
- 2021
Listing Agency
Divaris Real Estate Inc Corporate
Listed by
Jason Oliver, CCIM · License #VA
Source
Crexi
Added: Apr 1, 2023 Checked: Jul 17 at 9:05 am
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 Divaris Real Estate Inc Corporate
Investment Insights
Based on property information with market context.
The property at 229 Hillcrest Parkway is a two-story medical office building situated within the Edinburgh mixed-use development in the Southern Chesapeake submarket. Constructed in 2021, the building measures 12,298 square feet. The location at the corner of Hillcrest Parkway and Edinburgh Parkway provides high traffic exposure, with proximity to retailers such as Target and Walmart. The building is occupied by Konikoff Dentistry, Klar Holmes Orthodontics, and Ivy Rehab.
Key Highlights
- Located in the highly successful Edinburgh mixed‑use development.
- High‑traffic location at the corner of Hillcrest Parkway and Edinburgh Parkway, near Target and Walmart.
- New construction: Built in 2021.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $295.2k | $24.00 |
| − Vacancy | −$44.3k | −$3.60 |
| EGI | $250.9k | $20.40 |
| − OpEx | −$62.7k | −$5.10 |
| NOI | $188.2k | $15.30 |
12,298 SF · lease $24.00/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.69M
$2.35M – $3.14M
NOI $188,159 @ 7.0% cap · market cap 3.60%
Second Best
Healthcare Medical
$2.50M
$2.19M – $2.92M
NOI $175,320 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,421 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Dr. Haley Julian
Dental Office
Marni Husson
Dental Office
Haley Paige Julian-Hill
Dental Office
Ivy Rehab Physical ...
Physician
Konikoff Dental Associates ...
Dental Office
Similar For Sale Nearby
Similar Off Market Nearby
- Mapes Rachel DVM — 141 Hillcrest Pkwy # 106, Chesapeake, VA 23322
- Edinburgh Animal Hospital — 233 Hillcrest Pkwy, Chesapeake, VA 23322
FAQs
What type of property is this?
Medical Office Space - Two-story medical office building in Edinburgh development, Chesapeake.
Where is this medical office space located?
The property is located at 229 Hillcrest Pkwy Chesapeake, VA.
What is the asking price?
The asking price for this property is $5,220,000.
What are key features of this property?
This property features: Located in the highly successful Edinburgh mixed‑use development.; High‑traffic location at the corner of Hillcrest Parkway and Edinburgh Parkway, near Target and Walmart.; New construction: Built in 2021.
