Single-Story Office Building with Pylon
For Sale
$1,040,000
3204 Churchland Boulevard, Chesapeake, VA 23321
Renovated 1995 single-story office building with flexible medical or professional use, ample parking, and pylon signage.
Property Size4,840 SF
Price / SF$214.88
Days on Market49
Property Features for 3204 Churchland Boulevard
General Information
Standard status
Active
Size
4,840 SF
Property subtype
Office
Listing Agency:
CBRE | Norfolk
(757) 364-6441
Listed By:
Jeff Parker, CCIM
(757) 364-6441
Source:
Cbre
Added: Jul 3
Changed: Aug 8
Last Checked: Aug 20 at 10:47AM
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 CBRE | Norfolk
Investment Insights
Based on property information with market context.
Built in 1995 and fully renovated in 2021, this single-story office building offers a flexible layout configured with 14 private offices, a conference room, two restrooms, a kitchen, a stock room, and an open area for additional workspace. The property sits on an approximate 1.24-acre site with excess land that can support future expansion and includes all utilities on site.
The building is located in the Churchland submarket of Chesapeake, a few miles from Northern Suffolk, with convenient highway access in a suburban setting. Visibility is supported by pylon signage, and the site offers ample parking for tenant and visitor use.
The interior configuration is well-suited for medical users or professional office tenants seeking a predominantly office-focused plan. Zoned O-I, the building may also be attractive to investors or owner-operators looking for a commercial property with a current tenant in place through 3/31/27, with the tenant paying operating expenses. Please note: all rent and operating expense details are as stated in the listing remarks.
The building is located in the Churchland submarket of Chesapeake, a few miles from Northern Suffolk, with convenient highway access in a suburban setting. Visibility is supported by pylon signage, and the site offers ample parking for tenant and visitor use.
The interior configuration is well-suited for medical users or professional office tenants seeking a predominantly office-focused plan. Zoned O-I, the building may also be attractive to investors or owner-operators looking for a commercial property with a current tenant in place through 3/31/27, with the tenant paying operating expenses. Please note: all rent and operating expense details are as stated in the listing remarks.
Key Highlights
- ±4,840 SF single‑story office building on a ±1.24‑acre site with excess land for expansion
- Built in 1995 and fully renovated in 2021
- 14 private offices plus a conference room, two restrooms, kitchen, stock room, and open area
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
$74,052
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
7.12%
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%
$1,481,040
$1.5M
Cap Rate 7%
$1,057,886
$1.1M
Cap Rate 9%
$822,800
$822.8K
Market Conditions
NOI Build-Up for 4,840 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
$116.2K $24.00/SF
− Vacancy
−$17.4K −$3.60/SF
EGI
$98.7K $20.40/SF
− OpEx
−$24.7K −$5.10/SF
NOI
$74.1K $15.30/SF
Area
Chesapeake, VA
Vacancy
15.00%
Lease Rate
$24.00 /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%
$1,481,040
Cap Rate 7%
$1,057,886
Cap Rate 9%
$822,800
Alternative Uses
Best Use
Office B
$1.06M
$925.7K – $1.23M
NOI $74,052 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,130 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,129
Businesses Nearby
Explore this area
Business Placement
Demographics for 23321, VA
37,752
Population
14,836
Households
2.5
Avg Household Size
38
Median Age
39%
College-Educated
95%
High-School Grad
26.7 sq mi
ZIP Area
1,414
Density / Sq Mi
$98,257
Median Household Income
$51,133
Median Earnings
$1,434
Median Rent
$352,000
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?
Office building - Renovated 1995 single-story office building with flexible medical or professional use, ample parking, and pylon signage.
Where is this office building located?
The property is located at 3204 Churchland Boulevard Chesapeake, VA.
What is the asking price?
The asking price for this property is $1,040,000.
What are key features of this property?
This property features: ±4,840 SF single‑story office building on a ±1.24‑acre site with excess land for expansion; Built in 1995 and fully renovated in 2021; 14 private offices plus a conference room, two restrooms, kitchen, stock room, and open area
