Custom Office Building with
For Sale
$1,450,000
6044 Providence Road, Virginia Beach, VA 23464
Commercial/Industrial, Virginia Beach, VA
Property Size5,500 SF
Lot Size0.57 Acres
Price / SF$263.64
Days on Market445
Property Features for 6044 Providence Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Subdivision
ALL OTHERS AREA 46
Standard status
Active
Size
5,500 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Annual Amount
12000
Utilities
Heating system
Electric (Heating), Zoned
Cooling system
Central Air, Zoned
Amenities
communal entry foyer
handicap restroom facilities
full private bath with shower
fully equipped kitchen
dedicated EV Plug
Building Details
Year built
2009
Roof type
Metal
Listing Agency:
The Real Estate Group
(757) 410-8500
Listed By:
Sherry Loutzenheiser
(757) 410-8500
Added: Jun 6, 2025
Changed: Aug 19
Last Checked: Aug 24 at 8:06PM
MLS# 10587269
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.
Custom-built office building completed in 2009, offered for sale and scheduled to be vacated upon settlement. The main level includes a dental lab, with the remainder of the building designed for multi-business use. Access between floors is provided by both stairs and an elevator, with a communal entry foyer welcoming visitors. Each floor includes handicap restroom facilities, and the second level features a full private bath with a shower. The downstairs area also includes a fully equipped kitchen for staff breaks or meetings.
The property sits on a 0.57-acre lot and includes approximately 25 parking spots. Exterior features include a dedicated EV plug. The building has a metal roof, zoned electric heating, and central air with zoned cooling.
With its established office configuration, elevator service, and internal amenities such as restrooms and a kitchen, this building provides a complete shell for an owner-occupant or tenant looking for flexible, in-building operations.
The property sits on a 0.57-acre lot and includes approximately 25 parking spots. Exterior features include a dedicated EV plug. The building has a metal roof, zoned electric heating, and central air with zoned cooling.
With its established office configuration, elevator service, and internal amenities such as restrooms and a kitchen, this building provides a complete shell for an owner-occupant or tenant looking for flexible, in-building operations.
Key Highlights
- Completed in 2009 custom office building for sale, to be vacated upon settlement
- Stairs and elevator access between floors
- Communal entry foyer plus handicap restroom facilities on each floor
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
$86,576
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
5.97%
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%
$1,731,520
$1.7M
Cap Rate 7%
$1,236,800
$1.2M
Cap Rate 9%
$961,956
$962.0K
Market Conditions
NOI Build-Up for 5,500 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
$145.2K $26.40/SF
− Vacancy
−$29.8K −$5.41/SF
EGI
$115.4K $20.99/SF
− OpEx
−$28.9K −$5.25/SF
NOI
$86.6K $15.74/SF
Area
ZIP 23464
Vacancy
20.50%
Lease Rate
$26.40 /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%
$1,731,520
Cap Rate 7%
$1,236,800
Cap Rate 9%
$961,956
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.44M
NOI $86,576 @ 7.0% cap · market cap 5.97%
Second Best
Healthcare Medical
$1.04M
$905.9K – $1.21M
NOI $72,468 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,490 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Explore this area
Business Placement
Demographics for 23464, VA
75,118
Population
29,267
Households
2.6
Avg Household Size
38
Median Age
38%
College-Educated
94%
High-School Grad
16.7 sq mi
ZIP Area
4,498
Density / Sq Mi
$89,790
Median Household Income
$49,794
Median Earnings
$1,644
Median Rent
$339,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - B2-zoned custom office building with elevator access, handicap restrooms on each floor, and zoned heating and cooling.
Where is this office building located?
The property is located at 6044 Providence Road Virginia Beach, VA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Completed in 2009 custom office building for sale, to be vacated upon settlement; Stairs and elevator access between floors; Communal entry foyer plus handicap restroom facilities on each floor
