5226 Indian River RdVirginia Beach, VA 23464
- Mixed-use properties
- 13,125 SF
Property Details for 5226 Indian River Rd
- Year built
- 1986
- Lot size
- 1.06 AC
- Property size (Sq ft)
- 13,125 SF
- Zone code
- B2
- Property type
- Mixed-use properties
- Property subtype
- Other investment properties
- APN
- 14654728240004
- APU
- 14654728240004
Description
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.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,435,132
- 6.5%
- $2,247,815
- 7%
- $2,087,256
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,473,031
- Geo Method
- $2,192,006
-
Alternative Use
- Use
- Valuation
- Residential
- $2,787,290
- Hospitality
- $2,553,143
- Educational
- $2,124,185
- Medical
- $2,197,239
- Retail
- $3,304,288
Location Insight
- City
- Virginia Beach
- County
- Virginia Beach City
- State
- Virginia
- Latitude
- 36.797
- Longitude
- -76.1728
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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