Medical Office
4501 N Witchduck Rd, Virginia Beach, VA 23455
For Sale
Contact for pricing
O-1 zoning and an existing medical and wellness tenant roster shape this Virginia Beach property.
Property Size12,300 SF
Lot Size1.00 Acre
Price / SF$203.25
Days on Market47
Property Features for 4501 N Witchduck Rd
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Zoning
Occupancy
Additional Details
Asking Price
Highway Access
Tenant in Place
Property Use
Building Details
Buildings
Building Size
Tenancy
Listing Agency:
Supreme Real Estate Group
Listed By:
Francesco Tommaso
Source:
Crexi
Added: Sep 25
Changed: Nov 8
Last Checked: Nov 8 at 3:27PM
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 Supreme Real Estate Group
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Investment Insights
Based on property information with market context.
The medical office property contains approximately 12,300 SF on about 1 acre. Recent interior work includes new LVP flooring, fresh paint, and suite updates. The building is zoned O-1 Office/Medical and has 29 parking spaces. Its medical and wellness occupants include Bayside Pediatrics, TPMG, Nurturing Hearts, Shoreline Physical, Parkway Family, and Coastal Massage.
Occupancy is approximately 78%, with about 2,725 SF available for lease. The property is near Town Center and I-264 in Virginia Beach.
Occupancy is approximately 78%, with about 2,725 SF available for lease. The property is near Town Center and I-264 in Virginia Beach.
Key Highlights
- Approximately 12,300 SF medical office property on ±1 acre
- Approximately 78% occupied, with ±2,725 SF available for lease
- 29 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$163,698
Cap Rate
6.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,273,960
$3.3M
Cap Rate 7%
$2,338,543
$2.3M
Cap Rate 9%
$1,818,867
$1.8M
Market Conditions
NOI Build-Up for 12,300 SF
Gross rent
$258.3K $21.00/SF
− Vacancy
−$40.0K −$3.26/SF
EGI
$218.3K $17.75/SF
− OpEx
−$54.6K −$4.44/SF
NOI
$163.7K $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%
$3,273,960
Cap Rate 7%
$2,338,543
Cap Rate 9%
$1,818,867
Alternative Uses
Best Use
Office B
$2.34M
$2.05M – $2.73M
NOI $163,698 @ 7.0% cap · market cap 6.55%
Second Best
Healthcare Medical
$2.08M
$1.82M – $2.43M
NOI $145,858 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$3.16M
$2.76M – $3.68M
NOI $220,873 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
78%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
831
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 23455, VA
50,599
Population
22,286
Households
2.3
Avg Household Size
38
Median Age
42%
College-Educated
95%
High-School Grad
15.2 sq mi
ZIP Area
3,329
Density / Sq Mi
$88,223
Median Household Income
$49,119
Median Earnings
$1,610
Median Rent
$397,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Banfield Pet Hospital — 1021 Independence Blvd, Virginia Beach, VA 23455
- Vallant Jossee DVM — 4548 Wishart Rd, Virginia Beach, VA 23455
Frequently Asked Questions
What type of property is this?
Medical Office Space - O-1 zoning and an existing medical and wellness tenant roster shape this Virginia Beach property.
Where is this medical office space located?
The property is located at 4501 N Witchduck Rd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Approximately 12,300 SF medical office property on ±1 acre; Approximately 78% occupied, with ±2,725 SF available for lease; 29 parking spaces
