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229 Hillcrest Pky 12,298 SF 100% Leased Office Building Chesapeake, VA 23322 $5,220,000 ($424.46/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Please see link to access the OM. https://www.divaris.com/properties/?propertyId=1183865-sale
EXECUTIVE SUMMARY
229 Hillcrest Parkway is a two-story medical office building located within the highly successful Edinburgh mixed-use development in the Southern Chesapeake submarket. The submarket contains 720,000 square feet of office space, with the current vacancy standing at just 5.4%. Positioned at the corner of Hillcrest Parkway and Edinburgh Parkway, the property benefits from a high traffic location amongst popular big box retailers such as Target and Walmart.
Developed in 2021, the two-story property measures 12,298 square feet and is the home to Konikoff Dentistry and Klar Holmes Orthodontics, both part of the Dental Care Alliance family.
Developed in 2021, the two-story property measures 12,298 square feet and is the home to Konikoff Dentistry and Klar Holmes Orthodontics, both part of the Dental Care Alliance family.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
12,298 SF
Building Class
B
Year Built
2021
Price
$5,220,000
Price Per SF
$424.46
Cap Rate
6.75%
NOI
$352,350
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
6,149 SF
Building FAR
0.20
Lot Size
1.40 AC
Zoning
PUD - Planned Unit Development
Parking
67 Spaces (5.45 Spaces per 1,000 SF Leased)
AMENITIES
- Atrium
- Accent Lighting
- Air Conditioning
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PROPERTY TAXES
| Parcel Number | 0730000001813 | Improvements Assessment | $2,821,700 |
| Land Assessment | $873,400 | Total Assessment | $3,695,100 |
PROPERTY TAXES
Parcel Number
0730000001813
Land Assessment
$873,400
Improvements Assessment
$2,821,700
Total Assessment
$3,695,100
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229 Hillcrest Pky
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