Harbour View Medical Office
For Sale
$7,250,000
5849 Harbour View Blvd, Suffolk, VA 23435
Two-story medical office building in a rapidly growing submarket.
Property Size22,395 SF
Price / SF$323.73
Days on Market169
Property Features for 5849 Harbour View Blvd
General Information
Standard status
Active
Size
22,395 SF
Class
A
Property subtype
Office
Building Details
Building Size
22,395 SF
Year Built
2008
Listing Agency:
Divaris Real Estate Inc Corporate
Listed By:
Jason Oliver, CCIM
(757) 333-4383
Source:
Divaris
Added: Mar 26
Changed: Aug 26
Last Checked: Sep 9 at 9:01AM
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 Divaris Real Estate Inc Corporate
Investment Insights
Based on property information with market context.
The property at 5849 Harbour View Blvd is a two-story medical office building containing 22,395 square feet. Developed in 2008, the building is located in the Harbourview/North Suffolk submarket, one of the fastest growing areas in the region. The submarket contains 1.4 million square feet of office space, with a current vacancy rate of 3.9%. The building is home to Konikoff Dentistry (Dental Care Alliance), United Property Association, Chesapeake Regional Medical Associates, and Klar Holmes Orthodontics (Dental Care Alliance). Strategically positioned on Harbour View’s main thoroughfare, the property offers excellent visibility and access.
Key Highlights
- Located in the rapidly growing Harbourview/North Suffolk submarket.
- High visibility and easy access on Harbour View's main thoroughfare.
- Low submarket vacancy rate of 3.9%.
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
$314,910
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
4.34%
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%
$6,298,200
$6.3M
Cap Rate 7%
$4,498,714
$4.5M
Cap Rate 9%
$3,499,000
$3.5M
Market Conditions
NOI Build-Up for 22,395 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
$564.4K $25.20/SF
− Vacancy
−$39.5K −$1.76/SF
EGI
$524.8K $23.44/SF
− OpEx
−$209.9K −$9.37/SF
NOI
$314.9K $14.06/SF
Area
Suffolk County, VA
Vacancy
7.00%
Lease Rate
$25.20 /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%
$6,298,200
Cap Rate 7%
$4,498,714
Cap Rate 9%
$3,499,000
Alternative Uses
Best Use
Healthcare Medical
$4.50M
$3.94M – $5.25M
NOI $314,910 @ 7.0% cap · market cap 4.34%
Second Best
Office B
$3.50M
$3.07M – $4.09M
NOI $245,212 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$5.19M
$4.54M – $6.05M
NOI $363,250 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23435, VA
32,597
Population
13,386
Households
2.4
Avg Household Size
38
Median Age
42%
College-Educated
95%
High-School Grad
35.7 sq mi
ZIP Area
913
Density / Sq Mi
$107,833
Median Household Income
$52,814
Median Earnings
$1,838
Median Rent
$374,500
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 - Two-story medical office building in a rapidly growing submarket.
Where is this medical office space located?
The property is located at 5849 Harbour View Blvd Suffolk, VA.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: Located in the rapidly growing Harbourview/North Suffolk submarket.; High visibility and easy access on Harbour View's main thoroughfare.; Low submarket vacancy rate of 3.9%.
