5849 Harbour View BlvdSuffolk, VA 23435

Property Details for 5849 Harbour View Blvd

Year built

2008

Lot size

1.81 AC

Property size (Sq ft)

23,316 SF

Zone code

GENERAL COMMERCIAL

Property type

Commercial real estate

APN

6B*11B*2

APU

6B11B2

Description

This exceptional Class A medical office building, totaling 22,395 square feet, is situated at 5849 Harbour View Blvd in Suffolk, Virginia (zip code 23435). Constructed in 2008, this two-story building boasts a 100% occupancy rate with a weighted average lease term of approximately five years, minimizing near-term lease rollover risk. The property is strategically located on a major thoroughfare in the rapidly expanding Harbourview/North Suffolk submarket, an area with only 3.9% office vacancy within a total of 1.4 million square feet of office space. The building's tenant roster includes prominent medical practices such as Konikoff Dentistry (Dental Care Alliance), United Property Association, Chesapeake Regional Medical Associates, and Klar Holmes Orthodontics (Dental Care Alliance). The anchor tenant, Dental Care Alliance, recently received a valuation of approximately $2 billion, underscoring the financial strength of the tenant base. The building itself is impeccably maintained and features distinctive, modern build-outs, reflecting a high standard of quality and design. This presents a compelling investment opportunity in a high-growth market with exceptional visibility and strong demographics. The asking price is $8,355,000.

• CAP approach

  CAP return

  Valuation

  6%

  $4,902,700

  6.5%

  $4,525,570

  7%

  $4,202,310

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,616,780

  Geo Method

  $3,894,010

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $8,967,540

  Retail / Commercial

  $4,587,200

  Mixed-Use / Specialty

  $4,561,940

  Hospitality / Lodging

  $3,335,360

  Office

  $4,525,570

  Institutional / Educational

  $4,739,400

  Residential Income

  $5,545,100

  Multifamily

  $6,699,870

  Automotive / Energy

  $4,062,340

  Parking / Income-Based Land

  $1,410,660

  Restaurant / Food Service

  $2,353,690

  Healthcare / Senior Housing

  $4,687,320

Location Insight

City

Suffolk

County

Suffolk City

State

Virginia

Latitude

36.8732

Longitude

-76.4406

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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