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    Property profile & analytics

    1120 First Colonial Rd Virginia Beach, VA 23454

    • Office Properties & Spaces
    • 22,290 SF
    • 2.19 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rebecca Houvener / Physician / Medical Clinic
    • Madeleine Mccarty / Physician
    • Dr. Roshan Morbia / Physician / Medical Clinic
    • Virginia Plastic Surgery / Physician / Medical Clinic
    • Coastal Surgical Specialists: Heath Kirk W MD / Physician

    Property Details for 1120 First Colonial Rd

    Year built
    1970
    Lot size
    2.19 lot acres
    Property size
    22,290 SF
    Property type
    Office Properties & Spaces
    Property subtype
    Medical offices

    Description

    This exceptional two-story medical office building, situated at 1120 First Colonial Road in Virginia Beach, VA, presents a compelling investment opportunity. The 22,290 square foot building, constructed in 1970, features a durable concrete, CMU block, brick, and steel structure. Occupancy currently stands at a strong 92.2%. The property sits on a generous 2.19-acre lot, offering ample space and parking for 129 vehicles. Its strategic location on a major medical corridor, in close proximity to Sentara Virginia Beach General Hospital, ensures excellent visibility and accessibility for both patients and medical professionals. The building is zoned O-2, Office, and its rectangular shape maximizes functionality. The asking price for this Class B property is $4,000,000. The APN is 24085474890000. This well-maintained building offers a significant return on investment in a thriving medical market. The property's size, location, and current occupancy make it an attractive prospect for both investors and healthcare providers seeking a well-established presence in Virginia Beach. The zip code is 23454.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Virginia Beach
    County
    Virginia Beach
    State
    Virginia
    Longitude
    -76.0289
    Latitude
    36.8668

    Comparable in this City

    • Value Estimation by Request
      2,500 SF

      968 First Colonial Rd

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    • Value Estimation
      $625,000
      1,512 SF

      1815 Colonial Medical Ct

      MEDICAL BUILDING • 1,512 SF
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    • Value Estimation
      $510,000
      3,392 SF

      1868 Wildwood Dr

      MEDICAL BUILDING • 3,392 SF
      1868 Wildwood Dr, Virginia Beach, VA 23454-3124
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    • Value Estimation by Request
      1,787 SF

      1809 Colonial Medical Ct Ste, Unit 102

      MEDICAL BUILDING • 1,787 SF
      1809 Colonial Medical Ct Ste, Virginia Beach, VA 23454-3076
      View Details
    • Value Estimation by Request
      2,855 SF

      1244 Perimeter Pkwy Ste, Unit 444

      MEDICAL BUILDING • 2,855 SF
      1244 Perimeter Pkwy Ste, Virginia Beach, VA 23454-5699
      View Details
    • Value Estimation
      $3,410,000
      26,020 SF

      1101 1st Colonial Rd

      MEDICAL BUILDING • 26,020 SF
      1101 1st Colonial Rd, Virginia Beach, VA 23454-2409
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      22,290 SF

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      1120 First Colonial Rd, Virginia Beach, VA 23454
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    Similar Nearby for Lease

    • $24 SF/Yr
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      Virginia Beach Medical Office Space

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    • $24,000
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      Virginia Beach Medical Office Suite

      Prime Medical Office Space for Lease
      1301 First Colonial Rd, Virginia Beach, VA 23454
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      1,542 SF

      First Colonial Office Park Suites

      Single-story office park with professional and medical suites for rent.
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      4,200 SF

      Class A Medical Office Space

      Move-in ready medical office near Sentara Virginia Beach General.
      324 Louisa Ave, Virginia Beach, VA 23454
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      6,505 SF

      Medical Office Space For Rent

      Multi-tenant medical office building near Sentara Virginia Beach General Hospital.
      1101 First Colonial Rd, Virginia Beach, VA 23454
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      17,633 SF

      Oceana Blvd Executive Office Space

      Modern Virginia Beach Office Suite, 1273 sqft
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    Virginia Beach, VA 23454
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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.

    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
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