Medical Office Building For
For Sale
Contact for pricing
2829 Shore Dr, Virginia Beach, VA
Two-story medical office building in upscale Virginia Beach submarket.
Property Size12,571 SF
Lot Size1.00 Acres
Price / SF$418.42
Days on Market1147
Property Features for 2829 Shore Dr
General Information
Standard status
Active
Size
12,571 SF
Lot size
1.00 Acres
Property subtype
OFFICE
Listing Agency:
Divaris Real Estate - Hampton Roads
(757) 873-4700
Listed By:
Jason Oliver
(757) 333-4383
Source:
Moodyscre
Added: Aug 21, 2023
Changed: Oct 4
Last Checked: Oct 7 at 10:19AM
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 - Hampton Roads
Investment Insights
Based on property information with market context.
The property at 2829 Shore Drive is a two-story medical office building situated in the Hilltop/Great Neck submarket of Virginia Beach. Developed in 2005, the building measures 12,571 square feet. Its location at the corner of Shore Drive and Great Neck Road, one block from the Chesapeake Bay, contributes to its visibility in the area. The submarket encompasses 1.2 million square feet and has a vacancy rate of 5.0%. The building is currently home to Konikoff Dentistry (Dental Care Alliance) and Sailon Plastic Surgery.
Key Highlights
- Prime location at the corner of Shore Drive and Great Neck Road, near the Chesapeake Bay.
- Located in the upscale Hilltop/Great Neck submarket of Virginia Beach.
- Low submarket vacancy rate of 5.0%.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$167,304
Cap Rate
3.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,346,080
$3.3M
Cap Rate 7%
$2,390,057
$2.4M
Cap Rate 9%
$1,858,933
$1.9M
Market Conditions
NOI Build-Up for 12,571 SF
Gross rent
$264.0K $21.00/SF
− Vacancy
−$40.9K −$3.26/SF
EGI
$223.1K $17.75/SF
− OpEx
−$55.8K −$4.44/SF
NOI
$167.3K $13.31/SF
Area
Virginia Beach, VA
Vacancy
15.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,346,080
Cap Rate 7%
$2,390,057
Cap Rate 9%
$1,858,933
Alternative Uses
Best Use
Office B
$2.39M
$2.09M – $2.79M
NOI $167,304 @ 7.0% cap · market cap 3.18%
Second Best
Healthcare Medical
$2.13M
$1.86M – $2.48M
NOI $149,072 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$3.22M
$2.82M – $3.76M
NOI $225,740 @ 7.0% cap · market cap 4.29%
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
518
Businesses Nearby
Balanced
Demand for This Use
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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 - Two-story medical office building in upscale Virginia Beach submarket.
Where is this medical office space located?
The property is located at 2829 Shore Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $5,260,000.
What are key features of this property?
This property features: Prime location at the corner of Shore Drive and Great Neck Road, near the Chesapeake Bay.; Located in the upscale Hilltop/Great Neck submarket of Virginia Beach.; Low submarket vacancy rate of 5.0%.
