5226 Indian River RdVirginia Beach, VA 23464

  • Mixed-use properties
  • 13,125 SF
For Sale
$1,975,000 View listing

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
5226 Indian River Rd, Virginia Beach, Virginia

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

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
2024
$17,461
$836,900
$926,800
$1,763,700
-
$836,900
$926,800
$1,763,700

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