Freestanding Office
For Sale
$2,350,000
5511 Princess Anne Road, Virginia Beach, VA 23462
Commercial/Industrial, Virginia Beach, VA
Property Size17,115 SF
Lot Size1.55 Acres
Price / SF$137.31
Days on Market145
Property Features for 5511 Princess Anne Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
O2
Subdivision
CAROLANNE FARMS
Standard status
Active
Size
17,115 SF
Lot size
1.55 Acres
Taxes and HOA fees
Tax Annual Amount
17469
Utilities
Heating system
Heat Pump (Heating), Forced Air, Natural Gas
Cooling system
Central Air, Heat Pump
Building Details
Year built
1987
Listing Agency:
RE/MAX Allegiance · RE/MAX International
(757) 490-7300
Listed By:
Mark Rusnak · License #225031965
(866) 203-6000
Added: May 4
Changed: Sep 22
Last Checked: Sep 25 at 9:06AM
MLS# 10633307
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding office property contains 17,115 square feet across two stories on 1.55 acres. Built in 1987, the building is organized into six suites and includes an elevator for accessibility. The property has central air, heat pump systems, forced-air heating, and natural gas service. Three suites are currently vacant, including a first-floor space suited to medical or high-traffic use and two second-floor spaces intended for professional or administrative occupancy.
Located on Princess Anne Road in Virginia Beach, the property offers prominent signage, high traffic counts, and separate ingress and egress serving both travel directions. The site includes 84 parking spaces and is zoned O2. Its configuration supports owner-occupancy, medical operations, professional office users, or an investor seeking a multi-suite office asset.
Located on Princess Anne Road in Virginia Beach, the property offers prominent signage, high traffic counts, and separate ingress and egress serving both travel directions. The site includes 84 parking spaces and is zoned O2. Its configuration supports owner-occupancy, medical operations, professional office users, or an investor seeking a multi-suite office asset.
Key Highlights
- 17,115‑square‑foot office building on 1.55 acres
- Six suites, including three current vacancies
- Two‑story building with elevator access
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
$182,377
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
7.76%
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%
$3,647,540
$3.6M
Cap Rate 7%
$2,605,386
$2.6M
Cap Rate 9%
$2,026,411
$2.0M
Market Conditions
NOI Build-Up for 17,115 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
$328.6K $19.20/SF
− Vacancy
−$24.6K −$1.44/SF
EGI
$304.0K $17.76/SF
− OpEx
−$121.6K −$7.10/SF
NOI
$182.4K $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%
$3,647,540
Cap Rate 7%
$2,605,386
Cap Rate 9%
$2,026,411
Alternative Uses
Best Use
Office B
$3.10M
$2.72M – $3.62M
NOI $217,305 @ 7.0% cap · market cap 9.25%
Second Best
Healthcare Medical
$2.61M
$2.28M – $3.04M
NOI $182,377 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,441 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Office units
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Two-story configuration includes elevator access and six suites for professional or medical users.
Where is this office building 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: 17,115‑square‑foot office building on 1.55 acres; Six suites, including three current vacancies; Two‑story building with elevator access
