Three-Story Medical Office
For Sale
Contact for pricing
5741 Cleveland St, Virginia Beach, VA 23462
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 Market76
Property Features for 5741 Cleveland St
General Information
Standard status
Active
Size
1,250 SF
Total Parking Spaces
93
Lot size
1.79 Acres
Property subtype
OFFICE
Zoning
O-2
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
Three large offices and/or conference rooms
Kitchenette / breakroom
Reception area with counter
Private restroom
Server room / Storage closet
Workroom
Security system: Elevator lock-out control
Signage opportunity
Building Details
Year Built
2006
Stories
3
Properties For Sale
at 5741 Cleveland St Contact us- Floor
- 2
- Size
- 1,250 SF
- Type
- OFFICE
- Lease Type
- NET_NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
5741 Cleveland St
• Three large offices and/or conference rooms
• Kitchenette / breakroom
• Reception...
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Contact us
Listing Agency:
Cushman & Wakefield | Thalhimer - Virginia Beach
(757) 499-2900
Listed By:
Nicole Campbell
(757) 499-0783
Source:
Moodyscre
Added: Jun 29
Changed: Aug 25
Last Checked: Sep 12 at 6:40AM
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
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
$15,871
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
5.77%
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%
$317,420
$317.4K
Cap Rate 7%
$226,729
$226.7K
Cap Rate 9%
$176,344
$176.3K
Market Conditions
NOI Build-Up for 1,250 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
$24.8K $19.80/SF
− Vacancy
−$3.6K −$2.87/SF
EGI
$21.2K $16.93/SF
− OpEx
−$5.3K −$4.23/SF
NOI
$15.9K $12.70/SF
Area
ZIP 23462
Vacancy
14.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$317,420
Cap Rate 7%
$226,729
Cap Rate 9%
$176,344
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
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,195
Businesses Nearby
Balanced
Demand for This Use
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?
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
