Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Medical Office Space Sublease Title is generated by Realmo AI

    885 Kempsville Rd, Norfolk, VA 23502

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $26 SF/Yr $17,525/Mo (calc)

    Class 'A' medical office space near Sentara Leigh Hospital.

    Type:Office
    Property size:
    7,936 SF
    Added:
    Mar 6, 2026
    Days on Market:
    73
    Last Refresh:
    Apr 5 at 11:54 pm

    Property Features for 885 Kempsville Rd

    General Information

    Standard status
    Active
    Size
    7,936 SF
    Property subtype
    Office

    Building Details

    Year Built
    2001

    Spaces For Lease

    at 885 Kempsville Rd Contact us

    We can help!

    Listing Contact
    Michael Good
    Michael Good

    Listing agent Michael Good

    Listing office S.L. Nusbaum Realty Co - Corporate

    Listing date Mar 6, 2026

    Source Slnusbaum

    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 S.L. Nusbaum Realty Co - Corporate

    HighLights

    • Class 'A' medical office building in Park Central Office Park.
    • Located across from Sentara Leigh Hospital.
    • Convenient access to I‑64/I‑264 interchange, Downtown Norfolk, Virginia Beach Oceanfront, and Chesapeake.
    • Sublease available through November 30, 2029.
    • Flexible floorplan with expansive windows and ample natural light.
    • Floor accessible by two elevators, one gurney‑sized.

    Overview

    This sublease opportunity is situated in the Amelia Building, a Class 'A' medical office building within Park Central Office Park. The location provides convenient access to Downtown Norfolk, Virginia Beach Oceanfront, and Chesapeake, with proximity to the I-64/I-264 interchange and across from Sentara Leigh Hospital. Suite 221 offers approximately 3,000-7,936 contiguous square feet. The sublease is available through November 30, 2029. The flexible floorplan features expansive windows that allow ample natural light. The floor is accessible by two elevators, one of which is gurney-sized. Professional on-site management and maintenance services are provided. The building also features a convenient covered drop-off area. The property is located within the Newtown/Witchduck Office Submarket.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Carilion Norfolk Patient Medical Clinic Integrated Dermatology Of Tidewater Medical Clinic Pediatric Specialists Pediatrician National Clinical Research ... Medical Clinic Digestive And Liver Disease ... Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Boulevard Veterinary Hospital: Redding Jerry DVM — 6636 E Virginia Beach Blvd, Norfolk, VA 23502

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.1937
    Latitude
    36.853

    Nearby Similar for Lease

    • $2,000/Mo
      2,118 SF

      Furnished Dry Cleaning Space Available

      Fully furnished dry cleaning space for lease in Norfolk, VA.
      331 E Bayview Boulevard, Norfolk, VA 23503
      View Details
    • $3 SF/Yr
      660 SF

      Turnkey Office Suite in Norfolk

      Professional office suite with multiple private offices in a compact footprint.
      1547 E Little Creek Road, Norfolk, VA 23518
      View Details
    • $48 SF/Yr
      150 SF

      Office Space in Norfolk HUBZone

      Small office space available in multi-tenant building, Norfolk, Virginia.
      1761 Church Street, Norfolk, VA 23504
      View Details
    • $48 SF/Yr
      150 SF

      Office Space in HUB Zone

      Small office space available in multi-tenant building, Norfolk, VA.
      1761 Church Street, Norfolk, VA 23504
      View Details
    • Sponsored
      $129-$5,416/Mo
      11-1,292 SF

      VA, Norfolk - 25th St.

      1225 25Th St, Norfolk, VA 23508
      View Details
    • $129-$3,976/Mo
      11-1,292 SF

      VA, Norfolk - Monticello Ave

      253 Monticello Ave, Unit 2ND, Norfolk, VA 23510
      View Details
    • $19 SF/Yr
      2,400 SF

      Retail Spaces in Bromley Center

      Retail spaces for lease in Food Lion anchored shopping center.
      6200-6206 N Military Hwy, Norfolk, VA 23518
      View Details
    • $29 SF/Yr
      12,965 SF

      Class A Office/Medical Space

      Office/medical space near medical hub with waterfront views.
      301 Riverview Avenue, Norfolk, VA 23510
      View Details
    • $21 SF/Yr
      3,916 SF

      Downtown Norfolk Office Space Available

      Move-in ready office space in the heart of Downtown Norfolk.
      500 East Main Street, Norfolk, VA, 23510
      View Details
    • $12 SF/Yr
      30,470 SF

      Norfolk Commercial Space For Lease

      Versatile 30,470 SF space suitable for various business uses.
      211 W 24th St, Norfolk, VA 23517
      View Details
    • $10 SF/Yr
      39,769 SF

      Industrial Flex Space Available

      39,769 SF industrial flex space for lease in Norfolk.
      5358 Robin Hood Road, Norfolk, VA 23513
      View Details
    • $12 SF/Yr
      11,648 SF

      Divisible Warehouse Space Near Interstates

      Up to 11,648 SF available for lease near I-64/I-264.
      1554 Juniper Street, Norfolk, VA 23502
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Class 'A' medical office space near Sentara Leigh Hospital.
    Where is this medical office space located?
    The property is located at 885 Kempsville Rd Norfolk, VA.
    What is the lease rate?
    The lease rate is $26 SF/Yr.
    What are key features of this property?
    This property features: Class 'A' medical office building in Park Central Office Park.; Located across from Sentara Leigh Hospital.; Convenient access to I‑64/I‑264 interchange, Downtown Norfolk, Virginia Beach Oceanfront, and Chesapeake.
    (757) 640-2217
    We can help!
    Listing Contact
    Michael Good
    Michael Good
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    885 Kempsville Rd, Norfolk, VA 23502
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!