Freestanding Office and Medical
For Sale
Contact for pricing
5511 Princess Anne Road, Virginia Beach, VA 23462
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$136.75
Days on Market125
Property Features for 5511 Princess Anne Road
General Information
Standard status
Active
Size
17,185 SF
Class
B
Total Parking Spaces
84
Property subtype
Office
Zoning
O2
Occupancy
42%
Lease Type
Modified Gross
Net Operating Income
$78,876
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1987
Year Renovated
2024
Buildings
1
Stories
2
Units
84
Tenancy
Multi
Listing Agency:
RE/MAX ALLEGIANCE
Listed By:
Mark Rusnak · License #VA 0225-031965
(757) 213-4505
Source:
Crexi
Added: May 6
Changed: Aug 22
Last Checked: Sep 7 at 12:34PM
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
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
$183,123
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
7.79%
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%
$3,662,460
$3.7M
Cap Rate 7%
$2,616,043
$2.6M
Cap Rate 9%
$2,034,700
$2.0M
Market Conditions
NOI Build-Up for 17,185 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
$330.0K $19.20/SF
− Vacancy
−$24.7K −$1.44/SF
EGI
$305.2K $17.76/SF
− OpEx
−$122.1K −$7.10/SF
NOI
$183.1K $10.66/SF
Area
ZIP 23462
Vacancy
7.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
40.00%
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%
$3,662,460
Cap Rate 7%
$2,616,043
Cap Rate 9%
$2,034,700
Alternative Uses
Best Use
Office B
$3.12M
$2.73M – $3.64M
NOI $218,194 @ 7.0% cap · market cap 9.28%
Second Best
Healthcare Medical
$2.62M
$2.29M – $3.05M
NOI $183,123 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$3.65M
$3.19M – $4.26M
NOI $255,482 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
559
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 - 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 $2,350,000.
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
