5900 Lake Wright DrNorfolk, VA 23502

Property Details for 5900 Lake Wright Dr

Year built

2004

Lot size

6.58 AC

Property size (Sq ft)

70,681 SF

Zone code

O-1

Property type

Healthcare properties

Property subtype

Medical offices

APN

80987625

APU

80987625

Description

This exceptional Class A medical office building, known as Silver Oak, presents a compelling investment opportunity at $10,900,000. Boasting 80,730 square feet of space, the building commands a price per square foot of $135.02. Strategically located in Norfolk, Virginia, at 5900 Lake Wright Dr, 23502, Silver Oak enjoys a prime position within the Hampton Roads area. Its campus-style setting offers unparalleled amenities and convenient access to Interstate 64, with access ramps less than a mile away. The building benefits from high visibility from I-64, ensuring excellent exposure. Its location provides easy access to key amenities, including proximity to the Norfolk Premium Outlets and Norfolk International Airport (within two miles), the Virginia Beach Oceanfront (sixteen miles), and Downtown Norfolk (seven miles). All three floors offer exceptional visibility, making this a highly desirable location for medical practices seeking a prestigious and accessible address. The property is situated on the east side of Lake Wright Drive, northeast of USAA Drive, offering convenient access via Lake Wright Drive and Military Highway or USAA Drive and Northampton Boulevard. This presents a rare opportunity to acquire a high-quality, well-located medical office building in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $14,925,499

  6.5%

  $13,777,384

  7%

  $12,793,285

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,056,588

  Geo Method

  $11,804,434

• Alternative Use

  Use

  Valuation

  Residential

  $17,083,956

  Hospitality

  $15,648,812

  Educational

  $13,019,628

  Medical

  $13,467,393

  Retail

  $20,252,754

Location Insight

City

Norfolk

County

Norfolk City

State

Virginia

Latitude

36.8781

Longitude

-76.205

CBSA code

47260

CBSA name

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

Property Tax & Assessments

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