For Sale
$1,975,000

5226 Indian River RdVirginia Beach, VA 23464

11,928 SF Office Flex, 100% Occupied

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 11,928 square foot, Class B office flex building situated on a 1.05-acre lot at 5226 Indian River Road, Virginia Beach, VA 23464. The property, built in 1986 and fully renovated in 2008, features 49 parking spaces and is zoned B-2. Currently boasting 100% occupancy with four tenants, the building offers a stable income stream with a Net Operating Income (NOI) of $162,131 and an 8.21% cap rate. The asking price is $1,975,000, translating to $165.58 per square foot. Leases are modified, multi-tenant, and include rent bumps. The anchor tenant, occupying 5,988 square feet, has been in place since 2008 with a lease expiring in June 2027 and 3% annual rent increases. Other tenants include a glass company, a therapy practice, and a medical supply business, each with leases expiring between 2025 and 2028, also featuring 3% annual rent increases. The building's strategic location near the intersection of Indian River Road and Kempsville Road, with convenient access to I-64, ensures high visibility and accessibility. The property includes five roll-up doors, making it suitable for a variety of businesses. This fully occupied, income-producing asset presents a compelling investment opportunity with significant potential for future growth. The property's strong tenant base and favorable lease terms provide a secure and reliable return on investment.

Highlights

  • Fully renovated in 2008.
  • Class B office building, 100% occupied for 16 years.
  • Office/flex building with five roll-up doors.
  • Excellent I-64 location with ample parking.
  • Situated at the high-traffic intersection of Indian River Road & Kempsville Road.
  • 50% occupancy by anchor tenant with long-term lease since 2008.

Property Details for 5226 Indian River Rd

Property type
Office properties
Square Feet
11,928 SF
Class
B
Year Built/Renovated
1986/2008
Buildings
1
Stories
1
Lot Size (sq. ft)
45,738 SF

Location Insight

City
Virginia Beach
County
Virginia Beach City
State
Virginia
Latitude
36.7969118
Longitude
-76.1719472
5226 Indian River Rd, Virginia Beach, Virginia

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5226 Indian River Rd
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