Two-Story Medical Office
For Sale
Contact for pricing
Pending
1533 Volvo Pkwy, Chesapeake, VA 23320
Two-story medical office building in the Greenbrier submarket.
Property Size12,732 SF
Days on Market1252
Property Features for 1533 Volvo Pkwy
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: Aug 10
Last Checked: Aug 9 at 11:39AM
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 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 = 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
$194,800
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
4.10%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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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 Pkwy 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.
