Class A Medical/Office
5900 Lake Wright Dr Norfolk, VA 23502
5900 Lake Wright Dr, Norfolk, VA, 23502
Contact for pricing
For Sale
Contact for pricing
Centrally located Class A medical/office space with convenient interstate access.
Property Size80,730 SF
Price / SF$135.02
Days on Market1173
Property Features for 5900 Lake Wright Dr
General Information
- Standard status
- Active
- Size
- 80,730 SF
- Property subtype
- Office
Listing Agency
Colliers - Norfolk, Virginia
(757) 490-3300
Listed by
Don Crigger · License #VIRGINIA
Source
Crexi
Added: May 3, 2023 Checked: Jul 16 at 12:02 pm
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 Colliers - Norfolk, Virginia
Investment Insights
Based on property information with market context.
Silver Oak is centrally located in Hampton Roads within a campus-style setting, offering Class A medical and office space. It provides convenient interstate access and amenities. The property is located within two miles of the Norfolk Premium Outlets and Norfolk International Airport, sixteen miles from the Virginia Beach Oceanfront, and seven miles from Downtown Norfolk. Situated on the east side of Lake Wright Drive, northeast of USAA Drive, in Norfolk, Virginia, the building's three floors have high visibility from Interstate 64. Access to Interstate 64 is available via Lake Wright Drive and Military Highway or USAA Drive and Northampton Boulevard, with access ramps within one mile of the property. The property size is 80730 square feet.
Key Highlights
- Class A medical/office space in a campus‑style setting.
- High visibility from Interstate 64 on all three floors.
- Convenient interstate access via I‑64.
Local Financial Insights For Healthcare Medical
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 | $1.65M | $20.40 |
| − Vacancy | −$107.0k | −$1.33 |
| EGI | $1.54M | $19.07 |
| − OpEx | −$615.9k | −$7.63 |
| NOI | $923.9k | $11.44 |
80,730 SF · lease $20.40/SF/yr · vacancy 6.50% · expense 40.00%
Alternative Uses
Best Use
Office B
$15.95M
$13.95M – $18.61M
NOI $1,116,302 @ 7.0% cap · market cap 10.24%
Second Best
Healthcare Medical
$13.20M
$11.55M – $15.40M
NOI $923,906 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$17.13M
$14.98M – $19.98M
NOI $1,198,798 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Breast Care Specialists ...
Physician
Carman Claire M ...
Physician
Foster Andrea L
Medical Clinic
Heather Jones, MD, ...
Physician
Depanfilis Cara M
Physician
Similar For Sale Nearby
Similar Off Market Nearby
- Banfield Pet Hospital — 1275 N Military Hwy, Norfolk, VA 23502
FAQs
What type of property is this?
Medical Office Space - Centrally located Class A medical/office space with convenient interstate access.
Where is this medical office space located?
The property is located at 5900 Lake Wright Dr Norfolk, VA.
What is the asking price?
The asking price for this property is $10,900,000.
What are key features of this property?
This property features: Class A medical/office space in a campus‑style setting.; High visibility from Interstate 64 on all three floors.; Convenient interstate access via I‑64.
