Two-Story Office Building with
For Sale
$2,350,000
5511 Princess Anne Road, Virginia Beach, VA 23462
COMMERCIAL - Virginia Beach, VA
Property Size17,000 SF
Lot Size1.55 Acres
Price / SF$137.31
Days on Market101
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
Heat Pump, Central Air
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: Aug 4
Last Checked: Aug 12 at 1:06AM
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.
Two-story, freestanding executive office and medical building totaling 17,115 square feet on 1.55 acres. The property is served by an elevator for accessibility and is heated with forced air, heat pump (heating), and natural gas, with central air and heat pump cooling. Designed as six suites, the building includes three current vacancies, offering options for medical, clinical, professional, or administrative users.
The building is positioned for visibility and access along Princess Anne Road and includes dual ingress/egress from both northbound and southbound lanes. On-site parking is available with 84 spaces for staff, patients, and clients.
Built in 1987, the layout and suite structure support flexible occupancy while maintaining a tenant-friendly flow across floors.
The building is positioned for visibility and access along Princess Anne Road and includes dual ingress/egress from both northbound and southbound lanes. On-site parking is available with 84 spaces for staff, patients, and clients.
Built in 1987, the layout and suite structure support flexible occupancy while maintaining a tenant-friendly flow across floors.
Key Highlights
- 17,115 square foot two‑story freestanding office and medical building
- 1.55‑acre site zoned O2
- Elevator provides accessibility to both floors
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
Property Profile
Current Use
Lease Details
6
Office units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Zoned O2, two-story office/medical suites on a 1.55-acre site with elevator access.
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 two‑story freestanding office and medical building; 1.55‑acre site zoned O2; Elevator provides accessibility to both floors
