Two-Story Medical Office
For Sale
Contact for pricing
Pending
1533 Volvo Parkway, Chesapeake, VA 23320
Two-story medical office building in the Greenbrier submarket.
Property Size12,732 SF
Days on Market1298
Property Features for 1533 Volvo Parkway
General Information
Standard status
Pending
Size
12,732 SF
Class
A
Property subtype
Office
Investment Type
Stabilized
Building Details
Year Built
2011
Stories
2
Tenancy
Multi
Listing Agency:
Divaris Real Estate Inc Corporate
Listed By:
Jason Oliver, CCIM · License #VA
Source:
Crexi
Added: Apr 1, 2023
Changed: Oct 4
Last Checked: Oct 19 at 4:06AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property at 1533 Volvo Pkwy is a two-story medical office building constructed in 2011. It is situated in the Greenbrier submarket, an established and desirable area with approximately 3.9 million square feet of office space and an 8.9% vacancy rate. The building measures 12,732 square feet and offers frontage on Volvo Parkway, providing visibility and access. The building is currently occupied by Konikoff Dentistry and Klar Holmes Orthodontics, both part of the Dental Care Alliance family.
Key Highlights
- Located in the established and desirable Greenbrier submarket.
- Prime frontage on highly trafficked Volvo Parkway offers great visibility and access.
- Built in 2011.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$194,800
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,896,000
$3.9M
Cap Rate 7%
$2,782,857
$2.8M
Cap Rate 9%
$2,164,444
$2.2M
Market Conditions
NOI Build-Up for 12,732 SF
Gross rent
$305.6K $24.00/SF
− Vacancy
−$45.8K −$3.60/SF
EGI
$259.7K $20.40/SF
− OpEx
−$64.9K −$5.10/SF
NOI
$194.8K $15.30/SF
Area
Chesapeake, VA
Vacancy
15.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,896,000
Cap Rate 7%
$2,782,857
Cap Rate 9%
$2,164,444
Alternative Uses
Best Use
Office B
$2.78M
$2.44M – $3.25M
NOI $194,800 @ 7.0% cap · market cap 4.10%
Second Best
Healthcare Medical
$2.59M
$2.27M – $3.03M
NOI $181,507 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$3.76M
$3.29M – $4.39M
NOI $263,400 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23320, VA
60,412
Population
26,131
Households
2.3
Avg Household Size
39
Median Age
38%
College-Educated
93%
High-School Grad
31.7 sq mi
ZIP Area
1,906
Density / Sq Mi
$81,736
Median Household Income
$49,403
Median Earnings
$1,654
Median Rent
$323,800
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
Similar Off Market Nearby
- Highlands Veterinary Center — 1615 Volvo Pkwy, Chesapeake, VA 23320
- Cooke Veterinary Medical Center — 1520 Volvo Pkwy, Chesapeake, VA 23320
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story medical office building in the Greenbrier submarket.
Where is this medical office space located?
The property is located at 1533 Volvo Parkway Chesapeake, VA.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Located in the established and desirable Greenbrier submarket.; Prime frontage on highly trafficked Volvo Parkway offers great visibility and access.; Built in 2011.
