4525 South Blvd Virginia Beach, VA 23452

Property Details for 4525 South Blvd

Year built

1997

Lot size

4.96 lot acres

Property size

62,300 SF

Property type

Office Properties & Spaces

Description

This exceptional Class A office building, totaling 62,300 square feet, presents a compelling investment opportunity. Located at 4525 South Blvd, Virginia Beach, VA 23452, this stabilized property boasts a remarkable 96% occupancy rate and a strong net operating income (NOI) of $816,090. Built in 1997 and extensively renovated in 2021, including new HVAC systems and common area upgrades, the property features thirteen units across three stories within a single building situated on a 4.96-acre lot. Ample parking is provided at a generous ratio of 5 spaces per 1,000 square feet, totaling 308 spaces. The diverse tenant mix includes prominent companies such as Caterpillar and Ryan Homes, with thirteen tenants in total. The weighted average lease term (WALT) for the five largest tenants (comprising 79% of the gross leasable area) is a reassuring 5.6 years, demonstrating strong tenant retention and long-term stability. The property benefits from its prime location in the Virginia Beach CBD submarket, offering convenient access to the amenity-rich Virginia Beach Town Center and excellent visibility from I-264. This investment is further enhanced by the below-market average rent, compared to the Town Center submarket, and the overall low vacancy rate of 6.2% in this highly sought-after area of the Hampton Roads MSA. The combination of recent capital improvements, a robust tenant roster, and a favorable market position makes this a truly unique acquisition opportunity.