1419 Cedar RdChesapeake, VA 23322

  • Healthcare properties
  • 18,210 SF
For Sale
$5,560,000 View listing

Property Details for 1419 Cedar Rd

Year built
2006
Lot size
1.67 AC
Property size (Sq ft)
18,210 SF
Zone code
PUD: PLANNED UNIT DEVELOP
Property type
Healthcare properties
Property subtype
Medical offices
APN
464001000003
APU
464001000003

Description

This exceptional Class A medical office building, totaling 15,638 square feet, presents a compelling investment opportunity in Chesapeake, Virginia. Situated at 1419 Cedar Rd, this two-story building, constructed in 2006, enjoys a highly visible location directly across from Tidewater Community College's Chesapeake campus. The property currently houses Dental Care Alliance and Cedar Road Medical Associates, part of the Bayview Medical Group family, demonstrating strong existing tenancy. Located within a well-established southern Chesapeake submarket boasting 720,000 square feet of office space, the building benefits from a low 5.4% vacancy rate, indicating a stable and desirable market. The asking price for this prime medical office asset is $5,560,000. The property's strategic location and strong tenant occupancy make it an attractive investment for those seeking a stable, high-performing asset in a thriving medical market. The building's 2006 construction ensures modern amenities and efficient layouts, catering to the needs of medical professionals and their patients. Its prominent position across from a major educational institution further enhances its visibility and accessibility. This is a rare opportunity to acquire a well-established, high-quality medical office building in a sought-after location. The zip code is 23322.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,378,572
    6.5%
    $3,118,682
    7%
    $2,895,919
  • Comparable approach

    Method
    Valuation
    Relative Method
    $2,043,725
    Geo Method
    $3,041,252
  • Alternative Use

    Use
    Valuation
    Residential
    $3,867,166
    Hospitality
    $3,542,303
    Educational
    $2,947,155
    Medical
    $3,048,512
    Retail
    $4,584,463
1419 Cedar Rd, Chesapeake, Virginia

Location Insight

City
Chesapeake
County
Chesapeake City
State
Virginia
Latitude
36.7227
Longitude
-76.2922
CBSA code
47260
CBSA name
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2019
$35,646
$1,088,100
$2,206,200
$3,294,300
-
$1,088,100
$2,206,200
$3,294,300

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