Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5520 Greenwich Rd Virginia Beach, VA 23462

    Sponsored
    For Lease
    Contact for pricing

    Prime Office Space, 2,614 sq ft Available

    Lot size:
    18,338 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    418
    This exceptional Virginia Beach office space, located at 5520 Greenwich Rd, 23462, offers a fantastic opportunity for businesses seeking a well-established location. The property, built in 1984, comprises a single two-story building totaling 18,338 square feet. Currently, 2,614 square feet of immediately available space is perfect for a variety of uses. The minimum divisible space is also 2,614 square feet, making it ideal for a single tenant or a smaller business looking for a complete and self-contained office suite. The space features a welcoming reception area, nine private offices providing ample privacy for individual work or team collaboration, a convenient private bathroom, and a practical kitchen nook. The building's traditional office design offers a professional and established atmosphere. This property is situated in Virginia Beach, Virginia, offering easy access to major roadways and amenities. The available space presents a rare opportunity to secure a well-appointed office suite in a desirable location. The property's convenient layout and features make it an attractive option for businesses seeking a functional and comfortable workspace. Don't miss this chance to establish your business in this prime Virginia Beach location.

    Property Features for 5520 Greenwich Rd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    18,338 SF

    Building Details

    Year Built
    1984
    Buildings
    1
    Stories
    2

    Unit(s) available at that property

    Space
    201
    Size
    1,434 SF

    We can help!

    Listing Contact
    Kimberly B. Worley

    Learn more

    Property Insight Report

    HighLights

    • Convenient to I‑264 & I‑64 interstates.
    • 18,338 SF two‑story office building in Virginia Beach (23462).
    • 2,614 SF of immediately available office space.
    • Minimum divisible space is 2,614 SF.
    • Features reception area, nine private offices, private bathroom, and kitchenette.
    Property Profile Location Intelligence

    Current Use by Public Records

    Seamus McNamee - State ... Insurance Agency John Lee & Associates ... Real Estate Agency Partnership Staffing Inc Employment Agency Financial Staffing 2000 ... Temp Agency Enjenuity Media Video Production Service

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach City
    State
    Virginia
    Longitude
    -76.1770154
    Latitude
    36.8432679

    Nearby Similar for Lease

    • $22 SF/Yr
      3,485 SF

      Prime Corner Retail/Office Opportunity

      Two-story building near boardwalk, suitable for retail or office.
      223 17Th St, Virginia Beach, VA 23451
      View Details
    • $850 /Mo
      87,120 SF

      Move-in Ready Office Space

      Office space with private bathroom in desirable professional building.
      3720 Holland Rd, Virginia Beach, VA 23452
      View Details
    • $20 SF/Yr
      4,253 SF

      Customizable Class A Office Space

      Pre-leasing customizable Class A office space in prime Virginia Beach.
      4420 Expressway Dr, Virginia Beach, VA 23452
      View Details
    • $31 SF/Yr
      1,848 SF

      Virginia Beach Auto Shop Lease

      High visibility location suitable for auto repair business.
      2841 Virginia Beach Blvd, Virginia Beach, VA 23452
      View Details
    • $15 SF/Yr
      2,400 SF

      Commercial/Industrial Space For Lease

      Commercial/Industrial space available for lease in Virginia Beach, VA
      633 10Th St, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      75,600 SF

      Class A Office Building

      75,000 SF Class A office building for lease.
      5401 Cleveland St, Virginia Beach, VA 23462
      View Details
    • $1,545 /Mo
      57,351 SF

      Versatile Office/Flex Space in Virginia Beach

      Modern office/flex space with convenient access and ample parking.
      464-468 Holland Office Park, Virginia Beach, VA 23450
      View Details
    • $1,625 /Mo
      1,048 SF

      Versatile Office/Flex Space in Virginia Beach

      Modern office/flex space with convenient access and ample parking.
      464-468 S Independence Blvd, Virginia Beach, VA 23452
      View Details
    • Contact for pricing
      62,613 SF

      Regional Retail Destination in Virginia

      62,613 SF retail space in high-traffic Virginia Beach location.
      1205 Fordham Dr, Virginia Beach, VA 23464
      View Details
    • $15 SF/Yr
      4,175 SF

      Versatile Flex Space in Virginia Beach

      Flex office/warehouse suite in desirable Hilltop area available for lease.
      619 Jack Rabbit Rd, Virginia Beach, VA 23451
      View Details
    • Contact for pricing
      2,254 SF

      Retail Space in Town Center

      Prime retail space in a vibrant, high-traffic area.
      189-221 Central Park Ave, Virginia Beach, VA 23462
      View Details
    • Contact for pricing
      2,066 SF

      Retail Space in Virginia Beach

      Retail space available in a super-regional power center.
      3376 Princess Anne Rd, Virginia Beach, VA 23456
      View Details

    FAQs

    What type of property is this?
    Office Property / Space - Prime Office Space, 2,614 sq ft Available
    Where is this office property / space located?
    The property is located at 5520 Greenwich Rd Virginia Beach, VA.
    What are key features of this property?
    This property features: Convenient to I-264 & I-64 interstates.; 18,338 SF two-story office building in Virginia Beach (23462).; 2,614 SF of immediately available office space.
    Request Owner's contact information
    5520 Greenwich Rd Virginia Beach, VA 23462
    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.
    5520 Greenwich Rd
    Virginia Beach, VA 23462
    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
    5520 Greenwich Rd Virginia Beach, VA 23462
    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

    We can help!
    Listing Contact
    Kimberly B. Worley
    Learn more
    Google sign-in failed. Please try again or use another login method.