Medical Office Building For
For Sale
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1419 Cedar Rd, Chesapeake, VA 23322
Two-story medical office building in Southern Chesapeake submarket.
Property Size15,638 SF
Price / SF$330.92
Days on Market1284
Property Features for 1419 Cedar Rd
General Information
Standard status
Active
Size
15,638 SF
Class
A
Property subtype
Office
Investment Type
Stabilized
Building Details
Year Built
2006
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: Sep 24
Last Checked: Oct 4 at 10:02AM
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 1419 Cedar Road is a two-story medical office building situated in the Southern Chesapeake submarket. Developed in 2006, the building measures 15,638 square feet. It is currently home to Dental Care Alliance and Cedar Road Medical Associates, which is part of the Bayview Medical Group. The property benefits from a highly visible location directly across from Tidewater Community College’s Chesapeake campus. The Southern Chesapeake submarket contains 720,000 square feet of office space, with a vacancy rate of 5.4%.
Key Highlights
- Located in the well‑established Southern Chesapeake submarket with a low 5.4% vacancy rate.
- Highly visible location directly across from Tidewater Community College’s Chesapeake campus.
- Two‑story medical office building developed in 2006.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$239,261
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,785,220
$4.8M
Cap Rate 7%
$3,418,014
$3.4M
Cap Rate 9%
$2,658,456
$2.7M
Market Conditions
NOI Build-Up for 15,638 SF
Gross rent
$375.3K $24.00/SF
− Vacancy
−$56.3K −$3.60/SF
EGI
$319.0K $20.40/SF
− OpEx
−$79.8K −$5.10/SF
NOI
$239.3K $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 Rate 5%
$4,785,220
Cap Rate 7%
$3,418,014
Cap Rate 9%
$2,658,456
Alternative Uses
Best Use
Office B
$3.42M
$2.99M – $3.99M
NOI $239,261 @ 7.0% cap · market cap 4.62%
Second Best
Healthcare Medical
$3.18M
$2.79M – $3.72M
NOI $222,935 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$4.62M
$4.04M – $5.39M
NOI $323,519 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23322, VA
66,994
Population
22,386
Households
3
Avg Household Size
40
Median Age
42%
College-Educated
95%
High-School Grad
187.8 sq mi
ZIP Area
357
Density / Sq Mi
$133,522
Median Household Income
$55,549
Median Earnings
$1,870
Median Rent
$448,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story medical office building in Southern Chesapeake submarket.
Where is this medical office space located?
The property is located at 1419 Cedar Rd Chesapeake, VA.
What is the asking price?
The asking price for this property is $5,175,000.
What are key features of this property?
This property features: Located in the well‑established Southern Chesapeake submarket with a low 5.4% vacancy rate.; Highly visible location directly across from Tidewater Community College’s Chesapeake campus.; Two‑story medical office building developed in 2006.
