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    5900 Lake Wright Dr Norfolk, VA 23502

    Sponsored
    For Sale
    $10,900,000

    Class A Medical Office Space in Norfolk, VA

    Property size:
    80,730 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional Class A medical office building, known as Silver Oak, presents a compelling investment opportunity at $10,900,000. Boasting 80,730 square feet of space, the building commands a price per square foot of $135.02. Strategically located in Norfolk, Virginia, at 5900 Lake Wright Dr, 23502, Silver Oak enjoys a prime position within the Hampton Roads area. Its campus-style setting offers unparalleled amenities and convenient access to Interstate 64, with access ramps less than a mile away. The building benefits from high visibility from I-64, ensuring excellent exposure. Its location provides easy access to key amenities, including proximity to the Norfolk Premium Outlets and Norfolk International Airport (within two miles), the Virginia Beach Oceanfront (sixteen miles), and Downtown Norfolk (seven miles). All three floors offer exceptional visibility, making this a highly desirable location for medical practices seeking a prestigious and accessible address. The property is situated on the east side of Lake Wright Drive, northeast of USAA Drive, offering convenient access via Lake Wright Drive and Military Highway or USAA Drive and Northampton Boulevard. This presents a rare opportunity to acquire a high-quality, well-located medical office building in a thriving market.

    Property Features for 5900 Lake Wright Dr

    General Information

    Property type
    Medical offices
    Square Feet
    80,730 SF
    Class
    A

    HighLights

    • $10,900,000 asking price for a Class A medical office building.
    • 80,730 square feet, priced at $135.02 per square foot.
    • Prime location in Norfolk, VA (5900 Lake Wright Dr, 23502), within the Hampton Roads area.
    • High visibility from I‑64, with convenient access to the interstate.
    • Excellent access to Norfolk Premium Outlets, Norfolk International Airport, Virginia Beach Oceanfront, and Downtown Norfolk.
    Property Profile Location Intelligence

    Current Use by Public Records

    Breast Care Specialists ... Surgeon Carman Claire M ... Surgical Oncologist Foster Andrea L Medical Clinic Heather Jones, MD, ... Oncologist Depanfilis Cara M Physician Assistant

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Building Supply 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
    State
    Virginia
    Longitude
    -76.2048898
    Latitude
    36.8781703

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    FAQs

    What type of property is this?
    Medical office - Class A Medical Office Space in Norfolk, VA
    Where is this medical office located?
    The property is located at 5900 Lake Wright Dr Norfolk, VA.
    What is the asking price?
    The asking price for this property is $10,900,000.
    What are key features of this property?
    This property features: $10,900,000 asking price for a Class A medical office building.; 80,730 square feet, priced at $135.02 per square foot.; Prime location in Norfolk, VA (5900 Lake Wright Dr, 23502), within the Hampton Roads area.
    Request Owner's contact information
    5900 Lake Wright Dr Norfolk, VA 23502
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    Norfolk, VA 23502
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    Realmo Value Estimation

    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.

    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
    5900 Lake Wright Dr Norfolk, VA 23502
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