Six-Suite Medical Office
5511 Princess Anne Road, Virginia Beach, VA 23462
For Sale
$2,225,000
Commercial/Industrial, Virginia Beach, VA
Property Size17,115 SF
Lot Size1.55 Acres
Price / SF$130
Days on Market191
Property Features for 5511 Princess Anne Road
General Information
Property type
Property subtype
Zoning
Subdivision
Standard status
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Buildings
Listing Agency:
RE/MAX Allegiance · RE/MAX International
(757) 490-7300
Listed By:
Mark Rusnak · License VA #0225031965
(866) 203-6000
Added: May 4
Changed: Nov 10
Last Checked: Nov 10 at 5:06PM
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.
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Investment Insights
Based on property information with market context.
This freestanding, two-story medical office property contains 17,115 square feet across six suites. An elevator serves the building, and the site provides 84 parking spaces on 1.55 acres. Built in 1987, the property is zoned O2. Three suites are vacant: one on the first floor and two on the second floor.
The property fronts Princess Anne Road in Virginia Beach and has prominent signage with ingress and egress for traffic traveling in both directions. The building’s suite layout includes first-floor space described as suitable for medical or high-traffic use, along with second-floor vacancies suited to professional or administrative occupancy.
The property fronts Princess Anne Road in Virginia Beach and has prominent signage with ingress and egress for traffic traveling in both directions. The building’s suite layout includes first-floor space described as suitable for medical or high-traffic use, along with second-floor vacancies suited to professional or administrative occupancy.
Key Highlights
- 17,115‑square‑foot building on 1.55 acres
- Six suites, including three vacancies: one on the first floor and two on the second floor
- 84 parking spaces and elevator service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$182,377
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
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
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 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 9.77%
Second Best
Healthcare Medical
$2.61M
$2.28M – $3.04M
NOI $182,377 @ 7.0% cap · market cap 8.20%
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,441 @ 7.0% cap · market cap 11.44%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
6
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Under-served
Demand for This Use
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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
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Manning Anthony DVM — 5269 Challedon Dr, Virginia Beach, VA 23462
- AVUE - Affordable Veterinary Ultrasound, Endoscopy, and Internal Medicine — 5293 Princess Anne Rd, Virginia Beach, VA 23462
- Paul Berdoulay DVM, DACVIM — 5293 Princess Anne Rd, Virginia Beach, VA 23462
Frequently Asked Questions
What type of property is this?
Medical Office Space - An elevator-served facility with suite vacancies and access from both directions on Princess Anne Road.
Where is this medical office space 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 $2,225,000.
What are key features of this property?
This property features: 17,115‑square‑foot building on 1.55 acres; Six suites, including three vacancies: one on the first floor and two on the second floor; 84 parking spaces and elevator service
