Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5700 Lake Wright Dr Norfolk, VA 23502

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Professional 1879 SF office suite with inclusive lease terms.

    Type:Office
    Property size:
    1,879 SF
    Added:
    Sep 27, 2023
    Days on Market:
    936
    Last Refresh:
    Mar 17 at 1:20 pm

    Property Features for 5700 Lake Wright Dr

    General Information

    Standard status
    Active
    Size
    1,879 SF
    Property subtype
    Office

    Spaces For Lease

    at 5700 Lake Wright Dr Contact us

    $14 /Mo

    Size
    Type
    Office
    Contact us

    We can help!

    Listing Contact
    SF PARTNERS

    Listing agent SF PARTNERS License #Owner

    Listing office SF Partners

    Listing date Sep 27, 2023

    Source Crexi

    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 SF Partners

    Overview

    Move-in Ready Norfolk Office Suite

    This 1879 SF professional office suite is available for lease in Norfolk, VA. The suite offers 3 free months and an inclusive lease rate covering utilities, building services, and property expenses. The space is fully built-out and move-in ready, suitable for shared offices, private workspaces, or professional firms. Flexible lease terms and modern amenities are available. The property is owner-approved and well-maintained. The location is near main roads and local amenities, making it a prime location for professional office use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Total Quality Logistics Logistics Company UST Global Corporate Office Edward Jones - Financial ... Financial Advisor Internal Medicine Spec: ... Physician Regional Finance Loan Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Norfolk
    County
    Norfolk
    State
    Virginia
    Longitude
    -76.2074656
    Latitude
    36.8798896

    Nearby Similar for Lease

    • $3/mo

      Turnkey Office Suite For Lease

      Professional office suite with multiple private offices in Norfolk, VA.
      1547 E Little Creek Road, Norfolk, VA 23518
      View Details
    • $29/mo

      Class A Office/Medical Space

      Office/medical space near medical hub with waterfront views.
      301 Riverview Avenue, Norfolk, VA 23510
      View Details
    • $26/mo

      Medical Office Space Sublease

      Class 'A' medical office space near Sentara Leigh Hospital.
      885 Kempsville Rd, Norfolk, VA 23502
      View Details
    • Contact for pricing

      VA, Norfolk - E. City Hall Ave

      223 City Hall Ave, Norfolk, VA 23510
      View Details
    • Contact for pricing

      VA, Norfolk - 25th St.

      1225 25Th St, Norfolk, VA 23508
      View Details
    • $21/mo

      Downtown Norfolk Office Space Available

      Move-in ready office space in the heart of Downtown Norfolk.
      500 East Main Street, Norfolk, VA, 23510
      View Details
    • Sponsored
      Contact for pricing

      VA, Norfolk - Monticello Ave

      253 Monticello Ave, Unit 2ND, Norfolk, VA 23510
      View Details
    • $28/mo

      Renovated Medical Office with Parking

      Prime medical office space near EVMC, Ghent, and Downtown Norfolk.
      400 W Brambleton Ave, Norfolk, VA 23510
      View Details
    • $31/mo

      Medical Office Space Near Hospital

      New Class A medical office space near Sentara Leigh Hospital.
      6201 E. Virginia Beach Boulevard, Norfolk, VA 23502
      View Details
    • $19/mo

      Retail Spaces in Bromley Center

      Retail spaces for lease in Food Lion anchored shopping center.
      6200-6206 N Military Hwy, Norfolk, VA 23518
      View Details
    • $12/mo

      Norfolk Commercial Space For Lease

      Versatile 30,470 SF space suitable for various business uses.
      211 W 24th St, Norfolk, VA 23517
      View Details
    • $9/mo

      Adaptable Norfolk Commercial Space Available

      Versatile spaces suitable for office, warehousing, and institutional purposes.
      5301 E Princess Anne Road, Norfolk, VA 23502
      View Details

    FAQs

    What type of property is this?
    Office units - Professional 1879 SF office suite with inclusive lease terms.
    Where is this office units located?
    The property is located at 5700 Lake Wright Dr Norfolk, VA.
    What is the lease rate?
    The lease rate is $179 SF/Yr.
    What are key features of this property?
    This property features: 3 FREE months with flexible lease options; Inclusive lease rate covering utilities, building services, and property expenses; **1879 SF fully built‑out and move‑in ready office space**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    SF PARTNERS
    Real Estate License ID: Owner
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!