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    6201 Virginia Beach Blvd Norfolk, VA 23502

    Sponsored
    For Lease
    $31 SF/Yr

    76,870 SF Medical Office Building, VA

    Lot size:
    76,870 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional Class A medical office building, totaling 76,870 square feet, is situated at 6201 E Virginia Beach Blvd in Norfolk, Virginia, zip code 23502. The property boasts 600 parking spaces, providing ample convenience for patients and staff. Currently offering multiple tenancies, there are two immediately available spaces ranging from 1,176 to 25,903 square feet, ideal for a variety of medical practices. The building is a new, patient-centered facility specializing in orthopedics and sports medicine, and includes on-site diagnostic imaging capabilities. Its prime location is on the campus of Sentara Leigh Hospital, a 250-bed full-service hospital offering a comprehensive range of services including orthopedic, cardiac, advanced imaging, general surgical, gynecological, obstetrical, and comprehensive breast care. This strategic co-location provides significant synergy and access to a large patient base. The building's Class A designation reflects its high-quality construction and modern amenities. This presents a unique opportunity for medical professionals seeking a well-equipped, conveniently located space within a thriving healthcare environment. Interested parties should inquire about available space and lease terms.

    Property Features for 6201 Virginia Beach Blvd

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    76,870 SF
    Class
    A
    Total Rate
    198580.83

    Unit(s) available at that property

    Space
    Third Floor Suite
    Size
    25,903 SF
    Rate per SF
    $31
    Space
    First Floor Suite
    Size
    1,176 SF
    Rate per SF
    $31

    HighLights

    • 27,079 SF available in a new 76,870 SF Class A medical office building focused on orthopedics and sports medicine, with on‑site diagnostic imaging, located on the Sentara Leigh Hospital campus.
    • Orthopedic surgery center, a joint venture between Sentara and local surgeons.
    • Largest Class A medical office space currently available for lease.
    • 600‑space parking deck.
    • Excellent access to I‑64 and I‑264.
    • Convenient to Newtown Road Light Rail Station and HRT bus routes 22 and 27.
    Property Profile Location Intelligence

    Current Use by Public Records

    Trusted Menopause Specialist ... Medical Clinic Alice E. Raja, ... Physical Therapist Tyler A. Nolan, DPT Physical Therapist Holly K. Kirks, ... Physical Therapist Carolyn A. Brown, DPT Physical Therapist

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk City
    State
    Virginia
    Longitude
    -76.1931188
    Latitude
    36.8544042

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    FAQs

    What type of property is this?
    Medical office - 76,870 SF Medical Office Building, VA
    Where is this medical office located?
    The property is located at 6201 Virginia Beach Blvd Norfolk, VA.
    What is the lease rate?
    The lease rate is $31 SF/Yr.
    What are key features of this property?
    This property features: 27,079 SF available in a new 76,870 SF Class A medical office building focused on orthopedics and sports medicine, with on-site diagnostic imaging, located on the Sentara Leigh Hospital campus.; Orthopedic surgery center, a joint venture between Sentara and local surgeons.; Largest Class A medical office space currently available for lease.
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    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.

    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
    6201 Virginia Beach Blvd Norfolk, VA 23502
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