Multi-Tenant Office
New
For Sale
$2,350,000
4624 Pembroke Blvd, Virginia Beach, VA 23455
Fully leased office property with three suites, a brick exterior, newer roof, and paved parking.
Property Size9,480 SF
Lot Size0.80 Acres
Price / SF$247.89
Days on Market2
Property Features for 4624 Pembroke Blvd
General Information
Standard status
Active
Size
9,480 SF
Lot size
0.80 Acres
Property subtype
Commercial
Occupancy
100%
Additional Details
Gross Income
$196,815
Office Units
3
Building Details
Year Built
1997
Buildings
1
Building Size
9,480 SF
Construction
brick
Tenancy
Multi
Listing Agency:
Liz Moore & Associates LLC
Listed By:
Patriot Property Management
(757) 478-4881
Source:
757patriotproperty
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 1:57AM
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 Liz Moore & Associates LLC
Investment Insights
Based on property information with market context.
This fully leased office building at 4624 Pembroke Blvd in Virginia Beach contains approximately 9,480 square feet configured as three office suites. Built in 1997, the property has a brick exterior and a newer roof, along with asphalt paving and on-site parking.
The 34,761-square-foot site includes concrete walkways, curb and gutter improvements, and metal fencing. The existing multi-tenant configuration provides a defined office layout with the property currently occupied under leases.
The 34,761-square-foot site includes concrete walkways, curb and gutter improvements, and metal fencing. The existing multi-tenant configuration provides a defined office layout with the property currently occupied under leases.
Key Highlights
- Approximately 9,480 sq. ft. of building space
- Three office suites in a multi‑tenant configuration
- 34,761 sq. ft. site
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
$126,167
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
5.37%
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%
$2,523,340
$2.5M
Cap Rate 7%
$1,802,386
$1.8M
Cap Rate 9%
$1,401,856
$1.4M
Market Conditions
NOI Build-Up for 9,480 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
$199.1K $21.00/SF
− Vacancy
−$30.9K −$3.26/SF
EGI
$168.2K $17.75/SF
− OpEx
−$42.1K −$4.44/SF
NOI
$126.2K $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 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%
$2,523,340
Cap Rate 7%
$1,802,386
Cap Rate 9%
$1,401,856
Alternative Uses
Best Use
Office B
$1.80M
$1.58M – $2.10M
NOI $126,167 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.43M
$2.13M – $2.84M
NOI $170,234 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
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
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 - Fully leased office property with three suites, a brick exterior, newer roof, and paved parking.
Where is this office building located?
The property is located at 4624 Pembroke Blvd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Approximately 9,480 sq. ft. of building space; Three office suites in a multi‑tenant configuration; 34,761 sq. ft. site
