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Property profile & analytics
FOR SALE
Medical Office Space

229 Hillcrest Pkwy Chesapeake, VA 23322

13,416 SF 1.41 ac lot Built 2020
Entity Owned 10-yr Hold Free & Clear
Property ID
US87-2367493
Property summary
AI-generated overview

This exceptional Class A medical office building, located at 229 Hillcrest Parkway in Chesapeake, Virginia, presents a compelling investment opportunity. The 12,298 square foot, two-story building was constructed in 2021 and is situated within the thriving Edinburgh mixed-use development. Benefitting from a highly visible corner location at the intersection of Hillcrest Parkway and Edinburgh Parkway, the property enjoys excellent exposure to high traffic volume. The building boasts a strong tenant roster, including Konikoff Dentistry, Klar Holmes Orthodontics (both part of the Dental Care Alliance), and Ivy Rehab, ensuring a stable and predictable income stream. The Southern Chesapeake submarket, where the property is located, demonstrates impressive strength with only 5.4% vacancy across its 720,000 square feet of office space. This fully stabilized asset is ideally positioned within a growing, upscale area, proximate to major retailers such as Target and Walmart, further enhancing its appeal and accessibility. The asking price is $5,420,000. Additional investment opportunities within this portfolio are also available.

Property profile
Verified
Property type Medical Office Space
Use group MEDICAL BUILDING
Year built 2020
Total area 13,416 SF
Lot 1.41 ac (61,376 SF)
Zoning code PUD: PLANNED UNIT DEVELOP
APN 730000001813
UPID US87-2367493
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Dr. Haley Julian Dental Office
  • Marni Husson Dental Office
  • Haley Paige Julian-Hill Dental Office
  • Ivy Rehab Physical Therapy Physician
  • Konikoff Dental Associates Edinburgh Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.25M
Blend (final) Blend
$1.47M
Owner & transaction history
Edinburgh LLC · 10 yrs held
Edinburgh LLC
since 2015
2 recorded transactions
2020
Price N/A
2015
$711,000
Zoning & alternative use
PUD: PLANNED UNIT DEVELOP · Chesapeake, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general) $2.2M +150.9%
Restaurant $1.8M +99.5%
Office building $1.7M +87.1%
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More about this property
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