229 Hillcrest PkwyChesapeake, VA 23322

Property Details for 229 Hillcrest Pkwy

Year built

2020

Lot size

1.41 AC

Property size (Sq ft)

13,416 SF

Zone code

PUD: PLANNED UNIT DEVELOP

Property type

Healthcare properties

Property subtype

Medical offices

APN

730000001813

APU

730000001813

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $2,489,123

  6.5%

  $2,297,652

  7%

  $2,133,534

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,505,690

  Geo Method

  $2,240,606

• Alternative Use

  Use

  Valuation

  Residential

  $2,849,088

  Hospitality

  $2,609,750

  Educational

  $2,171,281

  Medical

  $2,245,955

  Retail

  $3,377,548

Location Insight

City

Chesapeake

County

Chesapeake City

State

Virginia

Latitude

36.6561

Longitude

-76.2339

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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