Two-Story Office Building with
404 S Parliament Dr Virginia Beach, VA 23462
404 S Parliament Dr, Virginia Beach, VA, 23462
Contact for pricing
For Sale
Contact for pricing
Two-story office building on a 0.27-acre site with 22 dedicated parking spaces and a recently renovated second floor.
Property Size8,740 SF
Price / SF$147.60
Days on Market169
Property Features for 404 S Parliament Dr
General Information
- Standard status
- Active
- Size
- 8,740 SF
- Property subtype
- OFFICE
Listing agency
Colliers | Norfolk
(757) 217-1892
Listed by
Ricky Anderson · License #0225181900
Source
Moodyscre
Added: Feb 2 Updated: Jul 21 at 5:47AM Checked: Jul 21 at 5:47AM
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 Colliers | Norfolk
Investment Insights
Based on property information with market context.
This two-story office building totals 8,740 square feet and was built in 1977. The property is approximately 90% leased with two small vacancies, and it includes a recently renovated second floor. The site is 0.27 acres and provides 22 dedicated parking spaces.
The building is located between Witchduck and Newtown Roads and offers direct access to I-264 and I-64. Public transportation is available via nearby bus lines, and Norfolk International Airport is approximately a 15-minute drive.
Zoned B-2 (Community Business District), the property offers flexibility for a range of commercial uses, including potential for future owner occupancy or continued multi-tenant income.
The building is located between Witchduck and Newtown Roads and offers direct access to I-264 and I-64. Public transportation is available via nearby bus lines, and Norfolk International Airport is approximately a 15-minute drive.
Zoned B-2 (Community Business District), the property offers flexibility for a range of commercial uses, including potential for future owner occupancy or continued multi-tenant income.
Key Highlights
- 2‑story, 8,740 SF office building built in 1977, zoned B‑2 Community Business District
- 90% leased with two small vacancies
- Year 1 NOI of $113,864 and a stated cap rate over 8%
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 | $173.1k | $19.80 |
| − Vacancy | −$25.1k | −$2.87 |
| EGI | $148.0k | $16.93 |
| − OpEx | −$37.0k | −$4.23 |
| NOI | $111.0k | $12.70 |
8,740 SF · lease $19.80/SF/yr · vacancy 14.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.59M
$1.39M – $1.85M
NOI $110,970 @ 7.0% cap · market cap 8.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.86M
$1.62M – $2.17M
NOI $129,934 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Mesob Cafe
Restaurant
K & M Barber ...
Hair Salon
Unconditional Love Home ...
Home Health Care Service
Tidewater Seventh-day Adventist
Church
Chong's Barber Shop
Barber Shop
Similar For Sale Nearby
FAQs
What type of property is this?
Office building - Two-story office building on a 0.27-acre site with 22 dedicated parking spaces and a recently renovated second floor.
Where is this office building located?
The property is located at 404 S Parliament Dr Virginia Beach, VA.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 2‑story, 8,740 SF office building built in 1977, zoned B‑2 Community Business District; 90% leased with two small vacancies; Year 1 NOI of $113,864 and a stated cap rate over 8%
