Two-Building Medical Office
936-940 General Booth Blvd, Virginia Beach, VA 23451
For Sale
Contact for pricing
Two freestanding, single-story buildings provide clinical and professional office space along General Booth Boulevard.
Property Size9,717 SF
Lot Size1.07 Acres
Price / SF$236.70
Days on Market43
Property Features for 936-940 General Booth Blvd
General Information
Standard status
Size
Lot size
Property subtype
Occupancy
Additional Details
Asking Price
Road Access
Tenant in Place
Property Use
Building Details
Buildings
Tenancy
Listing Agency:
Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Listed By:
Grace Altamura · License VA #0225277516
Source:
Crexi
Added: Sep 29
Changed: Nov 8
Last Checked: Nov 8 at 5:09PM
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 Cushman & Wakefield Thalhimer - Norfolk/Virginia Beach, Virginia
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This medical office property comprises two freestanding, single-story buildings totaling 9,717 square feet on a 1.07-acre site. The 4,527-square-foot building at 936 was constructed in 1988; the 5,190-square-foot building at 940 dates to 1987. The park has served medical office users since it was built and retains clinical improvements. It is fully leased to four tenants, including a community health system with a renewal in place through February 2030 and options through 2036. Weighted average lease term is 3.6 years.
The property fronts General Booth Boulevard, a corridor carrying approximately 27,320 vehicles per day. The route links the Virginia Beach Oceanfront and Rudee Inlet with Red Mill Commons and Sandbridge. NAS Oceana, Virginia Beach Sportsplex, Food Lion, Publix at Hickman Place, Red Mill Commons and La Promenade Shops on Laskin Road are cited among nearby destinations. Nearly 110,000 residents live within five miles, with average household income above $132,000.
The property fronts General Booth Boulevard, a corridor carrying approximately 27,320 vehicles per day. The route links the Virginia Beach Oceanfront and Rudee Inlet with Red Mill Commons and Sandbridge. NAS Oceana, Virginia Beach Sportsplex, Food Lion, Publix at Hickman Place, Red Mill Commons and La Promenade Shops on Laskin Road are cited among nearby destinations. Nearly 110,000 residents live within five miles, with average household income above $132,000.
Key Highlights
- 9,717 square feet across two single‑story medical office buildings on 1.07 acres
- 936 contains 4,527 square feet and was built in 1988; 940 contains 5,190 square feet and was built in 1987
- Fully leased to four tenants; weighted average lease term is 3.6 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$129,321
Cap Rate
5.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,586,420
$2.6M
Cap Rate 7%
$1,847,443
$1.8M
Cap Rate 9%
$1,436,900
$1.4M
Market Conditions
NOI Build-Up for 9,717 SF
Gross rent
$204.1K $21.00/SF
− Vacancy
−$31.6K −$3.26/SF
EGI
$172.4K $17.75/SF
− OpEx
−$43.1K −$4.44/SF
NOI
$129.3K $13.31/SF
Area
Virginia Beach, VA
Vacancy
15.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,586,420
Cap Rate 7%
$1,847,443
Cap Rate 9%
$1,436,900
Alternative Uses
Best Use
Office B
$1.85M
$1.62M – $2.16M
NOI $129,321 @ 7.0% cap · market cap 5.62%
Second Best
Healthcare Medical
$1.65M
$1.44M – $1.92M
NOI $115,228 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,490 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23451, VA
44,879
Population
24,897
Households
1.8
Avg Household Size
41
Median Age
57%
College-Educated
97%
High-School Grad
19.8 sq mi
ZIP Area
2,267
Density / Sq Mi
$97,945
Median Household Income
$57,472
Median Earnings
$1,697
Median Rent
$591,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two freestanding, single-story buildings provide clinical and professional office space along General Booth Boulevard.
Where is this medical office space located?
The property is located at 936-940 General Booth Blvd Virginia Beach, VA.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 9,717 square feet across two single‑story medical office buildings on 1.07 acres; 936 contains 4,527 square feet and was built in 1988; 940 contains 5,190 square feet and was built in 1987; Fully leased to four tenants; weighted average lease term is 3.6 years
