Freestanding Office and Medical
5511 Princess Anne Road Virginia Beach, VA 23462
For Sale
Contact for pricing
Two-story elevator-served office and medical building with 86 parking spaces and multiple suites on Princess Anne Road.
Property Size17,185 SF
Price / SF$142.57
Days on Market79
Property Features for 5511 Princess Anne Road
General Information
- Standard status
- Active
- Size
- 17,185 SF
- Property subtype
- Office
Building Details
- Year Built
- 1987
Listing Agency:
RE/MAX ALLEGIANCE
(757) 213-4505
Listed By:
Mark Rusnak · License #VA 0225-031965
Source:
Crexi
Added: May 6
Changed: Jul 23
Last Checked: Jul 23 at 7:36AM
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 RE/MAX ALLEGIANCE
Investment Insights
Based on property information with market context.
A two-story, elevator-served freestanding office and medical building designed to support a multi-tenant configuration. The property includes multiple suites, with landlord-covered common area maintenance and utilities including electric, water, and sewer (and gas in select units). Janitorial is also landlord-covered, while tenants handle in-suite services, telecom, and HVAC maintenance.
Located along Princess Anne Road in Virginia Beach, the building is positioned in a professional and medical corridor near Sentara Leigh Hospital. The asset provides ingress and egress from both traffic directions and includes signage exposure along a major arterial route.
The site offers 86 parking spaces across dual access lots, supporting convenient arrival and departure for employees, patients, and visitors. The overall setup supports either continued leasing activity or owner-occupancy with in-place income.
Located along Princess Anne Road in Virginia Beach, the building is positioned in a professional and medical corridor near Sentara Leigh Hospital. The asset provides ingress and egress from both traffic directions and includes signage exposure along a major arterial route.
The site offers 86 parking spaces across dual access lots, supporting convenient arrival and departure for employees, patients, and visitors. The overall setup supports either continued leasing activity or owner-occupancy with in-place income.
Key Highlights
- 17,185+ SF two‑story freestanding office and medical building built in 1987
- Multiple suites with stabilized tenancy and remaining vacancy for lease‑up or owner occupancy
- Elevator‑served layout with potential flexibility for multi‑tenant or single‑user use
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 | $340.3k | $19.80 |
| − Vacancy | −$49.3k | −$2.87 |
| EGI | $290.9k | $16.93 |
| − OpEx | −$72.7k | −$4.23 |
| NOI | $218.2k | $12.70 |
17,185 SF · lease $19.80/SF/yr · vacancy 14.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.12M
$2.73M – $3.64M
NOI $218,194 @ 7.0% cap · market cap 8.91%
Second Best
Healthcare Medical
$2.62M
$2.29M – $3.05M
NOI $183,123 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$3.65M
$3.19M – $4.26M
NOI $255,482 @ 7.0% cap · market cap 10.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Dr. Delia Perez, ...
Physician
Long & Foster Property ...
Property Management Company
D. Barry Iacono ...
Tax Preparation
Patricia James
Dental Office
Retinal consultants
Physician
FAQs
What type of property is this?
Office units - Two-story elevator-served office and medical building with 86 parking spaces and multiple suites on Princess Anne Road.
Where is this office units located?
The property is located at 5511 Princess Anne Road Virginia Beach, VA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 17,185+ SF two‑story freestanding office and medical building built in 1987; Multiple suites with stabilized tenancy and remaining vacancy for lease‑up or owner occupancy; Elevator‑served layout with potential flexibility for multi‑tenant or single‑user use
