First-Floor Office Condo with
For Sale
Contact for pricing
5269 Greenwich Rd, Virginia Beach, VA 23462
First-floor office condo with multiple offices, conference room, and a lakefront patio for an owner-occupied layout.
Property Size1,800 SF
Price / SF$186.11
Days on Market191
Property Features for 5269 Greenwich Rd
General Information
Standard status
Active
Size
1,800 SF
Class
B
Property subtype
Office
Zoning
O2
Additional Details
Highway Access
Yes
Building Details
Year Built
1986
Units
1
Listing Agency:
S.L. Nusbaum Realty Co
Listed By:
Martin Murden · License #VA
Source:
Crexi
Added: Mar 2
Changed: Sep 8
Last Checked: Sep 8 at 3:25AM
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 S.L. Nusbaum Realty Co
Investment Insights
Based on property information with market context.
This first-floor office condo offers 2,000 SF in Suite 101 and is designed for an owner occupant who wants a finished, functional layout. The space includes four offices, a break room, a conference room, and storage, along with two restrooms. An outdoor patio provides lakefront views over the water.
The property is centrally located with access to I-264 via Newtown Road, supporting convenient travel for employees and clients. Its first-floor configuration is suited for straightforward access to the suite and daily operations.
For tenants and buyers seeking a turnkey office environment, the combination of multiple private offices, a dedicated conference room, and restroom capacity supports a range of professional uses. The inclusion of a break room and on-site storage helps keep everyday workflows organized, while the patio and lakefront outlook offer a practical amenity for staff and meetings.
The property is centrally located with access to I-264 via Newtown Road, supporting convenient travel for employees and clients. Its first-floor configuration is suited for straightforward access to the suite and daily operations.
For tenants and buyers seeking a turnkey office environment, the combination of multiple private offices, a dedicated conference room, and restroom capacity supports a range of professional uses. The inclusion of a break room and on-site storage helps keep everyday workflows organized, while the patio and lakefront outlook offer a practical amenity for staff and meetings.
Key Highlights
- 2,000 SF first‑floor office condo (Suite 101)
- Layout includes four offices, break room, conference room, storage, and two restrooms
- Lakefront views with an outdoor patio on the water
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
$22,854
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
6.82%
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%
$457,080
$457.1K
Cap Rate 7%
$326,486
$326.5K
Cap Rate 9%
$253,933
$253.9K
Market Conditions
NOI Build-Up for 1,800 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
$35.6K $19.80/SF
− Vacancy
−$5.2K −$2.87/SF
EGI
$30.5K $16.93/SF
− OpEx
−$7.6K −$4.23/SF
NOI
$22.9K $12.70/SF
Area
ZIP 23462
Vacancy
14.50%
Lease Rate
$19.80 /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%
$457,080
Cap Rate 7%
$326,486
Cap Rate 9%
$253,933
Alternative Uses
Best Use
Office B
$326.5K
$285.7K – $380.9K
NOI $22,854 @ 7.0% cap · market cap 6.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$382.3K
$334.5K – $446.0K
NOI $26,760 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
Explore this area
Business Placement
Demographics for 23462, VA
68,045
Population
29,729
Households
2.3
Avg Household Size
34
Median Age
31%
College-Educated
94%
High-School Grad
11.0 sq mi
ZIP Area
6,186
Density / Sq Mi
$69,680
Median Household Income
$43,613
Median Earnings
$1,652
Median Rent
$269,400
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 units - First-floor office condo with multiple offices, conference room, and a lakefront patio for an owner-occupied layout.
Where is this office units located?
The property is located at 5269 Greenwich Rd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 2,000 SF first‑floor office condo (Suite 101); Layout includes four offices, break room, conference room, storage, and two restrooms; Lakefront views with an outdoor patio on the water
