Three-Story Medical Office
5741 Cleveland St Virginia Beach, VA 23462
For Sale
Contact for pricing
Medical office building with three large offices, reception, private restroom, and high ceilings, plus plug-and-play readiness.
Property Size1,250 SF
Lot Size1.79 Acres
Price / SF$220
Days on Market31
Property Features for 5741 Cleveland St
General Information
Standard status
Active
Size
1,250 SF
Lot size
1.79 Acres
Property subtype
OFFICE
Listing Agency:
Cushman & Wakefield | Thalhimer - Virginia Beach
(757) 499-0783
Listed By:
Nicole Campbell
Source:
Moodyscre
Added: Jun 29
Changed: Jul 28
Last Checked: Jul 28 at 3:52PM
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 Cushman & Wakefield | Thalhimer - Virginia Beach
Investment Insights
Based on property information with market context.
This three-story medical office building offers a functional interior layout with three large offices and/or conference rooms, a reception area with counter, and a private restroom. The space also includes a kitchenette/breakroom, server room/storage closet, and workroom, with existing FF&E available for inclusion. High ceilings and plug-and-play setup support straightforward occupancy, and there is a security system featuring elevator lock-out control.
The property is situated in a desirable medical corridor anchored by Sentara Leigh Hospital, with immediate access to I-264. Outdoor parking is supported by 93 surface spaces on 1.79 acres.
Built in 2006, the building is zoned O-2 and includes signage opportunity.
The property is situated in a desirable medical corridor anchored by Sentara Leigh Hospital, with immediate access to I-264. Outdoor parking is supported by 93 surface spaces on 1.79 acres.
Built in 2006, the building is zoned O-2 and includes signage opportunity.
Key Highlights
- 24,000 SF medical office building on 1.79 acres
- Built in 2006 with three stories and high ceilings
- Interior includes three large offices/conference rooms, reception area, kitchenette/breakroom, and private restroom
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 | $24.8k | $19.80 |
| − Vacancy | −$3.6k | −$2.87 |
| EGI | $21.2k | $16.93 |
| − OpEx | −$5.3k | −$4.23 |
| NOI | $15.9k | $12.70 |
1,250 SF · lease $19.80/SF/yr · vacancy 14.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$226.7K
$198.4K – $264.5K
NOI $15,871 @ 7.0% cap · market cap 5.77%
Second Best
Healthcare Medical
$190.3K
$166.5K – $222.0K
NOI $13,320 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$265.5K
$232.3K – $309.7K
NOI $18,583 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Furgent Care Veterinary Urgent Care — 5425 Virginia Beach Blvd Suite A, Virginia Beach, VA 23462
- Boulevard Veterinary Hospital: Redding Jerry DVM — 6636 E Virginia Beach Blvd, Norfolk, VA 23502
Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building with three large offices, reception, private restroom, and high ceilings, plus plug-and-play readiness.
Where is this medical office space located?
The property is located at 5741 Cleveland St Virginia Beach, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 24,000 SF medical office building on 1.79 acres; Built in 2006 with three stories and high ceilings; Interior includes three large offices/conference rooms, reception area, kitchenette/breakroom, and private restroom
